Highlights
- Founders pitch Animated Lure seeking $325,000 for 10% equity.
- Product features rechargeable, robotic fishing lures mimicking real fish movements.
- They have $247,000 in sales so far in 2020 and zero debt.
Overview
| Category | Details |
|---|---|
| Name | Animated Lure |
| Founders | Kanz Kayfan, Sobhan Sanaee |
| Industry | Outdoor Recreation / Fishing Equipment |
| Product | Rechargeable robotic fishing lures in various sizes |
| Funding | $325,000 |
| Investment Ask | $325,000 |
| Equity Offered | 10% |
| Valuation | Not explicitly stated |
Kanz Kayfan and Sobhan Sanaee hope the Sharks bite on Animated Lure, their rechargeable, robotic fishing lures, in Shark Tank episode 1203. The idea for the product came to Mr. Kayfan while he was a student at Texas A&M University-Corpus Christi – which happens to be the only university on its own island in the USA. Kayfan spent a lot of his spare time at schoool fishing and came up with the idea for the Animated Lure in 2013. He wants to open a private counseling practice, too since he graduated with a Master of Science in Counseling.
To get the product off the ground, he had a successful Kickstarter campaign that raised $22,041 back in December 2015. I took them nearly two years to manufacture and ship the product. The lures come in three sizes: Mini, Classic and Salt water. There are several different “skins” for each size to mimic different baitfish. Each lure provides a life like swimming motion and sounds that attract fish to bite.
A mini lure costs $29.95, a classic is $32.95 or $34.95 depending on which skin you want. A saltwater lure is $79.95 due to its larger battery and anti corrosion construction. Salt water lures are available on a pre-order basis with delivery expected by winter. Animated Lures use a small propeller to make the “bait” swim and the segmented body mimics real fish like swimming motion. Each lure comes with a USB charging cable and an extra propeller. Kayfan and Sanaee hope the Sharks take the bait and invest.
Company Information
Video
Posts about Animated Lure on Shark Tank Blog
The Animated Lure – Robot Bait
Animated Lure Shark Tank Recap
Kanz and Sobhan enter the Shark Tank seeking $325,000 for 10% of their business. They show a video of the product in action and give their pitch. The company currently sells direct to consumer, but they’d like help getting into big box sporting goods retailers. They have $247,000 in sales so far this year (2020) and zero debt.
Did Animated Lure Get A Deal?
Kevin is the only Shark to make an offer. In fact, he makes two offers. The first is $325,000 for 10% of tthe business plus a $3 per unit royalty until he recoups $1 million. The second offer is $500,000 for 20%. They take the first offer.
Animated Lure Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Kevin never closed. Since airing in October, 2020, dozens of knock off products flooded Amazon, but the lures are available there in their Amazon store. The company is still in business as of October, 2023. In a July, 2024 check in, their website lists all products as “sold out” and their Amazon store lists all products as “currently unavailable.” Social Media has not been updated since 2021. Something is hinky here.
Shark Tank Blog will update this page as more information on Animated Lure & Kanz Kayfan and Sobhan Sanaee becomes available.
See what else is new! View other businesses featured in this episode.
