In Shark Tank episode 1117, founder of Safety Nailer, Drew Zirkle seeks to secure Investment for Safety Nailer, a product that magnetically holds nails in place while protecting your fingertips.
Daniel and Kristen Eifes, Drew’s college buddy and his wife, designed the unique product. When Daniel was medically discharged from the Navy in 2012, the Eifes invented and patented the product. Because Daniel is unable to work due to a medical condition, his wife collaborated with Drew to bring the idea to life.
Drew, an engineer, joined Daniel as a partner to assist bring the product to market. The Safety Nailer is a little plastic barrier worn on the forefinger and thumb. It magnetically holds the nail in place, preventing harm from a “poor swing.” It can also store screws. The original version is designed for nails that are more than half an inch long. The “tiny” nailer will be available for smaller nails and screws.
The company received its initial investment from a Kickstarter effort in July 2019 that raised $8663. The rest of the money came from their own pockets and a $5,000 prize from the Start Peninsula competition for entrepreneurs and inventors. Both goods are available for $8.99 on Amazon.
The company wants its products on hardware and home center store shelves and they’re hoping a Shark can help them nail down some distribution agreements.
How does Safety Nailer Protects Your Fingers
Drew comes in with a $100,000 offer for a 14 percent stake in the company. Drew explains to the Sharks how he started his firm by purchasing his own injection molding machine. They had partnered with another company that wasn’t moving the products forward, so they’re now trying to manufacture elsewhere. Drew needs a Shark to assist him move the firm forward because he has a full-time job.
Drew has “a product, not a corporation,” according to the Sharks. Drew pulls a toy he built out of the nailers’ magnets from his pocket when he realizes he’s losing them. The Sharks like his willingness to go all out. Mark likes the product and wants to collaborate on a licensing contract. Eventually, Mark, Lori and Rohan bid $100,000 for 33.3% and Drew accepts.
Shark Tank Safety Nailer Net Worth Update 2022
As of November, 2021, the company is still in business with revenue of around $2 million annually.
How much is safety nailer worth? The landed cost of the Safety Nailer is now $1.75 per unit. Each device is then sold on Amazon or direct to consumer for $9.99. The Safety Nailer brought nearly $40,000 in sales last year.
The Safety Nailer had already logged $85,000 in sales in the year this deal was filmed, and the entrepreneurs predicted it would end the year with over $100,000 in sales and a profit of $2-3,000.
Safety Nailer net worth is estimated to be $1-$5 million USD in 2022.
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