What Happened to Oru Kayak After Shark Tank?
What is Oru Kayak?
The Oru Kayak is an origami-folding kayak that can be stored in your bedroom closet. The material is both durable and lightweight. The boat as a whole weighs only 26 pounds. The only seams on the boat are at the top.
The Oru Kayak is quick and sturdy, as well as comfortable, making it perfect for novices. Oru Kayak was born when inventor and designer Anton Willis moved into a modest apartment in San Francisco.
He had to store his fiberglass kayak since he didn’t have enough space in his own apartment. This motivated him to examine how he might keep his kayak operating while storing it in his flat.
Who is the man behind Oru Kayak?
Anton Willis, the creator and designer of Oru Kayak, started the company in a modest San Francisco apartment.
He became interested in origami and was motivated to create a folding kayak. Before developing and creating full-scale prototypes, Anton Willis spent a significant amount of time drawing paper models for his folding kayak concept.
Indeed, he constructed approximately twenty-five full-scale prototypes and tested them in lakes across San Francisco and the Bay Area.
After their Kickstarter initiative was successfully financed, Anton Willis, Roberto Gutierrez, and Andy Sobhani launched the firm on December 19, 2012. The three men raised a stunning $443,000 on a $80,000 ask!
Anton, a life-long paddler from the beautiful Mendocino County region and a Berkley architecture graduate, created the Oru Kayak after relocating to San Francisco and finding that he didn’t have enough space in his small flat to retain his old, fiberglass kayak.
He was an origami fan who began experimenting with the design of a folding kayak. Willis was joined at the business by Sobhani, a CCA MBA in Design Strategy, and Gutierrez, a former competitive surf kayaker and outdoor products sales pro.
The Oru Kayak garnered multiple awards for its innovative design and was featured in Popular Science, Fast Company, Gear Patrol, CNN, and a number of other media outlets.
What Happened to Oru Kayak’s Shark Tank Pitch?
Anton, Robert, and Ardy agreed to pitch their concept on Shark Tank in episode 28 of Season 5 of Oru Kayak to raise money for merchandising.
Anto, Robert, and Ardy entered the Shark Tank seeking $500,000 for a 12% ownership in their firm, worth $4.2 million.
They stressed to the Sharks that the Oru Kayak is fast and robust while being comfortable, making it excellent for beginners.
They also mentioned that they made their debut nine months before appearing on Shark Tank and that they are presently shipping all over the world.
They sold 1228 of them for $1,100 each, for a total of $1 million. In the same price range, the most popular boat is $1049.
The current building cost is $505, but they believe they can reduce it to $305. They expect to make a four-million-dollar profit this year.
Mark Cuban thinks it’s beautiful, but he’s not much of an outdoorsman and has never kayaked. He went out.
Daymond John would want to offer them the money, but the manufacture was unclear. It’s too early, and he also went out.
Kevin O’Leary argues that $500,000 was insufficient due to the cost of the equipment. He’s unsure how it’ll scale. He went out too.
Barbara Corcoran has two kayaks that she never uses; she longs to own one and likes becoming involved in her businesses, but she was unclear what to do with this one. She exits.
Robert Herjavec was baffled as to why people aren’t willing to pay more for the magnificent boat.
Robert states that he was undeniably a consumer; he invested in a successful company, and he also invests because he thinks it was cool.
Robert, on the other hand, was still a Shark left. He offers $500,000 for 25% ownership of the company, thereby cutting its value in half.
They reacted with a $500,000 investment for a 15% stake and a seat on the board.
Robert Herjavec, on the other hand, has set a firm price of $500,000 for 25% equity shares.
They react with $500,000 for a 20% share, but Robert Herjavec continues to say no. They reached a deal with Robert Herjavec and exited the pitch with a deal.
What Happened to Oru Kayak After Shark Tank?
Unfortunately, the deal with Herjavec never materialized. Oru, on the other hand, is still growing.
They did work with GetOutfitted, a firm that rents out outdoor gear. Oru features a rent-to-own program in which the $150 rental fee is applied to the purchase of a new kayak after six days.
They are available at select REI locations. In 2017, Oru planned a solo kayak voyage from Havana, Cuba to Key West, Florida.
It was a solo kayaker’s first trip (a tandem kayak had previously made the journey). They have five models and will provide financing beginning in August 2021.
The yearly revenue of the corporation is $8 million. Solo Stove bought the company in September 2021 for an undisclosed price.
Oru Kayak’s Competitors
Folbot, Malibu Kayaks, Liquidlogic Kayaks, Wave Sport, Perception Kayaks, Necky Kayaks, NuCanoe, and Seaward Kayaks are among the market competitors.
Oru Kayak’s Net Worth
During the pitch, the firm was valued at $4.2 million; in 2021, the company had achieved a total of $8 million in revenues. This justifies the growth in the company’s net worth might have been higher.
Oru Kayak FAQs
What is the best Oru Kayak?
The Oru Kayak can be considered as one of the best kayaks out on the market. It is designed to be lightweight, easy to store, and simple to set up. This makes it very convenient for a lot of different groups of people.
How much does an Oru Kayak cost?
The price of the Oru Kayak is $1,100. This may seem like a lot, but it has a lot of benefits in exchange for the cost. It is light for portability, easy to store for convenience, and simple to set up for ease of use.
3What is an Oru Kayak made of?
The kayaks are made from birch veneer with carbon fiber stringers and Kevlar strength rods that keep it lightweight.
How can you buy an Oru Kayak?
Customers can buy the Oru Kayak through their website. The kayaks are made in California, so if they are interested in how they are made, feel free to check out the tour.
What is an Oru Kayak made of?
The kayaks are made from birch veneer with carbon fiber stringers and Kevlar strength rods that keep it lightweight. It weighs in at 26 pounds and it folds up to be only 9 inches thick when folded.
What is the return policy of Oru Kayak?
Customers can return the item within 30 days if they are not satisfied with the product.
What kind of material is used for Oru Kayak?
Oru Kayak is made from birch veneer and carbon fiber stringers and Kevlar strength rods that keep it lightweight. It weighs in at 26 pounds and folds up to be only 9 inches thick when folded.
What is the weight capacity of Oru Kayak?
The weight capacity range of an Oru Kayak varies by model.
What is the difference between Oru Kayak and other kayaks?
The biggest difference between the Oru Kayak and other kayaks is that it folds up. This makes it easier to transport and store. It also weighs less than most other kayaks, which means it can be easily carried.
How do I make payment to Oru Kayak?
Customers can make payment by credit card, check, or by PayPal.
What is the warranty of Oru Kayak?
The warranty of Oru Kayak is 30 full days. This means customers will have their products replaced if there was a manufacturing defect or damage caused by misuse.
How do I arrange for in-store pick up or delivery?
Customers can arrange for in-store pick up directly at their business locations, through a courier, or through an online shipping facility such as FedEx or UPS.