FireAvert Shark Tank Update

FireAvert Shark Tank Pitch

Peter Thorpe appeared on Shark Tank Season 7, Episode 12, which aired on January 4, 2016, with fire prevention device that plugs into kitchen stove.

FireAvert is listed in the Lifestyle Home category. In plain terms, the business is described as fire prevention device that plugs into kitchen stove.

FireAvert asked the Sharks for $300,000 for 7%, implying a valuation of about $4.3 million.

On the show, FireAvert made a listed deal with Lori Greiner for $300,000 loan at 5% interest + 10% royalty until $400,000 is repaid + 10% equity.

If treated as straight equity, the listed deal works out to about $3 million implied valuation, down from the original $4.3 million implied valuation.

This pitch is included as context for the more important question: what happened after Shark Tank.

FireAvert After Shark Tank

FireAvert accepted an on-air Shark Tank deal for $300,000 loan at 5% interest + 10% royalty until $400,000 is repaid + 10% equity. The on-air deal did not close. Follow-up reporting lists the company as in business. (FireAvert Shark Tank Update

FireAvert reported sales of $3.6 million as of 2019. (FireAvert Shark Tank Update

The deal with Lori never closed, but a day after the show aired, the Fire Avert went to $99 on the company website and on Amazon. (FireAvert Shark Tank Update

Also in 2019, the company introduced a version that works for gas stoves. (FireAvert Shark Tank Update

The official website for FireAvert is listed as fireavert.com. (FireAvert website

Sources

Sources used for this page: Shark Tank API pitches