The struggle of trying to keep your beer while reeling in a fish is something that real fishermen understand.
Chris Diede, Jake Rutledge, and Chase Terrell are two budding entrepreneurs who are tapping into an enormous market. In our Shark Tank update, we ask if the sharks felt the same about our product.
People love to see entrepreneurs pitching their businesses to a panel of investors, aka “the Sharks”. Some of these businesses are successful and make a lot of money, while others crash and burn. In this blog post, we will follow the journey of one business that appeared on Shark Tank and was successfully funded by the sharks.
What Is Chill N Reel (Chill and Reel)?
This firm was founded in 2017, and its prototype was developed in 2018. According to the firm’s creator, there were more than 50 people who visited his shop to purchase a copy of his invention [1].
If you enjoy drinking while fishing, the Chill-N-Reel has your back. The name of this product is Chill-N-Reel. It’s got a pre-wound spool with 50 feet of 8 lb test line on it. You can sip your drink while appreciating nature and eating your lunch at the same time with this wacky koozie drink. This product is available in various colors, such as black, blue, orange, red, pink, and purple.
The Chill-N-Reel comes with 50 feet of 8-pound test line pre-loaded on a spool that can be utilized in the following manner [2]:
- The hooks, sinkers, and bait should be attached properly. Remove the insulator halfway with your fingers and insert the drink into it before sliding it back into position. The Chill-n-Reel should be held in one hand with the reel facing forward while waiting for the fish to bite on the bait. Unravel enough line into the water using your other hand, then wait for a fish to bite before reeling it back into the holder;
- There are no gloves required because the line is light. Customers may also use a heavier line to catch larger fish. Gloves will be necessary for that situation;
Who Is The Founder Of Chill N Reel?
Jake Rutledge, a Tulsa Firefighter, and his family firm created Chill N Reel. His father and brother are active firefighters.
Jake has put in a lot of effort, and he’s had to overcome several obstacles in order to develop this business. Jake is one of the hardest working individuals you’ll ever meet, having worked his way up from lawn mowing to repairing and renting out fixer-uppers. He’s also a husband and father of three active boys.
Chase Terrell is the Director of Sales at this company and has been since 2020. He has experience working with companies such as Livable and Oklahoma City Dodgers. Chris Diede, on the other hand, is the Marketing, Commercialization, and Ecommerce Guru of this organization who joined in July 2020. Additionally, he is already running two successful companies – Piper James LLC and MPIRICA Health Inc [3].
Chill N Reel Before Shark Tank
Chill N Reel was initially started in 2017 but didn’t see an official launch until 2019. At the time of the launch, he had already sold 50 units – some to firefighters. In 2019, he planned to grow his business even more through trade shows; however, due to the pandemic of 2020, those plans were canceled.
In spite of that roadblock though, 5000 units of his product were still sold last year. Right now, business is growing slowly but surely – which is why he has come to Shark Tank for funding so that he can propel the company’s growth even further.
Chill N Reel On Shark Tank: The Pitch
With fishing rods in their hands, Chris, Jake, and Chase walk into the meeting with a demand for $300,000 for ten percent of their firm. They throw their lines and attempt to open their beers unsuccessfully before revealing their product. The Sharks are amused as they explain and demonstrate the product before them.
Lori desires to know the location of the rod. The 8-pound test comes with it They showed a video of Jake catching a fish in Florida. Jake explained how he got his idea for this and told his story. In sales, they have made $1.34 million within the last 12 months; thereby, impressing the Sharks. This year (summer 2022) they have had $760,000 in sales thus far [4].
Kevin describes it as a “piece of garbage”. They cost $2.60 to make and sell for $12.95. 40% of their revenues are spent on marketing. Last year, they made $70,000, and this year they are negative $25,000 despite the fact that they have $350,000 worth of inventory in their warehouse.
Kevin doesn’t respect the sales, so he’s out. Lori says it’s not investable and Daymond thinks it’s a fun business, but they both go out. Mark says there isn’t enough margin, Robert offers $300,000 for 10% and a $2 royalty per unit in perpetuity while Jake counters with 15%. They counter again with 20% and Robert says no before leaving without a deal.
