PowerPot Net Worth Updated – Latest Sales!

The PowerPot is a thermoelectric generator that uses heat from cooking to charge a variety of devices. Founders Caleb Light and David Toledo pitched their product on Shark Tank and landed a deal with Mark Cuban. Their company, Power Practical, was later acquired by Thrasio in 2020. After Shark Tank, Power Practical was valued at $3 million.

About the Founder

David Toledo and Caleb Light are from Salt Lake City, Utah. David has a Ph.D. in Materials Science and Engineering from Cornell University. Caleb has a degree in Accounting from Utah Valley University.

While in school, Toledo spent a lot of time as a researcher, which led him to become an inventor. Before founding Power Practical, Caleb had already founded a marketing company called CupAd. The company’s clients include Zagg, Overstock.com and Cornell University.

Founding PowerPot

As an outdoor enthusiast, David wanted to build a small thermoelectric generator to make his travels more convenient. He got his hands on a thermocouple and used it as the main component of his prototype.

That’s how the PowerPot was born, a hybrid between a cooking pot and a charging socket. Although it was originally designed for camping, this innovative tool has become popular among people who want to live more sustainably.

Power Practical was founded in 2011. Caleb joined the startup as a marketing specialist. The two launched a Kickstarter campaign hoping to raise $50,000 and ultimately raised about $126,000. Two years later, the startup had $300,000 in sales.

Shark Tank Appearance

In 2013, Caleb Light and David Toledo had big plans for Power Practical. They already had some investors but wanted mentorship from more established entrepreneurs. They appeared on Season 5 of Shark Tank seeking $250,000 in funding in exchange for a 10% stake.

The guys gave a great presentation and demonstrated the product. The sharks were impressed, but they wanted to learn more about how the product worked and how it could be sold. While some sharks questioned the usefulness of the product, some saw its potential.

Mark Cuban was apparently particularly interested in this unconventional charger. After seemingly backing out, Cuban offered $250,000 for 20% of the shares, but the founder offered 12% equity and 3% consulting options. Mark accepted, and the deal was done.

After Shark Tank

After the event, the deal with Mark Cuban was done within a few months. Caleb and David used the $250,000 to develop over 20 products and enter large retail stores such as REI and Cabela’s. They had mixed success in retail before pivoting to focus on Amazon.

Power Practical was acquired by Thrasio, a consumer company that specializes in selling products on Amazon, in April 2020. Caleb and David stayed with the company and worked in product development.

As the product range expanded, they decided to stop producing the PowerPot. Most likely due to low sales and much higher margins on other products. The two founders still work at Thrasio, Toledo as VP of Product Strategy and Development and Light as Director of Product Launches.

While the PowerPot is no longer for sale, many of Toledo and Light’s products are still popular. For example, their LED TV backlight strips have 4.5 out of 5 stars from 11,837 ratings. This product alone has generated over $250,000 in revenue! Power Practical’s annual revenue is over $1 million.

Categories: Shark Tank
Source: svlsf.edu.vn