Animated Lure appeared on Shark Tank on October 30, 2020. Founders Sobhan Sanaee and Kanz Kayfan secured a deal with Kevin O’Leary at $325,000 for 10% equity and a $3 royalty until $1 million has been paid back. Here’s a quick recap of everything that happened during the pitch as well as news on an Animated Lure update after Shark Tank.
Animated Lure Update After Shark Tank
- Entrepreneur: Sobhan Sanaee and Kanz Kayfan
- Business: Rechargeable robotic fishing lure
- Ask: $325,000 for 10%
- Result: $325,000 for 10% and a $3 royalty until $1 million is paid back
- Shark: Kevin O’Leary
In Shark Tank Season 12 Episode 3, Sobhan Sanaee asked the sharks for a $325,000 investment in their company, Animated Lure, in exchange for a 10% equity. Animated Lure is a rechargeable robotic fishing lure that mimics the movements of a real fish. Sobhan and Kanz impressed the sharks with their large profit margins per unit, sharing that each lure retailed for $29.95-$79.95 and only cost them $8-16 to make.
Further, Animated Lure has taken on no debt and was started with a personal investment from the two founders of $125,000. From January 2020 to its recording date later that year, Animated Lure has done $247,000 in sales and is projecting to triple that by the end of 2021. Despite the impressive numbers, four of the sharks dropped out and Kevin was the only sharked that had been hooked.
Kevin offered to invest in Animated Lure at $325,000 for 10% equity and a $3 royalty until he recouped $1 in return. Sobhan and Kanz tried to negotiate, but Kevin wouldn’t budge and they eventually accepted his deal.
After Shark Tank, Animated Lure seems to have managed to stay in stock on its website and hasn’t sold out of product. We haven’t received an official Animated Lure update yet, but we will update this article accordingly when we’ve heard more.
For updates on other products that appeared on Season 12 Episode 3, check out the links below:
For more Shark Tank product updates, be sure to check out our Season 12 products page!