Fishing is always a fun moment. But to get a catch, it requires patience and trials. It seems like fishes understand the fishers’ tricks. This experience put Sobhan Sanaee and Kanz Kayfan to a thinking moment. They wanted to transform fishing into a fun and time-saving experience.
After some brainstorming, they developed a new fish luring approach. The duo create Animated Lure that was to make fishing activities easy. Animated Lure is a fishing rule for attracting fish. It is automated and rechargeable to behave like normal fish.
Upon developing it, Sobhan and Kanz wanted to get it to the users –fishermen. But they did not have enough fund to fund production. This aspect made them to try their luck on Shark Tank and see if they can lure and catch one Shark.
Did they succeed in their mission? What happened to Animated Lure after Shark Tank? Keep reading for updated information on the state of the Animated Lure in 2022.
- 1 Animated Lure Overview in Shark Tank
- 2 What are Animated Lure?
- 3 How Does Animated Lure Work?
- 4 Who Founded Animated Lure?
- 5 Animated Lure Business before Shark Tank
- 6 Animated Lure During Shark Tank Pitch
- 7 Animated Lure Closing Deal in Shark Tank
- 8 Animated Lure After Shark Tank
- 9 Current Update: Is Animated Lure Still In Business?
- 10 FAQs about Animated Lure
Animated Lure Overview in Shark Tank
|Company Name||Animated Lure|
|Episode||Season 12 Episode 3|
|Product Offering||Animated Lure – a rechargeable fish luring device that behaves and swims like a normal fish.|
|Founder||Sobhan Sanaee and Kanz Kayfan|
|Required Investment||$325,000 For a 10% stake in Animated Lure|
|Closing Deal||$325, 000 For a 10% stake in Animated Lure plus $3 per unit royalty until $1 million is repaid.|
|Current Business Status||In business|
What are Animated Lure?
Animated Lure is a self-propelling, automated, electronically designed fishing lure for catching fish. The device swims and behaves like a real fish while in the water. This aspect enable it lure fish into the net and make the fishing task easy and fun. The lure comes in different sizes which include saltwater, classic, and tiny.
How Does Animated Lure Work?
Animated Lure feature a design programmed to act like a normal fish. It features a tiny propeller and different skins to help it impersonate a real fish. The lure uses the aspect that fish will natural attract other fish.
It will start swimming automatically when you submerge it in the water for 12 seconds. By swimming like a normal fish, the Animated Lure leads real fish to the bait making fishing simple and easier.
Who Founded Animated Lure?
Sobhan Sanaee and Kanz Kayfan are the founders of Animated Lure. The duo entrepreneurs joined hands with Maleki Hassan to invent motorized fish tackle system in 2015. Kanz is a graduate with a Master’s degree in counseling from Texas A & M University. Sobhan is also a graduate from the same university.
From his childhood, Kanz grew in a fishing family. His dad was a keen fisherman. But when he was 13 years-old, Kanz heard his father lamenting about the siblings disinterest in fishing. He noted that fishing required a level of patience if one was to catch a big fish. Kanz realized that the reason why his siblings had low interest in fishing was due to the boredom of waiting for hours before getting a catch. This experience set him on a mental race.
The idea of creating a robotic fishing lure came up when Kanz was in a local water fishing trip. During the trip, he re-experienced the fishing boredom that called for high tolerance. The experience made him to think if the way to change it and Animated Lure was born. He joined had with Sobhan to make the dream a reality.
Animated Lure Business before Shark Tank
Kanz and Sobhan goal was to transform fishing from a boredom to a fun moment activity. Kanz had realized the reason why many people hated fishing. The fishing games and activities was left for tolerant people who can remain patient for hours to get a catch.
Animated Lure was a result of Kanz experience and his father’s lamentation. After graduating in 2015, Kanz kicked-off his journey to bring the robotic fishing lure to life. He launched a Kickstarter campaign that raised $21,000 in a month. He used the cash to patent the idea and developing a prototype.
Sobhan joined him on the way. The two began making various skins to luring fish in different bait types. They set every bit of their robotic lure and managed to produce several pieces.