Chill N Reel Now In 2022
Jake founded Chill-N-Reel with an innovative idea: drink insulators to keep beverages cool while fishing. The company is still in business and its net worth is estimated at 1.4 million for 2022. It slowly expanding, currently employing more than five people. A few news publications have also highlighted Jake and his unique idea [5].
The Net Worth Of Chill N Reel
According to a 2019 study, the worldwide fish caching equipment market was worth $13,481 million. This sector is blossoming rapidly; according to certain reports, the value of this business may be $16,107.8 million in 2027 [6].
Competitors Of Chill N Reel
The primary competitors of Chill N Reel are:
- REEL Cooler – a portable, rolling cooler with a built-in fishing reel;
- KastKing – a manufacturer of various fishing products, including reels, rods, lures, and lines;
Both firms have raised significantly more capital than Chill N Reel. KastKing has raised $13 million from investors such as Goldman Sachs while REEL Cooler has raised $21 million from Accel Partners.
Consequently, these companies have more resources to invest in marketing and product development, which may make it difficult for Chill N Reel to compete in the long run.
Why Is Chill N Reel So Popular?
It’s enjoyable, and it works as advertised, which makes it very popular among novice and experienced fishing enthusiasts alike. Chill-N-Reel is a registered patented invention, and the hard-shell drink holder with a fishing reel comes with a hook, a sinker, and a 50-foot handline that can handle catches of up to 8 pounds. All you need is a bait and a beverage to get started.
FAQ
How much has the Chill N Reel made?
Chill-N-Reel has a very small profit margin, which means that they must sell goods at prices that cover all expenses and produce a modest profit. They’ve had about $1.3 million in sales in the past year, but the bulk of their earnings went to inventory, and they have an enormous warehouseful [7].
Where Can You Buy Chill N Reel?
You can purchase Chill-N-Reel online through their website, or you can find them in some select stores. The company plans to eventually be in all major retailers, but they’re not there yet.
Do they get paid on Shark Tank?
The company did not receive any offers from the Sharks on the show, but they did get a lot of exposure. After the show aired, sales increased dramatically. The company was able to fulfill all of its orders and then some. They have since been working on expanding their product line and getting into more retail locations. Chill-N-Reel is now doing very well and is continuing to grow.
How did Lori Greiner get rich?
The majority of Lori’s money comes from her company, For Your Ease. This is where she houses most of her patents and also manages relationships with large retailers like The Home Shopping Network, QVC, and Bed, Bath & Beyond [8].
Who is the richest shark on Shark Tank?
Of the current Sharks, Mark Cuban is the wealthiest. He has an estimated net worth of $4.6 billion. But there have been some very wealthy people on Shark Tank over the years.
Is Steve Baxter married?
Yes, Steve Baxter is married. He has been married to his wife, Emily, for over 20 years. They have 3 children together [9].
Who is the richest shark on Shark Tank India?
Rakesh Jhunjhunwala is the richest “shark” on Shark Tank India. He has an estimated net worth of $13.0 billion.
Who owns Shark Tank Australia?
Shark Tank is a smart television program that features prominent Australians and their innovative ideas. Shark Tank is created by Endemol Shine Australia for Network 10 [10].
What is Barbara Cochran’s net worth?
Barbara Corcoran’s net worth as of October 2022 is $100 million. Her podcast became a widely known success in 2017 and was one of the year’s most downloaded business podcasts.
Useful Video: Shark Tank US | Robert Tries His Luck At A Royalty Deal With Chill-N-Reel
References
- https://sharktanktalks.com/chill-n-reel-shark-tank-update/
- https://www.sportskeeda.com/pop-culture/how-use-shark-tank-product-chill-n-reel-process-explained-ahead-episode-13-premiere
- https://sharktanktalks.com/chill-n-reel-shark-tank-update/
- https://www.sharktankblog.com/business/chill-n-reel
- https://geeksaroundglobe.com/chill-n-reel-net-worth-update-before-after-shark-tank/
- https://sharktanktalks.com/chill-n-reel-shark-tank-update/
- https://sharktankrecap.com/chill-n-reel-update-shark-tank-season-13
- https://financhill.com/blog/investing/how-did-lori-greiner-make-her-money
- https://en.wikipedia.org/wiki/Steve_Baxter_(entrepreneur)
- https://www.techstorm.tv/shark-tank-australia/