PolarPro founder Jeff Overall, from Newport Beach, California is seeking a $500,000 investment for 10% equity. They make camera gear to create professional looking photos.
PolarPro has three products including the Worlds first battery charging selfie-stick. The PowerVault is a camera case that allows you to charge batteries no matter how far off the grid you are. The third product is photo filter sets for drones that will enable vibrant cinematic shots and protect lenses when flown into a tree.
They design and manufacture the PolarPro products.
The most popular product is the Photo filters for the drones. Filters run retail $69.99. They cost $12 landed to produce.
PolarPro had sales of $2.8 million the previous year of their pitch, and the current year is on track to do over $5 million.
Jeff started with $2,000 of his student loan money to start the company. He has no debt, and the profit is around $300,000. He spends over a million dollars on Research and Development.
Jeff has eight patents wrapped around his products.
PolarPro Episode Statistics
Entrepreneurs: Jeff Overall
Ask: $500,000 for 10% equity
Companies in this episode: AfreSHeet, Unshrinkit, Grip Clean, PolarPro
Season 7 Episode 708
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 11/13/2015
Deal: Mark Cuban and Robert Herjavec at $500,000 each for a total of 20% equity.
What do the Shark Tank Investors say about PolarPro?
- Mark Cuban asks how big can the company go in the drone market. Jeff believes they can do forty to fifty million in a few years. Mark makes an offer for $500,000 for 10%, which is precisely what he wants.
- Daymond John wants them to go up to 15% and join Mark's deal, but Mark says no. Daymond decides to do the deal on his own, but he wants 15%. He counter offers a million to 17.5%
- Kevin O'Leary thinks he is doing the same thing as the smartphone market, and he needs to get bigger, faster.
- Lori Greiner likes skin in the game. She offers $500,000 for 10% equity.
- Robert Herjavec likes his company, but he thinks he needs more money. He offers to join in at $500,000 for 10% each.
PolarPro after Shark Tank
PolarPro sealed the deal Mark Cuban and Robert Herjavec, and what is interesting is that Jeff played up the surfer dude just enough to entertain, but kept the business serious.