TekDry Shark Tank Update

TekDry Shark Tank Pitch

Adam Cookson and Craig Beinecke appeared on Shark Tank Season 8, Episode 3, which aired on October 7, 2016, with mail in service for quickly and safely drying and fixing wet phones and electronic devices.

TekDry is listed in the Services category. In plain terms, the business is described as mail in service for quickly and safely drying and fixing wet phones and electronic devices.

TekDry asked the Sharks for $500,000 for 5%, implying a valuation of about $10 million.

On the show, TekDry made a listed deal with Kevin O'Leary for $500,000 loan at 13% for 5% equity after loan is repaid.

If treated as straight equity, the listed deal works out to about $10 million implied valuation, roughly the same implied valuation as the ask.

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

TekDry After Shark Tank

TekDry accepted an on-air Shark Tank deal for $500,000 loan at 13% for 5% equity after loan is repaid. The on-air deal closed. The company is still in business. (TekDry Shark Tank Update

In July, 2019, they raised $3 million in a venture round and in March, 2020 they secured $1.5 million in financing. (TekDry Shark Tank Update

After airing, the company raised more money. (TekDry Shark Tank Update

As of June, 2022, the company has machines in over 600 Staples stores - predominantly on the east and west coasts. (TekDry Shark Tank Update

Sources

Sources used for this page: Shark Tank API pitches