Animated Lure appeared on
Animated Lure Update After
- 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.
For updates on other products that appeared on Season 12 Episode 3, check out the links below: