With professional knife sharpening services phasing out, using a mail-in knife sharpening service might just be the future. This is what Mikael Soderlind and Marc Lickfett thought when they started Knife Aid. The sharks are all interested in this company, so it’s bound to succeed, right? Find out in our Knife Aid update after the
Shark Tank Knife Aid Update
- Entrepreneurs: Mikael Soderlind and Marc Lickfett
- Business: Knife sharpening by mail
- Ask: $400,000 for 15% equity
- Result: $500,000 for 20% equity
- Shark: Lori Greiner and Rohan Oza
Dull kitchen knives can ruin your meal prep, and professional sharpening services are difficult to find. Mikael Soderlind and Marc Lickfett saw a gap in the market for a service that was already offered in their home country, Sweden. As a result, they adopted an idea already used for commercial customers and widened it to include home cooks.
Mikael is already a successful businessman with his company Happy Socks. However, he’d failed to make any headway in American markets and wanted to avoid making the same mistake again.
They started their pitch with a knife sharpening demonstration before explaining how the company works. This was all the sharks needed to see. Shortly after, the bidding started. Lori Greiner made the first offer, which included $200,000 as an investment, $200,000 as a line of credit, and 20% equity. Kevin O’Leary quickly made a counteroffer of $400,000 flat for 20% equity.
The guest shark, Rohan Oza, teamed up with Lori to make the same deal as Kevin. The sharks debated heavily about this product, and they all believed that it’s a great company that is cornering an open market.
Next, Barbara Corcoran teamed up with Kevin, and they went in with $500,000 for 20% equity, a higher offer than Lori and Rohan. In response, Mikael and Mark asked Lori to raise her offer to $500,000 for 20%. They agreed, and the entrepreneurs stepped away to discuss their options in the hallway.
But the sharks weren’t going to wait. Eventually, Lori, Kevin, Rohan, and Barbara all joined them out in the hallway, and the entrepreneurs eventually shook hands with Lori over the $500,000 for 20% equity deal. What tipped the scale? Lori’s retail expertise and Rohan Oza’s branding operations.
But how is this mail-in knife sharpening company doing now? Find out in our Knife Aid update.
Knife Aid is a great idea, and that shows! In our Knife Aid update, we found that the company is still going strong at the time of writing. The business has been steadily increasing, and they have seen returns of up to $250,000 per month.
Knife Aid has featured on The View, Blade magazine, and even Wired. It’s no wonder the sharks went into a bidding war over this company!
Check below for more company updates from Season 11 Episode 4:
Before you go, make sure to check on the other company updates from Season 11 on our Season 11 products page.