When individuals accidentally drop their phones into water they frequently experience panic. Many attempt to place them in rice but it seldom succeeds. This issue motivated Adam Cookson and Craig Beinecke to develop TekDry. TekDry is a unique device that rapidly dries moisture-laden phones. They presented their concept on Shark Tank. Adam and Craig sought assistance from the Sharks to expand their business.
They demonstrated that TekDry could dry wet phones without causing any harm to them. The Sharks showed interest but also had some worries. Some appreciated the concept while others feared it could be temporary. Adam and Craig struck a bargain with Kevin O’Leary. Will the entrepreneurs get a deal on Shark Tank? Check out the TekDry update!
TekDry Net Worth Shark Tank Update 2025
Adam Cookson and Craig Beinecke asked for a $500k investment in exchange for 5% equity in their company. This meant they valued their company at $10 million. They made a deal with Kevin O’Leary for a $500k loan at 13% interest over 36 months, plus 5% equity. This new deal maintained the valuation of their company at $10 million. After the show aired, TekDry saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of TekDry is about $14.64 million.
After appearing on Shark Tank TekDry advanced. The agreement with Kevin O’Leary was finalized successfully. In 2019 they secured $3 million. In 2020 they secured an additional $1.5 million. By 2022 they expanded to more than 600 Staples locations. Customers were able to take wet phones to these shops for repairs. Nonetheless, problems arose in 2023.
Poor management and financial challenges led to difficulties. As of June 2023, TekDry operated in just two locations. Their social media ceased updates in 2019. Their website is currently not operational. TekDry is still around but has diminished.
Yes TekDry secured a deal on Shark Tank. Kevin O’Leary consented to invest $500,000. This was a loan at 13% interest over a period of three years. He also received a 5% stake in the company. Adam and Craig agreed to the agreement. The other Sharks showed no interest. Kevin was the sole individual who submitted an offer.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | $500,000 loan at 13% interest over 36 months + 5% equity | N/A | Yes |
| Mark Cuban | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
TekDry Shark Tank pitch
Adam and Craig aimed to tackle a significant issue. Numerous individuals misplace their devices when they become wet. Fixing wet phones was difficult. Individuals require a quick and secure method to repair their gadgets. This motivated the founders to establish TekDry. TekDry employs low pressure and heat to dry mobile devices. Adam and Craig encountered numerous difficulties.
They required funds to construct the machines. In the initial stages gathering funds proved to be challenging. They needed to persuade individuals that TekDry was effective. They evaluated the product on numerous devices. The progress was gradual yet they remained persistent. They had faith in their concept. Eventually, they created their initial machine and started assisting clients.
Adam and Craig began their presentation by outlining the issue. Cell phones frequently suffer damage from water. TekDry addresses this issue in a straightforward way. The device employs heat and pressure to dry the phone. It requires just 30 minutes. TekDry does not disassemble the phone. This protects the phone. The founders requested $500,000 in exchange for 5% equity. They sought funding to grow into additional locations. At that moment TekDry was available in 82 shops.
They were making $29,000 annually. They aimed to expand to 600 stores. The Sharks paid close attention. The founders outlined their strategy to boost sales and enhance their equipment.
The Sharks posed numerous inquiries. They were curious to find out if TekDry was effective. Lori inquired about the number of phones that TekDry had rescued. Adam and Craig exchanged accounts of effective repairs. Mark inquired about the cost. Clients were charged $69 for the service. The shop received 40% of the funds. TekDry retained 60%. Barbara had concerns regarding waterproof phones.
She believed TekDry may not be necessary in the future. Robert had an aversion to physical retail stores. He believed online services were superior. Kevin inquired about previous investments. The founders previously secured $2.2 million. The Sharks considered this to be considerable. They questioned whether TekDry required additional funding to continue.
The Sharks displayed varied responses. Lori did not invest. She believed the company’s valuation was overly inflated. Barbara left because she thought waterproof phones would take the place of TekDry. Mark was worried about ongoing fundraising. He did not wish for his investment to be diminished.
Robert was not fond of the concept of retail shops. He believed TekDry would not generate sufficient revenue. Kevin presented a proposal. He proposed a loan of $500,000 at an interest rate of 13%. He also requested a 5% stake. Adam and Craig attempted to negotiate but Kevin would not alter his conditions. They accepted his offer.
What Went Wrong With TekDry On Shark Tank?
Certain Sharks were not fond of TekDry’s business approach. Barbara believed that waterproof phones would render TekDry unnecessary. Mark and Robert were not fond of the retail method. They believed it was no longer current. Lori did not observe sufficient opportunity for profit. The Sharks were also concerned about TekDry’s elevated valuation. Collecting $2.2 million prior to Shark Tank raised issues. This caused the Sharks to be reluctant to invest. Only Kevin recognized the opportunity and proposed a deal.
Product Availability
TekDry machines safely dry wet mobile phones. They apply heat and pressure to eliminate water. The procedure is quick and requires just 30 minutes. TekDry is secure for every device. It doesn’t disassemble phones. This safeguards information and minimizes threats. TekDry machines can be found in more than 600 Staples locations. Clients were allowed to take their phones to these sites.
The charge for the service was $69. TekDry also provided a mail-in service. Clients might send their gadgets for servicing. Nonetheless, TekDry’s website is currently not operational. Social media profiles have not been refreshed since 2019. TekDry services are currently available in just two places. These locations are Marathon, Florida, and Kahului Hawaii.
Conclusion
TekDry experienced a robust beginning following its appearance on Shark Tank. They expanded rapidly and brought in additional funds. Nonetheless, poor management led to issues. Currently, TekDry is significantly smaller. Their services are restricted to two places. The prospects for TekDry are unclear. The founders remain engaged while seeking new opportunities. TekDry’s experience highlights the difficulties of managing a company.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
