Oru Kayak Shark Tank Pitch
Oru Kayak is a folding Kayak that fits in your bedroom closet using Origami. The material is extremely durable and light. The whole boat only weights 26 pounds. Top seams are the only seams in the whole boat.
The Oru Kayak is fast and durable, at the same time it is comfortable which is perfect for beginners.. They launched nine months previous to appearing on Shark Tank, and are now shipping all over the world.
They have sold 1228, for $1,100 each for $1 million. The best selling boat in the same range cost $1049. Cost to build is $505 currently, but they think they can reduce the cost to $305. They are projecting four million dollars in the next year.
Oru Kayak Episode Data
- Company: Oru Kayak – Website“
- Entrepreneurs: Ardy Sobhani, Anton Willis, Roberto Gutierrez
- Ask: $500,000 for 12% equity
- Episode Season 5 Episode 528
- Companies in this episode:
- First Aired: 05/09/2014
- Deal: Robert Herjavec $500,000 for 25% equity
What do the Shark Tank Investors say about Oru Kayak?
- Mark Cuban – thinks this is beautiful, but he is not a big outdoors guy and he's never been in a kayak. He is out.
- Daymond John – wants to give them the money, but the unknown is the manufacturing. It is too early and he is out.
- Kevin O'Leary – doesn't think that $500,000 is enough because of the cost of the equipment. He is unsure on how it scales. He is out.
- Barbara Corcoran – owns two kayak that she never uses, she is dying to own it, and she loves to get involved in her businesses and she doesn't know what to do with this business. She is out.
- Robert Herjavec – is struggling with why aren't people willing to pay more for the boat because it is beautiful. Robert says he is definitely a customer, he went into a company that he did good and other times he invests because he thinks it is cool. But, Robert is still a Shark. He offers $500,000 for 25% cutting the valuation in half. They countered at 15% and a seat on the board. He is firm at 25%. They counter at 20% and Robert still says no. They do the deal with Robert
Oru Kayak after Shark Tank
Oru Kayak scaled manufacturing before the Shark Tank episode aired, and handles the spike in business. Television is great for the company, having been featured as a prize on the Price is Right.
They have sold 7,000 Kayaks and over $3.8 million, while raising $700,000 in venture capital. It appears that Robert Herjavec is not in the deal after the show.