Fire breakouts in homes often lead to an unexpected disaster that one doesn’t expect. This is the thought behind Fire Fighter 1, a company that manufactures and sells firefighting hoses. Founded by Biance Wittenberg, this was one of the most innovative and practical companies on Shark Tank.
During the pitch, Bianca clarified what Fire Fighter 1 is, explaining that the adapter and hose are designed to help people put out fire by connecting them to their pools inside the house. She asked for $150,000 for 15% equity.
If you are curious to know how Fire Fighter 1 is doing in terms of business, you have come to the right place.
Shark Tank Fire Fighter 1 Update
- Entrepreneur – Bianca Wittenberg
- Business – Adapter and hose for putting out fire
- Ask – $150,000 for 15% equity
- Result – $150,000 for 25% equity
- Sharks – Mark Cuban and Lori Greiner
Fire is destructive and has the potential to take down homes and even claim lives. Seeing the destruction herself, Biance Wittenberg decided to develop a product that helps homeowners use their pool water to put out fires immediately.
Fire Fighter 1 is a combination of a specially designed adapter and hose that connects to the pool water and helps people spray the fire source to put out the fire.
During the pitch, Bianca confirmed that each unit of Fire Fighter 1 costs $500 while the manufacturing cost is around $100. Despite the usability of the product, some of the sharks weren’t sure how the consumers would react to the product, especially when it came to purchasing it.
Since the product was very niche-specific, a few of the Sharks decided to drop out without making an offer because they couldn’t see themselves making good money out of it in the future.
By the time Bianca brought her company on Shark Tank, it had been a few months only, which sparked a sense of concern among the Sharks. Until February 2022, the company had managed to sell only 50 units.
With the majority of the Sharks stepping down, Mark Cuban and Lori Greiner decided to team up and offer $150,000 for 25% of the company. Since Bianca didn’t have any other offer on the table, she decided to say yes to Mark and Lori’s offer. There are reports that the deal was finalized after the Shark Tank episode too.
So, how is the company doing now? As some of the sharks clarified during the show, the company’s product is very niche, which affected the company’s profitability a lot. Both Mark and Lori said that it will take all of them some time to master more details about the product and see how they can market it to the right audience.
With two sharks riding on the company, we can pretty much expect that the company’s revenue will turn around in the future. Until then, we’d have to see how far they go. Fire Fighter 1 is currently in business but we don’t have any idea about their valuation.