According to Ryan Fant and Nadeem Hussain, the average home spends $2000.00 on heating and cooling every year. They believe their wirelessly connected air vent can help customers reduce their costs by at least 10%. Will their product earn them a deal on
Shark Tank Keen Home Update
- Entrepreneurs: Ryan Fant and Nayeem Hussain
- Business: WiFi vents for homes
- Ask: $750,000 for 10% equity
- Result: $750,000 for 13% equity
- Sharks: Robert Herjavec
Ryan and Nadeem entered the tank with their Keen Home internet-supported WiFi vents. Each vent is controlled via the customer’s smartphone, allowing them to control airflow from room to room. The installation process is easier than ever and can be completed in a matter of minutes.
The sharks were concerned that the current valuation was $7.5 million. Ryan and Nayeem tried to convince them that their company was worth it, because they had pre-sold more than 30,000 units to Lowes. They shared that each vent sells for $80.00 retail and most homes would ideally purchase one for every room.
Mark Cuban believed that the company was too niche, so he was the first shark to drop out. Lori Greiner shared similar concerns and also dropped out. Kevin O’Leary decided to make an offer of $750,000 in exchange for 25% equity. Daymond John made an identical offer but also wanted manufacturing rights. Robert Herjavec was also interested, so he offered $750,000 for 20% equity.
After several counteroffers from the interested sharks, Ryan and Nayeem accepted Robert’s updated deal of $750,000 for 13% equity! So, what became of their company after leaving the tank? Keep reading our Keen Home update to find out!
We have good news to share in our Keen Home update. The company Ecovent merged with Keen Home in the summer of 2019 and is still in business. Annual revenue is estimated to be just under $3 million. Products are available on the Keen Home website.
Would you like to learn about the other companies featured on Season 6 Episode 20? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!