The number of video creators is increasing, so there is a big demand for cinematography accessories, and PolarPro provides just that. The company designs and sells specialized camera solutions for content creators. Jeff Overall pitches his business on Shark Tank and lands a deal with Mark Cuban and Robert Herjavec. Fast forward to 2024, and PolarPro is valued at $15 million.
About the Founder
Jeff Overall is an entrepreneur and videographer from Newport Beach, California. This adventurous businessman studied economics and accounting at UC Santa Barbara. He developed an interest in entrepreneurship at a young age. At the age of 15, Jeff founded a small startup called We Got Crabs, where he collected hermit crabs and sold them online.
establish a company
Olowo, who was on the college ski team, came up with a solution to improve the quality of his GoPro videos. He was having issues with too much light hitting the camera directly. Jeff took a sheet of polarizing film and placed it over the lens of the GoPro. It’s basically a filter and it works wonders.
Jeff quickly realized that this could be a good business opportunity because there was no GoPro filter supplier on the market. PolarPro was founded in 2011, and GoPro began to produce its own filters, which forced Overall to create new accessories. He created an integrated charging case, special selfie sticks, and drone filters. With these products, the startup made $2.8 million in three years.
Shark Tank Appearance
In 2015, the company had solid sales but low margins and needed to raise capital. He used student loans to fund operations and was desperate to bring in sharks. He appeared on Season 7 of Shark Tank, seeking $500,000 for a 10% stake.
The enthusiastic entrepreneur’s surfer-bro style of speaking amused the sharks. What really excited them was the quality and sales of the product. A bidding war soon broke out among the sharks.
Daymond John offered $1 million for 17.5% of the company, which was dwarfed by Robert Herjavec and Mark Cuban’s $1 million each for 10%. Jeff wanted two guys to bring in two sharks, so he went with Mark and Robert. This is surprising considering Cuban and Herjavec rarely do any joint deals together.
After Shark Tank
According to sharktankrecap.com, Jeff received twice the cash he expected, but the deal was not completed. Nevertheless, he continued to run the company and had 45,000 unique visitors to their website on Friday and Saturday.
Jeff used the money he made to launch new products such as photographer equipment, tripods and mobile camera equipment. These products are available on Amazon, 1,200 retail stores in the United States and their website PolarPro.com. Shark Tank also helped them to strike deals with Best Buy and Target, two companies that were hesitant before the show aired.
Many of their products have received five-star ratings from customer reviews on their website. PolarPro is very focused on quality, which is why this camera accessory company has annual revenue of approximately $4.7 million.
Categories: Shark Tank
Source: svlsf.edu.vn