TekDry Net Worth – $10 million
What is the net worth of TekDry? Is TekDry still in business?
Introduction
Thousands of electronic devices fall into the water every year.
Craig Beinecke and Adam Cookson have invented a device that quickly evaporates water.
Let’s detail everything we know about TekDry and its founders.
What is TekDry?
TekDry is an invention by Craig Beinecke and Adam Cookson that was created as a fast way to dry electronic gadgets that have been accidentally dropped in water.
It uses a heating system that creates a safe environment to evaporate all the water from the electronics within twenty minutes.
It’s a much more efficient system than placing a phone in a bowl of rice.
Who are the founders?
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In 2014, Craig Beinecke and Adam Cookson founded the TekDry company.
The pair raised $2.3 million and had their product available at 80 locations before they appeared in Shark Tank season 8 episode 3.
However, they needed additional funding from investors to keep their company operational and profitable.
Shark Tank appearance
Craig Beinecke and Adam Cookson appeared on Shark Tank and requested an investment of $500,000 in exchange for a 5% share of the company.
They presented their machine that can evaporate water from electronic devices without causing any damage to the device.
Craig demonstrated his confidence in their product by using his personal cell phone to show off the function.
He flushed his phone down the toilet.
He then used their machine to dry off his phone.
After sharing their request with the Sharks.
The final offer accepted by Kevin O’Leary was a $500,000 loan at 13% for 5% equity after the loan was repaid.
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Is TekDry still in business?
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At the time of writing, TekDry is still in business.
After the Shark Tank appearance, the company has grown significantly.
They have hired new staff members and raised funds to invest in developing new products as well as expansion of the business.
The company claims to have machines in over 600 Staples stores.
However, TekDry is still a relatively rare product and somewhat difficult to come across, depending on where you live.
They offer a service to customers who do not live near an outlet to ship the device to a TekDry location to be repaired.
TekDry – Net Worth
TekDry has an estimated net worth of $10 million.
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Lee Parry is a writer and blogger originally from Manchester, UK, and he has a B.A. in Modern Languages from Manchester Metropolitan University. Parry occasionally teaches English and spends most of his free time reading.