Animated Lure, the innovative robotic fishing lure company that caught the attention of the Sharks on Shark Tank Season 12, has been making waves in the fishing industry since its inception. With a unique product that mimics the movements of real fish, Animated Lure has managed to reel in a significant net worth. In this blog post, we’ll dive into the company’s journey, from its founder’s vision to its growth and success after appearing on Shark Tank.
Who is Animated Lure?
Animated Lure is a company that produces rechargeable robotic fishing lures designed to mimic the movements and patterns of real fish. Advanced technology equips the lures to swim in a lifelike manner, attracting fish and enhancing the likelihood of a successful catch. The company offers a range of lures, each designed to resemble different fish species, catering to various fishing preferences and environments.
Who is the founder of Animated Lure?
Sobhan Sanaee and Kanz Kayfan, two entrepreneurs with a passion for fishing and technology, founded Animated Lure. Santee, an experienced angler, and Kayfan, an engineer, combined their expertise to create a product that would revolutionize the fishing industry. Their vision was to develop a lure that not only looked like a real fish but also behaved like one, making fishing more enjoyable and efficient for anglers of all skill levels.
| Entrepreneurs | Sobhan Sanaee and Kanz Kayfan |
|---|---|
| Business | Animated Lure |
| Ask on Shark Tank | $325,000 for 10% equity |
| Deal Received | $325,000 for 10% equity and a $3 royalty until $1 million is paid back (from Kevin O’Leary) |
| Product | Rechargeable robotic fishing lure |
How did the Shark Tank pitch for the animated lure go?
Sanaee and Kayfan appeared on Shark Tank Season 12, seeking an investment of $325,000 for a 10% stake in their company. The Sharks were impressed with the entrepreneurs’ pitch and the innovative nature of their product. They demonstrated the lure’s lifelike movements and highlighted its potential to disrupt the fishing industry. The Sharks were also intrigued by the company’s strong profit margins, with each lure retailing for $29.95 to $79.95 while costing only $8 to $16 to produce.
Animated Lure Shark Tank Update:
After a series of negotiations, Kevin O’Leary, also known as “Mr. Wonderful,” offered to invest $325,000 for a 10% stake in Animated Lure, along with a $3 royalty per unit sold until he recouped $1 million. Despite attempts to negotiate, Sanaee and Kayfan ultimately accepted O’Leary’s deal, securing the investment they needed to grow their business.
After Shark Tank, What Happened to the Animated Lure?
Following their appearance on Shark Tank, Animated Lure experienced significant growth and success. Although the deal with Kevin O’Leary did not come to fruition, the company continued to thrive, expanding its product line and increasing its market presence. The exposure from the show helped Animated Lure gain a broader customer base and establish itself as a leading innovator in the fishing industry.
Animated Lure Net Worth:
Estimates place Animated Lure’s net worth at just over $3 million as of 2023. This impressive valuation is a testament to the company’s growth and success since its founding and appearance on Shark Tank. The company’s innovative products, strong profit margins, and expanding customer base have contributed to its rising net worth.
| Valuation | Over $3 million |
|---|---|
| Sales | $247,000 by recording date, projected to triple by the end of 2021 |
| Product Cost | $8-$16 per unit |
| Initial Investment | $125,000 |
| Debt Status | No debt incurred |
Animated Lure Growth and Operations:
Since its inception, Animated Lure has focused on continuous growth and improvement. The company has expanded its product line to include a variety of lures designed to resemble different fish species, catering to a wide range of fishing preferences and environments. Animated Lure has also invested in research and development to enhance its products’ performance and durability, ensuring customer satisfaction and loyalty.
Animated Lure Marketing and Sales:
Animated Lure has employed various marketing strategies to increase brand awareness and drive sales. The company’s website serves as a primary sales channel, offering a user-friendly platform for customers to browse and purchase products. Additionally, Animated Lure has leveraged social media and targeted advertising to reach a broader audience and engage with its customer base. The company’s products are also available on popular e-commerce platforms like Amazon, further expanding its reach.
| Product Features | Mimics real fish movements, rechargeable |
|---|---|
| Product Line | Includes various fish types like Mullet, Sardine, Yellowtail Snapper, and Atlantic Herring |
| Sales Channels | Website, Amazon |
| Expansion | Continual product line expansion |
Animated Lure Social Media Presence:
Animated Lure has a strong presence on social media platforms, including Facebook, Instagram, and Twitter. The company uses these channels to showcase its products, share fishing tips and tricks, and engage with its followers. By building a community of passionate anglers and providing valuable content, Animated Lure has cultivated a loyal customer base that actively promotes the brand.
Animated Lure: Interesting Facts:
- On a single charge, Animated Lure’s robotic fishing lures can swim for up to three hours.
- Some models of the company’s lures have segmented tails that continuously swing in the water, mimicking the movements of real fish.
- Animated Lure offers lures suitable for both freshwater and saltwater fishing, catering to a wide range of angling preferences.
- The company’s founders, Sobhan Sanaee and Kanz Kayfan, invested $125,000 of their own money to start the business, taking on no debt.
What’s Next for the Animated Lure?
As Animated Lure continues to grow and innovate, the company is poised for even greater success in the future. With a focus on product development, market expansion, and customer satisfaction, Animated Lure is well-positioned to maintain its status as a leading innovator in the fishing industry. The company plans to introduce new lure designs, explore partnerships with fishing gear retailers, and continue to engage with its growing community of loyal customers.
Final Words:
Animated Lure’s journey from a startup with a unique idea to a thriving company with a multi-million dollar net worth is a testament to the power of innovation, perseverance, and entrepreneurial spirit.
By combining their passion for fishing with cutting-edge technology, Sobhan Sanaee and Kanz Kayfan have created a product that has captured the attention of anglers worldwide. As the company continues to grow and evolve, it is clear that Animated Lure is poised for even greater success in the years to come.
Table of Contents