PolarPro CEO Jeff Overall appeared on Shark Tank, where the Sharks offered a million-dollar on-air offer, promising the company would get into the smartphone accessory market.
PolarPro later partnered with OtterBox to create seven accessories for the case maker’s new modular ecosystem.
What is PolarPro?
PolarPro is a firm that manufactures high-quality accessories for GoPro cameras, smartphones, and drones, such as microphones, tripods, cameras, mounts, extension poles, filters, and cases.
PolarPro is a California-based company that caters to action sports enthusiasts and filmmakers worldwide. PolarPro follows a simple business model.
Jeff Overall founded the company to create, manufacture, and distribute accessories for popular cameras such as the GoPro.
Overall entered the tank with a few signature products that he was particularly proud of. He intended to demonstrate the GoPro extension pole he created called the PowerPole.
The unique feature of this gadget is that users can charge their cameras while recording themselves from various angles while using it to record selfies.
PolarPro’s most popular product then, but he also wanted to showcase a few others.
|Product||Accessories for GoPro and camera|
|Investment Asking For||$500,000 for 10% equity in PolarPro|
|Final Deal||$1,000,000 for 20% equity in PolarPro|
|Shark||Robert Herjavec and Mark Cuban|
|Episode||Season 7 Episode 8|
|Business Status||In Business|
Who is the Founder of PolarPro?
Jeff Overall is the founder of PolarPro, a California surfer and entrepreneur who began by manufacturing snap-on filters for GoPros and drones.
He pitched his lucrative firm to Shark Tank in 2015 and struck a deal with two sharks: Robert Herjavec and Mark Cuban contributed $500,000 each in exchange for a 10% stake.
PolarPro Before Shark Tank
PolarPro already offers a wide range of Go Pro accessories, which have received many fascinating (predominantly positive) reviews.
PolarPro external microphones were reported to have connectivity issues in previous reviews, but the company listened and responded promptly.
PolarPro also offers filters for the DJI Phantom Drone, which currently has a 4.5-star rating on Amazon.
All five-star reviews have been verified, but only two reviews give this product three unverified stars.
The PolarPro 3-Pack Polarizer Kits for the GoPro Hero4 and Hero3+ (the product I’m interested in) has an astounding 4.7 Stars, with all reviews rating it as a 4 or 5 star5-star product.
Jeff Overall founded the company with a polarizing filter that enhanced GoPro cameras’ sharpness, color, and contrast when used outdoors.
The company introduced a new product line of gear designed specifically for shooting in extreme settings such as skydiving, scuba diving, snowboarding, hang gliding, and skiing in 2011.
PolarPro’s PowerVault, a built-in battery charging case, was another product he wanted to highlight.
The GoPro carrying case allows users to charge multiple batteries or USB devices wherever they are without needing traditional power outlets.
The PowerVault is, in essence, the ultimate portable charger. In addition, Overall wished to show a sampling of his drone filter sets to the sharks.
Customers can use this product to protect the lens mounted to their drone cameras while recording bright and clear video.
PolarPro held a great deal of product demand when it entered the tank, and they believed that shark investments could propel their company to glory.
How Was the Shark Tank Pitch PolarPro?
Jeff Overall appeared on Shark Tank requesting an investment of $500,000 in exchange for a 10% stake in PolarPro.
Mark Cuban agreed to invest $1 million for a 20% stake in PolarPro. Jeff left the Shark Tank stage securing a deal from Mark Cuban.
What Happened To PolarPro After Shark Tank?
Jeff Overall was able to secure an important deal in the tank. What is the current state of his business?
PolarPro product line fans might be pleased to learn that the company appears to be doing quite well for itself.
They are still introducing new products as of this writing, and they have a sizable social media following on Instagram and Facebook.
However, PolarPro is still selling well online and in a few other hobbies or surf shops, despite not striking a major deal with a major retailer.
Jeff Overall and his crew continue to enjoy great success in the action sports and drone communities, and there seems to be no end in sight for their endeavor.
The PolarPro brand has remained committed to expanding into the smartphone market since Overall appeared on Shark Tank.
