Animated Lure Shark Tank Update

Animated Lure Shark Tank Update: Where Are They Now? 

Animated Lure was founded in 2015 and established its unique business idea in the fishing industry. But, Kayfan and Sanaee, the founders, wanted to boost up their business with more investment. Finally, they appeared in the popular reality show Shark Tank USA in 2020 and secured a deal of $325,000 for 10% + $3 royalty per unit sale. 

So, what’s the recent Animated Lure Shark Tank update? Since they appeared on the Shark Tank show, they have soared to new heights. They have introduced new offerings to attract more customers. In terms of profitability, they have navigated the waters successfully, achieving remarkable success.

Below, we will give you the full Animated Lure update about how they are doing nowadays. 

Animated Lure Shark Tank Profile

Here is an overview of this company:

CompanyAnimated Lure
FoundersKanz Kayfan and Sobhan Sanaee
Founded2015
ProductRechargeable robotic fishing lures
Asked For$325,000 investment for 10% ownership
Final Deal$325,000 investment for 10% + $3 royalty for each unit sale till $1 million
SharksKevin O’Leary
EpisodeSeason 12, Episode 3
Air Date20th October, 2020
WebsiteAnimated Lure Website
Business StatusStill in Business
HeadquartersYTP LLC PO BOX 864372 Plano, TX USA, 75086-4372
Lifetime WorthEstimated to be between $4.5 million to $5 million
Buy ProductBuy Now on Amazon
Watch On Amazon Prime

Animated Lure Before Shark Tank

Animated Lure was just a flicker of inspiration in the mind of its founder, Kanz Kayfan. The roots of his idea can be traced back to 2013 when Kayfan was a student at Texas A&M University. This school has an island that provides the founder with a fishing opportunity. 

Animated Lure Before Shark Tank

It was during these tranquil moments on the island that Kayfan’s creativity ignited. He conceived the idea of a robotic fishing lure that would revolutionize fishing. With this vision, he turned to Kickstarter in December 2016 for funding. His campaign raised $22,041 as of October 2020. 

Transforming the concept into reality was no easy walk. Kayfan partnered with Sobhan Sanase. The two came up with fishing lures that captivated many enthusiasts. 

How Was Animated Lure on Shark Tank TV Show?

The Anime Lure Shark Tank episode 3 of season 12 aired on 20th October 2020.  They entered the show aiming to get a $325,000 investment for 10% ownership.

They showcased a clip of the Animated Lure in action, demonstrating its fish-like swimming capabilities and also the captivating sounds it made that attracted fish.

Their pitch was delivered with passion and purpose. It emphasized not only their uniqueness but also the market potential. Their lure had already gained traction with consumers. 

How Was Animated Lure on Shark Tank TV Show

The duo also revealed their sales number in that current year. Their balance sheet even told an enticing story – they had no debt. This is a rarity in the world of entrepreneurship. 

Kevin O’Leary saw potential in the product. He offered a $325,000 investment for 10% ownership and $3 per product sold to $1 million. Kayfan countered with a substantial $500,000 in exchange for 20%, which Kevin rejected. Kayfan and Sanase accepted the previous offer of $325,000 in exchange for 10% and royalties till the sale of $1 million. 

What Happened To Animated Lure After Shark Tank?

Before the show, their sales were steady but not exceptional. However, the exposure provided by Shark Tank acted as a catalyst for their business. Their sales skyrocketed within the same week. 

They also received free advertisement space on NTC (National TV Channel). This pushed demand for tier products further. 

What Happened To Animated Lure After Shark Tank

A spot check on their official site shows they have also added to their offerings. They now have goldfish, common carp, chinook salmon, etc. The prices for their lures have remained the same, and nothing much has changed. 

As for their social media presence, this company’s handles have been dormant since July 2021. But they are still doing business.

Their product also inspired knock-offs. They flooded the market and Amazon at a much lower price. 

Animated Lure Net Worth

At the time of the show airing, this company was estimated to be worth $3,250,000. They wanted to give away 10% of their company stake, which, for their net worth at that time, would represent $325,000. 

Animated Lure Net Worth

Fast forward to 2023, some sources estimate they are worth $0.5 million. Others have their estimates as high as $4.5 to $5 million. These are all speculations, as the company’s financials are never publicized. But what we know is their net worth has increased since their appearance on the show. 

Animated Lure Sales Data

From January 2020 to the recording date of the Animated Lure Shark Tank episode, they achieved $247,000 in sales. These figures were barely for a full year. They were even projected to triple by the end of 2021. 

The sales data of this company is not available to the public. Beyond the sales data they gave out on their Shark Tank appearance, there are no other sales records on the internet. 

Is Animated Lure Profitable?

While specific financial details of this company are unavailable, it’s safe to assume Animated Lure today is profitable. They have positive margins per unit. 

Is Animated Lure Profitable

The difference between their production costs and retail prices favors them. When airing the show, each unit cost them $8 to $16 to produce. They then sold it with prices ranging from $29.5 to $79.95. 

As we explore innovative fishing gear and unique weather protection solutions, let’s delve into the updates on Nubrella in our Nubrella Shark Tank update. Discover how this wearable umbrella is revolutionizing the way we stay dry. Additionally, for those curious about the Shark Tank Mexico cast and their net worth, don’t miss our Shark Tank Mexico cast and their net worth article, where we share insights into the financial success of the show’s entrepreneurs.

Conclusion

The above Animated Lure Shark Tank update should have answered all your questions about their latest progress. They are still in running and probably profitable. Despite competition, they have soldiered on and not given up on their product. 

While the specifics of their net worth or sales data are unavailable, they are surely doing well. The Shark Tank exposure catapulted their lure product into the spotlight, leading to heightened demand and many sales over the years. 

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