Fry Away Shark Tank Net Worth 2023 – What Happened After Shark Tank?
Kitchen gadgets are a dime-a-dozen, and often, they simply aren’t as effective as promised.
So when Laura Lady brought her idea, Fry Away, in front of Shark Tank’s cagey investors, it’s easy to see how they might be sceptical.
But Lady had a product with a proven track record, and her immaculate pitch easily showed the value thereof.
But was it enough?
What is Fry Away?
With most of us washing our used cooking oil down the drain and thinking nothing of it, Lady focused her pitch on what happens to that oil afterwards.
As it loses heat, it begins to get trapped with other waste, becoming huge gloops of what she termed a “fatberg.”
Fry Away, a plant-based organic powder, can be added to the oil after cooking, which quickly solidifies it as it cools.
Now, it can be disposed of in the garbage instead of down the drain.
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Who is the owner of Fry Away?
Fry Away is the brainchild of Laura Lady.
Based in Concord, New Hampshire, she launched the product in 2021 and quickly had a hit on her hands.
It’s not difficult to see why, however, as during her pitch, Lady constructed a scenario with a unique problem and quickly showed how her product could solve it.
Her calm, collected manner, and ability to answer any questions or concerns the investors had stood out throughout her pitch.
Shark Tank appearance: The investment
Lady’s pitch was impressive from the start, and the fact that Fry Away had already generated sales of around $700,000 with the company holding no debt certainly stood in her favour.
In terms of the investment she was looking for, she wanted a Shark Tank investor who was prepared to put in $250,000 for 10% equity.
And the reason for the investment?
Well, Lady wanted to recoup the costs of her Amazon investments, the platform used to sell the product. Costs there alone amount to 43%, or around $300,000.
However, she also needed investment to help her reach a larger target market by launching the product in stores.
As always on Shark Tank, however, the investors had some probing questions for Lady, all of which she navigated with ease, especially in terms of providing facts, figures, and scenarios to help get the investment she wanted.
Lori Greiner was the first Shark to bite, but offered Lady a $250,000 investment at 20%, not the 10% that was initially asked for.
That saw Mark Cuban jump in and suggest a partnership between himself and Greiner, but with a changed offer of $250,000 at 25%.
Lady countered with $250,000 at 20%, but Cuban and Grenier wouldn’t bite as they counter-offered at 22%, a deal that she was happy to agree to.
Where is Fry Away today?
Since the investment, Fry Away has gone from strength to strength and is now available in 11 countries across the globe.
Sales have reached a staggering $9 million worldwide, and the company continues to grow year-on-year.
What is Fry Away’s net worth?
With an initial net worth of just $40,000 in 2021, Fry Away is now worth $6 million, up from the $2.8 million the previous year.
Conclusion
There is no doubt that Fry Away is a Shark Tank success story.
With both Cuban and Grenier providing $125,000 to the business, to date, they have made three times their investment.
It’s amazing what a brilliant product and a driven entrepreneur like Laura Lady can achieve with some help!
Overall Score 95 out of 100
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