PolarPro and Otterbox have collaborated to produce a series of elegant, snap-on smartphone accessories that include an extra battery, a card reader, a fish-eye lens, and a pair of speakers that clip onto the back of a phone.
PolarPro’s BeatPulsar Bluetooth speaker weighs 3.5 pounds, retails for $60, and doubles as a conference call speaker.
What are the Products of PolarPro?
New OtterBox uniVERSE Cases are designed to fit the latest iPhone 6, 6, and 7 models, enabling users to add interchangeable modules from several accessory manufacturers. A slotted rail on the back of the case allows modules to attach quickly.
The PolarPro Business Bundle turns the iPhone into a business platform that boosts productivity. The package includes the following items:
PolarPro PowerPack (MSRP $49.99)
PolarPro PowerPack fits comfortably in hand or pocket when attached to OtterBox uniVERSE case.
PowerPacks provide hours of additional battery power, and white LED lights monitor the remaining capacity.
PolarPro Beat Pulsar Wireless Mobile Speaker
PolarPro’s Beat Pulsar Wireless Mobile Speaker clips into OtterBox uniVERSE to deliver enhanced wireless audio performance.
Its two 40 mm speakers produce loud, booming tones, and the integrated microphone allows for optimal sound quality during conference calls on the go.
PolarPro Stash is a minimalist wallet that can hold three cards and cash. The OtterBox uniVERSE case was designed to complement it.
The slim design is crafted from genuine leather. Genuine leather and anti-slip insert provide security for valuable cards, identification, and cash.
Shark Tank Investor’s Views on PolarPro
- Mark Cuban inquires about the extent to which the company can grow in the drone market. Jeff estimates they will raise between $40 and $50 million in the next few years. A proposal of $500,000 for 10% is exactly what Mark wants.
- Daymond John wants them to increase to 15% and accept Mark’s offer, but Mark declines. Daymond is willing to do the transaction but wants a 15% commission. His counteroffer is one million to 17.5%.
- Kevin O’Leary says he is doing the same thing as the smartphone business and must expand faster.
- Lori Greiner appreciates having a stake in the game. She offers $500k for 10% ownership.
- Robert Herjavec is proud of his business, but he believes he needs funding to grow it further. He offers to take a 10% stake for $500,000 in return for joining.
PolarPro Shark Tank Update
Jeff received a million dollars in exchange for a 20% stake in the company, which was more than he expected. Due to that, they can grow their business significantly.
They have never been required to sign any transactions with major retailers and have been featured in many online shops. PolarPro products are selling well online as well. However, their recurring appearance on the show helped sell more products.
They sell filters for phones and DSLR cameras, cables, lenses, and even card readers.
Some of their newest products include the Ultralight Matte Box and the Litechaser Pro Mobile Lens & Filter System. They offer Anamorphic Style Filters for Digital Cameras.
They sell various items such as rain jackets, fleece sweaters and shirts, and long sleeve shirts and sweaters. The delivery in the United States is free, ranging from $49.99 to $199.99.
In addition, they partnered with Otterbox to create a line of smartphone snap-on accessories. They’ve released speakers, fisheye lenses, cards, and batteries.
Next year they will release a new camera bag named the Boreal 50L. It will have enough space for 50 lbs. Cameras and other equipment.
Boreal 50L is made from 600D polyester, and its DWR coating makes it ten times stronger than most other camera bags.
Its straps and stitching have been tested against weight loads to ensure it can carry even the heaviest gear.
This bag features a large main compartment that measures 10 inches by 6.5 inches. You will not have to worry about trying to fit all your lenses and camera bodies inside the bag.
It will come with water bottle holders, a hip belt that can be easily adapted to fit your device, and more. If you order a backpack from Boreal, it will cost just $20. The product will ship in April 2023.
If you would like to be notified when the backpack is released but do not want to invest time making a preorder, you can sign up for email notifications.
It seemed as if the company was doing fairly well. Last year, they were on track to earn $4.7 million from selling their products. You can visit their website here if you want to see some of their gear for yourself.
What Is the Net Worth of PolarPro?
The valuation of PolarPro was $5 million when it appeared on Shark Tank. The net worth of PolarPro is $4 million as of 2022.