Sunday, April 21, 2024

Kymera Body Boards After Shark Tank – 2024 Update

Kymera Body Boards Before Shark Tank

Water sports are a category of sports that people do both professionally and in their free time in large pools of water. Some of the most popular water sports are kayaking, jet skiing, and surfing. Jason Woods had seen that these sports could be taken to a higher level and he started making and selling boards.

The Kymera Body Board is a board that somebody can surf on while placing their entire body flat on its surface. The Kymera water board has an electric motor so people don’t have to paddle or wait for waves for them to enjoy cruising across the water.  The Kymera board’s use for leisure is just one of the things that it can be used for. It has also been very handy in search and rescue operations.

The Kymera Body Board is not the only thing made by Jason wood’s company Kymera. It also makes electric Kayaks with which people can paddle when they want to and use the motor when they want to. Kymera also makes electric surfboards and their own micro-personal watercrafts. Kymera’s proprietary modular propulsion system sets it apart from the rest of the water vehicles in the market.

Jason had run the company developing new products for more than 10 years but he consistently ran into problems. He applied to be on Shark Tank and he was invited to be on the 7th episode of the 5th season. Unfortunately, the sharks did not like how he ran his business and so all refused to invest in the company.

Determined to be a success, Jason took their advice, quit his job, and focused on his business. He also found a partner, Adam Majewski, who believed in his product and invested in it. Kymera grew but it still needed more money for inventory and to reach new clients. It is for this reason that Jason applied to be on Shark Tank a second time.

The show approved of his second bid and he was invited to be on the 21st episode of the 10th season.

Kymera Body Boards on Shark Tank

Kymera 2 Jason Woods went onto the show seeking 250,000 for 5% of the company giving Kymera Body Boards a valuation of $5,000,000. Since Jason had been on Shark Tank before with the same product, he had to start his presentation by telling the sharks of the past encounter where they got very angry with his practices before turning him down.

Jason had quit his job and changed his attitude as the sharks had told him to. He had then found a partner, Adam Majewski, who helped him run the company. Adam said that they had improved on the board that they had been shown the previous time that he was on the show. They now had a product that was ready for the market. The sharks were then shown videos of the product in use.

As part of the presentation, Adam also showed the sharks the new products they had which were the electric kayak and an electric jet surfboard. Kevin asked them where they had gotten the money from. Adam said that they had raised $620,000 from various investment groups. Kymera’s value had fluctuated in that time from $2,000,000 to $7,500,000.

Mark then asked Jason how he had found Adam and Adam said that he reached out to Jason after he saw Jason’s pitch on the show (Season 5 episode 7). Daymond asked Adam why took interest in the product after it was rejected so harshly. Adam said that he wanted the product and thought that the sharks had just got it wrong.

Daymond suggested that they had given the company an extremely high value. Lori asked if they were focusing only on the Kymera board because that was what they had an interest in. Jason confirmed that it was what was available.

Robert then asked what the sales price of the body board was and he was told that it retailed for $3,500. He discussed it with Lori and they agreed that it was much cheaper than a regular jet ski which retailed from $7,000 to $15,000. Robert asked about its cost of manufacture and Jason told him that it was $1,800.

Kymera 3 Kevin didn’t think the profit margin was very good especially if they had two levels of distribution. He then asked them how they planned to increase global sales. Adam said that they had signed a deal with one of the largest boat manufacturers in the world.  The deal would give Kymera access to the boat manufacturer’s dealers who would be selling the product. The company had 225 dealers and Kymera would have access to all.

Kevin asked Adam and Jason how many boards the boat manufacturer ordered. He was told that a date had been made to meet with all the dealers but no deal had been made yet. Mark Cuban then said that their deal simply came down to how they managed their money. He then asked them for details about how much money they had and when they had last raised money.

Adam said that at the last raise they were valued and $7,500,000. Kevin asked them what their sales projection for that year was and he was told they expected $2,000,000 in sales that year.  Adam then said that they had made sales worth $900,000 in the past 12 months. Jason said that their problem was getting inventory. Everything they had sold was at least 3 months old.

Kevin asked them to tell him the net profit they expected if they got the $2,000,000 in sales they targeted. Adam said they would make a profit of $600,000. Kevin had to ask whether it was before deducting production costs or after. Adam said it was before. Once expenses were deducted they expected Kymera to make 17-20% profit like most boat manufacturers.

Kevin then complained about their $5,000,000 valuation since it looked like they would basically break even on $2,000,000 in sales. Robert said they had the same conversation the last time Jason was on the show.  Lori said that Jason looked a lot happier having the conversation. Adam replied by saying the company was in a very different place.Kymera 4

Kevin agreed but he still didn’t see why he valued it at $5,000,000. Jason said it was because of the time it took him to develop the board. Daymond then asked him what he needed the sharks’ help for. Jason said that he would buy more inventory.

Kevin then offered them the $250,000 they had asked for 5% but he also wanted a $500 royalty on every product sold until he made $750,000. The other sharks thought the offer was very risky and Lori even recommended that they turn it down. Kevin told them not to turn it down until they had another offer.

Daymond then offered them $250,000 for 10% of the business. He offered to deal with the factories and licensing if he became their partner. Mark then left saying that Kevin’s deal was better than the one he would have offered. Kevin told them to take his offer as they would have to give a smaller share of their company.

Lori then left saying that it was not the right investment for her but she thought that it was a great product. Robert then said that he thought that they would need more money to become a success so he offered them $500,000 for 10%.

Jason and Adam accepted the offer. Jason said that when people believe in what they are doing and put their effort into it they can make it a reality. It might be harder than they expect but it will be worth it in the end.

Kymera Body Boards Now in 2024 – The After Shark Tank Update

Kymera 5 Kymera has had a lot of activity since the time that it was featured on Shark Tank.  It has been featured on CBS, Fox, Innovation Nation, and Discovery channel. It was once awarded the invention of the year award by Popular Science. Kymera was also ranked as the top innovator in the 4th annual Mo Madness awards.

Some of its distribution problems have been solved and it now has 29 international distributors in 29 different countries. They also have access to 300 powersports dealerships. The company has also competed on Battlebots. Counterfeiters have been a problem for him since he started the company but he has dealt with the problem.

Kymera has over 12,000 followers on Facebook. It also has Instagram, Twitter, and Youtube pages which each have less than 2,000 followers.

Kymera has stopped selling electric Kayaks and other devices focusing only on the body board. With only one product they have managed to generate over $4,500,000 in sales. It became profitable in 2020 and 2021 making a profit of $900,000. The company has done another round of crowdfunding on Wefunder as it aims to get a bigger share of the $3,600,000,000 PWC market.

Adam now serves as the chief operations officer of Kymera. Their offices are in California and the business now provides employment and enjoyment to the people of the region profitably.

Victor Kamwengu
Victor Kamwengu
Victor is a movie buff, dog lover and author of a wide variety of subjects. When he's not tapping away at the keyboard, you can probably find him cozied up on the couch watching a cult classic or catching up on new releases.
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