Frywall – Splatter Guard
DEAL
EPISODE SUMMARY
🕓 Air Date: January 7, 2018
Asking For:
$100,000 for 10%
Investor:
Lori Greiner
Deal:
$100,000 for 10%
PRODUCT SUMMARY
Frywall is a silicon guard that prevents splatter during cooking, offering a cleaner and easier cooking experience.
WATCH HERE
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Background Story
Yair Reiner, the founder of Frywall, hails from Brooklyn, New York. As a passionate home cook, he identified a common issue – the messy splatter that occurs during cooking. Motivated by his culinary experiences and the belief in the market potential, Yair invented Frywall, a silicon guard that tackles the problem elegantly.
His background includes working for a company that eventually got sold, leading him to a crossroads. Seizing the opportunity, Yair ventured into entrepreneurship. Within three months of leaving his job, he had a prototype, and within six months, Frywall was in the market.
The Product
Frywall, a silicon guard, addresses the common issue of splatter during cooking. Placed inside the lip of the pan, it prevents oil, sauce, and food bits from splattering onto the stovetop. Unlike traditional lids or splatter screens, Frywall allows visibility and access for stirring and flipping while maintaining protection.
With a heat resistance of up to 450 degrees, Frywall is dishwasher-safe for easy cleaning and can be rolled up for compact storage. The product is versatile, and suitable for cooking various dishes, including stir-fry and bacon.
Priced at $25 with a production cost of $5.50, Frywall has gained traction both online and in independent retailers, accumulating over $800,000 in sales within a year of launch.
How It Went
The company’s position before Shark Tank
Frywall has achieved commendable success, generating over $800,000 in total sales within its first year, with 70% of sales occurring online. The product is available in approximately 55 independent retailers. Yair Reiner has demonstrated effective entrepreneurship, turning a prototype into a market-ready product within a short timeframe.
The company’s focus has been on maintaining a strong online presence, constituting the majority of sales. While discussions with Bed Bath & Beyond are underway, the price point makes it challenging for Walmart. Yair has explored potential opportunities for licensing the brand and co-marketing with home delivery companies to further expand the product’s reach. The company’s current structure emphasizes online sales, and Yair aims to establish a defensible and profitable business.
The Negotiations:
Yair entered the Tank seeking $100,000 in exchange for 10% of Frywall. The negotiations began with Lori Greiner making an offer of $100,000 for 15%. This offer was followed by an offer from Kevin O’Leary for the same amount but with a straight 15% equity stake. Mark Cuban expressed his skepticism about entering retail and eventually went out.
Lori Greiner then sweetened her deal by introducing her “Golden Ticket,” offering exactly what Yair came in asking for $100,000 for 10% equity and an unlimited line of credit for purchase orders. The Golden Ticket also included Lori’s expertise in getting the product on TV and into retail stores. This offer created a moment of tension as Yair hesitated, wanting to hear if Mark Cuban had anything to add.
Mark ultimately decided to go out, and Yair accepted Lori’s offer, securing a deal for $100,000 for 10% equity in Frywall. Lori’s Golden Ticket, which included an unlimited line of credit for purchase orders, was a significant factor in Yair’s decision to accept the deal. The negotiations showcased the importance of not only securing funding but also finding a strategic partner with the expertise to help grow the business and navigate the complexities of retail and TV markets.
