WindCatcher is an outdoor gear company that sells various products powered by a windcatcher. A windcatcher is a wind turbine that sucks in air and oxygenates it. This oxygenation then allows a machine attached to it to produce energy.
The main product that WindCatcher manufactures, and sells is WindCatcher Air Pad, which is an air mattress that inflates effortlessly using quick stream inflation. Thus, the air mattress is inflated without using any battery-powered or mechanical pump.
WindCatcher Net Worth
The net worth of WindCatcher is estimated to be around $6 million.
The founder of the company, WindCatcher, was Ryan Frayne. He founded the company in 2013 in Portland, Oregon. Ryan Frayne grew up in Tampa, Florida, and attended the University of South Florida, from where he graduated with a marketing degree in 2008.
After he founded WindCatcher, Ryan Frayne needed capital for his company. For this, he turned to Kickstarter to raise money for the company. He had planned to raise $50,000 in thirty days, but only managed to raise $5,000, which he got from his friends and family.
Anyhow, Ryan Frayne used this capital to run and manage his company. Later, through the Kickstarter campaign, Ryan Frayne was able to raise $242,000 for his company.
He gained considerable profit from the company as the sales of the company were worth $165,000. Though, he was looking to expand his profit margin, and also wanted to expand his company and improve marketing.
WindCatcher During Shark Tank
Ryan Frayne entered Shark Tank seeking $200,000 in exchange for an 8% stake in his company. His objective in Shark Tank was to land a good deal and find a good business partner. In his pitch, Ryan Frayne presented his company, and the worth of sales made by the company, which impressed the Sharks.
Kevin O’Leary offered $200,000 in a venture loan and stated that he would take 6% of all the sales that the company would make until he has $800,000, at which point Kevin O’Leary will own 8% of WindCatcher.
Lori simply offered $200,000 in exchange for a 15% stake in WindCatcher. Later, Lori raised the offer to $200,000 in exchange for a 5% stake in the company, including a loan. After a long conversation, Ryan Frayne agreed to the deal with Lori and exited Shark Tank.
What Happened to WindCatcher After Shark Tank Deal?
Although Ryan Frayne and Lori had agreed with the deal at Shark Tank, it never really proceeded. Unfortunately, Ryan Frayne also got diagnosed with pancreatic cancer shortly after appearing on Shark Tank.
He passed away on 20th June 2018, and the company was then run and managed by his wife and best friend, Lori Frayne. WindCatcher continued to sell its products through Amazon and its official online website.