What Is InstaFire?
InstaFire is a natural fire igniter that instantly ignites charcoal without a match or the need for a lighter. InstaFire is the most convenient and safest fire starter available. Various materials, including volcanic rock, paraffin wax, and wood pellets, are used to create InstaFire.
InstaFire can resist winds of up to 30 miles per hour and may also be used in the presence of water. You can also use a moderate amount of InstaFire in a grill; they are safe enough to extinguish themselves without special assistance.
One glass of InstaFire is enough to boil four glasses of water in under ten minutes in an emergency, saving time that can be better spent elsewhere. You can use InstaFire for both personal and business purposes. During the burning process, a residue can be used for natural fertilizer.
|Konel Banner and Frank Weston
|Product / Business
|Fire-starter that is water-repellent and waterproof
|Investment Asking For
|$300,000 for 10% equity in InstaFire
|$300,000 for 30% equity in InstaFire
|Lori Greiner & Mark Cuban
|Season 7, Episode 19
Who Is The Founder Of InstaFire?
InstaFire was founded by Konel Banner and Frank Weston in Riverdale, Utah, based in the United States. They had created a new product due to their dedication and extensive firefighting expertise.
Konel has previously discussed the origins of InstaFire, which he described as a concept conceived by an elderly gentleman during a mountain men’s gathering.
When they first began, they had a vision for emergency fuel, but they widened their vision even more after learning more about its versatility and potential.
InstaFire was designed to work in adverse weather conditions and be extremely reliable simultaneously, so the United States military has integrated its use into various activities.
There are a range of fire starter kits and buckets, fire logs, emergency fuels (such as charcoal), stoves and lighters, and a small range of brand-name goods. The product is eventually transformed into a fine powder with pellets added.
You can also buy it in bulk through two to five-gallon buckets for roughly $5 per pouch (or $40 to $80 per bucket).
InstaFire Before Shark Tank
Media outlets have deemed InstaFire’s Frank Westen and Connell Banner fans of outdoor living and prepping. Survivalist movements have existed since the 1950s, but they have gained significant momentum in recent years due to major natural calamities, such as the Great Flood of 2010.
Frank and Connell developed their concept while attending a woodchopper conference called a Mountain Man Rendezvous. Connel invested $30,000 into the company before it appeared on Shark Tank, and over seven years, he helped it grow to a value of over $2.1 million.
Would that be enough to attract the Sharks’ interest? Let’s have a look at this.
How Was The Shark Tank Pitch Of InstaFire?
Konnel and Frank appeared on Shark Tank seeking an investment of $300,000 in exchange for a ten percent stake in InstaFire.
InstaFire is the quickest and most convenient fire starter on the market. Konnel sets it ablaze and then floats the flaming debris on the water’s surface.
Robert claims they require a lot of work and that $300,000 for a ten percent stake is excessive. Kevin agrees to a 20 percent reduction, but they proceed with the agreement with Mark and Lori. They’re having a great time in the hallway!
Final Deal: Mark and Lori agreed to invest $300,000 for 30% equity in InstaFire.
What Happened To InstaFire After Shark Tank?
InstaFire closed the deal with Lori and Mark that had been promised to them before appearing on Shark Tank. They intend to use the money for product expansion, including lighting products like logs and InstaFire charcoal briquettes.
Due to the short time they had to prepare their website for orders, they did not experience the expected sales spike due to their appearance on Shark Tank. InstaFire is still in business and selling its products on Amazon and its website, and they have received overwhelmingly positive feedback.
InstaFire Shark Tank Update
The popularity and sales of InstaFire skyrocketed after Frank and Kronel’s appearance on Shark Tank.
InstaFire’s sales are expected to reach over $7 million five years after its original Shark Tank appearance. As of 2022, InstaFire had already reached that figure and generated $4 million in revenue yearly.
Is InstaFire Still In Business?
Konel and Frank generated sales of 1.2 million dollars from InstaFire during their trip before appearing on Shark Tank. On the Shark Tank episode, they disclosed that they had earned $378,000 and expected to make twice that amount in the future year.
The value of InstaFire was estimated to be around $3 million. Following the Shark Tank episode, their revenues increased by 2.1 million dollars.
Mark and Lori provided the financing for InstaFire to start operating in the market, helping them direct sales of their product through Walmart, Lowe’s, Academy Sports, Camping Survival, and various other retailers.
InstaFire is still in operation and continues to grow at an exponential rate day after day. InstaFire’s website has added several new products, including fire starters, charcoal starters, popular mechanism products, and emergency preparedness products.
Their social media presence allows them to reach more customers and increase sales on Facebook and other platforms.
What Is the Net Worth Of InstaFire?
The valuation of InstaFire was $10 million when it appeared on Shark Tank. The net worth of InstaFire is about $5 Million as of 2022.