Stovetop fires are a common yet serious problem in households. Every 4.5 minutes, someone in the U.S. experiences a stovetop fire. These fires can cause serious injury or damage to property.
Firefighter Peter Thorpe recognized this risk and created a device to help prevent these fires. His solution was the FireAvert plug, a smart device that works with a smoke detector. When the smoke detector goes off, the FireAvert plug cuts power to the electric stove, reducing the chances of a fire starting. The idea was to make homes safer, especially apartments and multi-family properties where fire risks are higher due to shared cooking spaces.
The FireAvert device aimed to offer peace of mind to homeowners and renters alike. In Season 7 of Shark Tank, Peter presented this innovation, seeking $300,000 for 7% equity in exchange. Did the entrepreneur get a deal on Shark Tank? Check out our Fire Avert update to find out!
Fire Avert Net Worth Shark Tank Update 2025
Peter Thorpe went on Shark Tank asking for $300,000 for 7% of his company. This meant he thought his business was worth $4,285,714. He made a deal with Lori Greiner for $300,000 in exchange for 10% of the company, lowering the value to $3,000,000. The episode was aired in February 2016. FireAvert continued to grow and became a trusted home safety brand. With steady 10% growth, the current net worth of FireAvert is estimated to be around $7 million in 2025.
After appearing on Shark Tank, Peter Thorpe shifted his focus from residential properties to multi-family housing. He saw a bigger opportunity in apartment buildings and rental properties, where stove safety was a growing concern. Peter started attending trade shows targeted at property owners. His strategy focused on making FireAvert more attractive to landlords, who would prioritize safety to reduce risks of fire damage and liability.
Additionally, FireAvert expanded its product line by introducing a version of the device that worked for gas stoves as well, not just electric stoves. The company continued to innovate to address both types of stoves, broadening its appeal.
As of today, FireAvert has experienced significant growth. The company now generates around $4 million in annual revenue, showcasing its potential and success post-Shark Tank.
Peter Thorpe’s initial pitch on Shark Tank attracted significant interest, especially from Lori Greiner and Kevin O’Leary. However, only Lori ended up making a deal with Peter. Lori’s offer was a loan of $300,000, with a 10% royalty until she recouped $400,000, after which she would take 10% equity in FireAvert.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | $400k to buy out the partner’s 60% stake and to return 51% voting control to the entrepreneur | N/A | No |
| Lori Greiner | $300k as a loan for a 15% royalty until $300k is repaid + 12% equity$300k as a loan for a 10% royalty until $400k is repaid + 10% equity | $300,000 loan with 10% royalty till $300,000 recouped +10% equity | Yes |
| Kevin O’Leary | $300k to buy out partner’s 60% stake and to return 51% voting control to entrepreneur $300k as a loan for a 10% royalty until $900k is repaid + 5% equity | $300,000 loan with 10% royalty till $300,000 recouped + 10% equity | No |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Fire Avert Shark Tank pitch
Peter Thorpe, a firefighter, became aware of the dangers associated with stovetop fires while responding to fire emergencies. He realized that stovetop fires were more common than people assumed, often caused by unattended cooking or kitchen negligence. Recognizing this, Peter wanted to create a solution that could be easily implemented in homes to prevent such fires.
Peter faced several challenges during the development of FireAvert. The product’s design required testing and refinement to ensure reliability. One major challenge was the initial lack of manufacturing knowledge. As a firefighter, Peter didn’t have a background in product development or manufacturing, which made scaling up production difficult. He also struggled with finding investors who shared his passion for safety and believed in the product’s potential.
Despite these challenges, Peter remained committed to improving stove safety. His experience as a firefighter fueled his determination to create a device that would protect others from the dangers of stovetop fires.
Peter Thorpe entered the Shark Tank seeking $300,000 for a 7% equity stake in FireAvert. He explained how FireAvert worked, essentially a smart plug that connected to a smoke detector and automatically cut off power to an electric stove when smoke was detected. Peter demonstrated the product, showing how simple it was to install and use.
Peter highlighted a staggering statistic: stovetop fires occur every 4.5 minutes in the U.S., which emphasized the urgency of his invention. Each FireAvert unit was manufactured at a cost of $45 and sold to customers for $195, generating around $2 million in annual sales at the time of filming.
However, the Sharks were skeptical. The high cost of the product was a concern, as well as the equity distribution. Peter revealed he only owned 30% of the company, while his friend, who held 60% equity, played a significant role in the company’s operations. Keep reading our Fire Avert update to see what happens next!
Lori Greiner: “What happens if someone turns off the smoke detector?” Peter responded they are looking into additional solutions, but for now, the smoke detector needs to be functional for the FireAvert to work.
Mark Cuban: “Why do you only own 30% of the company?” Peter responded his friend owns the other 60% because he provided initial funding and infrastructure support, especially targeting multi-family housing.
Daymond John: “Why is the product cost so high?” Peter responded the cost includes the high-quality materials needed for safety, along with the cost of assembly and technology to ensure reliability.
Kevin O’Leary: “If I were to invest, how would you ensure control of the business?” Peter responded they are looking for long-term scalability, and would prefer not to transfer control unless his friend agrees to sell his equity.
Lori Greiner: After thorough discussions and a counteroffer, Lori agreed to provide $300,000 as a loan at 10% interest until she recouped $400,000, followed by a 10% equity stake in the company. Lori believed in the product’s potential, especially in the multi-family property sector.
Kevin O’Leary: Kevin was interested in the product but was not satisfied with the company’s equity distribution and ownership structure. He didn’t want to invest unless he could control the business, which wasn’t possible due to Peter’s friend’s influence.
Mark Cuban: Mark didn’t invest, as he felt uncomfortable with the equity distribution. He didn’t believe in the fairness of the ownership structure.
Daymond John: Daymond was intrigued by the product but was concerned about the high equity ownership and the price structure. Ultimately, he decided not to invest.
Product Availability
FireAvert is now available for purchase on its official website, FireAvert.com, as well as on Amazon. The product now caters to both electric and gas stoves, ensuring wider customer appeal.
The device continues to emphasize safety and convenience, offering a simple yet effective solution to prevent stovetop fires. The price has been adjusted to a more competitive level, ensuring it appeals to both individual consumers and property owners.
Conclusion
Peter Thorpe’s journey with FireAvert on Shark Tank wasn’t successful in terms of getting a deal. However, his dedication and persistence have led to significant growth since then. FireAvert has expanded its product line and shifted its focus to multi-family housing.
As of today, FireAvert is thriving, generating around $4 million in annual revenue. The company’s innovative solutions continue to attract interest from property owners and renters, aiming to reduce stovetop fire risks.
FireAvert has proven that even without a deal from Shark Tank, innovative solutions can still succeed if the product addresses a real-world problem with clear value. Future updates on FireAvert may see further product enhancements and expanded market reach.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