However, they could not raise enough cash to produce it in large numbers. This aspect inspired them to pitch the Sharks. They sent their request and received an invitation to appear on the Shark Tank Season 12.
Animated Lure During Shark Tank Pitch
Sobhan Sanaee and Kanz Kayfan featured Animated Lure on Episode 3 of Shark Tank’s Season 12. They were seeking an investment of $325,000 in exchange for a 10% equity in Animated Lure.
The duo started their presentation with an explanation of what Animated Lure was all about. Kanz shared the background narrative of how he came up with the idea. He demonstrate how the lure works to entice and get fish in to the bait.
The duo stated that the Animated Lure is automatic and electronically fashioned to swim like a real fish. Its swimming motions make fish view it as a colleague. To enhance its enticing ability, they stated that the lure has the ability to make a unique sound. Also, the said that they had manufactured and ship several pieces of the product for the last two years.
The entrepreneurs stated that they have three versions of animated lure namely; tiny, classic, and saltwater. Tiny will cost the user $29.95. Classic lure was priced based on skin type and went for $32.95 or $34.95. Saltwater lure had a bigger battery and is corrosion-resistant which make it worth $79.95. The next step was explaining how the robotic lure works.
They stated that Animated Lure has a segmented body like one of a real fish which enable it to act like one. It also feature a propeller that propels its movements while in the water. The lure comes with a USB charger and extra propeller.
The team stated that their current company valuation stands at $3.25million. They also disclosed that they sell to direct customers but want to scale their reach to get the lure to large sporting stores. The duo stated that they had made says amounting to $247,000 in 2020.
The sharks listened to their pitch and it was time to respond. Robert showed appreciation to Kanz and Sobhan. However, he stated that it was not a worth commercial transaction for him. He is out. Daymond wanted to know the duo’s net worth. But he too existed. Other sharks expressed interest on the product too but could not make offers as it was not in their operational lines.
Kevin took up the stage. He had much interest on the product and show a worth investment opportunity. He made an offer of $325,000 for a 10% equity in Animated Lure plus $3 per unit until he gets $1 million paid back.
Kevin went on to propose an alternative offer. He offered them $500,000 for 20% stake in their company. Kanz and Sobhan countered the offers. They wanted Kevin to offer them $325,000 for 10% stake plus $1.50 per unit sold up to $500,000 repayment. Kevin rejected such proposal.
After a negotiation, the team settle of the first offer.
Animated Lure Closing Deal in Shark Tank
Animated Lure entrepreneurs accepted Kevin’s offer of $325,000 for a 10% equity in Animated Lure plus $3 per unit until he gets $1 million paid back. They deal was closed.
Animated Lure After Shark Tank
The appearance on the Shark Tank show was a superb blessing to Animated Lure. The demand for their product and sales surged. They became a renowned brand and could ship across the country. Their dream of getting the product on leading retail stores seemed inches away.
However, the popularity did not last long. Other people stared developing similar lure. Kevin did not complete the offer since they could not meet the conditions. But the company stated offering its products on its website and Amazon.
Current Update: Is Animated Lure Still In Business?
Yes. As at September 2022, Animated Lure is still in business and profitable. Despite Kevin failing to honor his bit, the company gained from appealing on Shark Tank.
FAQs about Animated Lure
How much does the product cost?
Animated Lure is available in three different sizes at varying prices. Tiny will cost you $29.95. Classic lure was priced based on skin type and went for $32.95 or $34.95. Saltwater lure costs you $79.95
How do Animated Lure help you?
Animated Lure is a robotic lure to make fishing activity easy and fun. It mimics real fish swimming behavior and attract them to the bait.
Did Animated Lure get a deal on Shark Tank?
Yes. Animated Lure got a deal of $325,000 for 10% stake in the company plus a royalty of $3 for every unit sold until the repay $1 million to Kevin.
Which Shark invested in Animated Lure?
What is the net worth of Animated Lure?
The net worth of Animated Lure during Shark Tank show was $3.25 million. Currently, it’s worth $5million as at September 2022.
Who owns Animated Lure
Sobhan Sanaee and Kanz Kayfan are the founders and owners of Animated Lure.