PolarPro – Gear for Content Creators
DEAL
EPISODE SUMMARY
🕓 Air Date: November 13, 2015
Asking For:
$500,000 for 10%
Investor:
Robert Herjavec, Mark Cuban (50/50)
Deal:
$1,000,000 for 20%
PRODUCT SUMMARY
Polar Pro designs innovative camera accessories, with their popular products including the Power Pole (battery-integrated selfie stick), Power Vault (action camera case with built-in battery dock), and filter sets for drones.
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Background Story
Jeff Overall, a serial entrepreneur and founder of Polar Pro, started his first business at the age of 15, selling hermit crabs online. The idea for Polar Pro emerged during Jeff’s time at U.C. Santa Barbara, where he was on the ski team and wanted to enhance the quality of his adventure videos. Inspired by the need for camera accessories, Jeff founded Polar Pro, leveraging his passion for adventure and filming. The company began with a focus on designing products for mobile phones, action cameras, and drones.
The Product
Polar Pro offers a diverse product line, with three standout items. The Power Pole, their first battery-integrated selfie stick, allows users to charge their cameras all day. The Power Vault, another innovative product, is an action camera case with a built-in battery dock, enabling users to charge multiple batteries or USB devices on the go.
Their drone filter sets feature polarizer and neutral density filters, enhancing video quality and protecting the lens. The company takes pride in designing, manufacturing, assembling, and marketing all their products in-house.
How It Went
The company’s position before Shark Tank
Polar Pro has experienced substantial growth, with sales increasing from $8,000 in their first year (2011) to $2.8 million last year. The company is on track to reach $5.6 million in the current year. Jeff attributes their success to reinvesting profits into research and development, allowing them to stay ahead of trends and continuously innovate.
The products are currently available in 1,200 locations, primarily independent surf shops. The drone market presents a significant opportunity for Polar Pro, making them the largest third-party aftermarket drone company.
The Negotiations:
The negotiations started with Jeff seeking $500,000 for 10% of the company. Mark Cuban and Robert Herjavec collaborated to offer $1 million for a total of 20%, providing the full funding amount. Jeff hesitated initially, wanting to hear other offers. Damon John then offered $500,000 for 15%, proposing to handle licensing. Lori Greiner joined the bidding war with the same offer as Mark and Robert: $500,000 for 10%.
Kevin O’Leary questioned the sustainability of the business in the consumer electronics market and decided to opt out. After some back-and-forth, Mark Cuban and Robert Herjavec agreed to a joint deal of $1 million for 20%, with each contributing $500,000 for a 10% stake. The deal was accepted, and Polar Pro secured the partnership of two sharks, giving them the capital and expertise to expand further into the market.
