“Chill-N-Reel” got featured on Shark Tank USA on 2022 May. It was founded by Chris Diede, Jake Rutledge, and Chase Terell.
Chill-N-Reel Net Worth in 2022
Here is an update on Chill-N-Reel’s net worth so far.
|Chill-N-Reel’s Net worth before appearing on Shark Tank||3 Million USD (business valuation)|
|Chill-N-Reel’s Current Net worth (2022)||1.4 Million USD|
Chill-N-Reel’s founders Chris Diede, Jake Rutledge, and Chase Terell have a net worth of 1.4 Million USD as of 2022.
Shark Tank Season 13 Episode 23 features Chill N Reel’s drink insulator business. With the help of this Chill N Reel product, you can sip on a beverage while fishing, preventing dehydration. Let’s explore what happened to Chill-N-Reel after Shark Tank in this article.
What is Chill-N-Reel?
Chill-N-Reel has your back if you like to drink while you fish. The “hard-shell drink holder with a handline fishing reel attached” is called Chill-N-Reel. It has a pre-wound spool with 50 feet of 8lb test line. With this quirky koozie drink, you can sip your beverage while taking in the great outdoors and eating your lunch simultaneously.
Yes! It is absolutely crazy but innovative. You can learn more about the business by visiting Chill-N-Reel’s Instagram and Chill-N-Reel’s Facebook pages. And you can see their listed products on Chill-N-Reel’s official website.
Who invented the chill and Reel?
Jake is the creator of this unique product. He enjoys catching fish and spends his free time fishing. Fishing is more enjoyable if there is a drink present. But it must be avoided while catching fish to maximize enjoyment. While roaming the Gulf of Mexico during a trip to Florida and observing people fishing, he had the idea for this product. Then he moved to Oklahoma to work on his fresh idea.
What happened at the Shark Tank
Chris, Jake, and Chase walk in holding fishing poles and asking for $300,000 for 10% of their business. After casting their rods, they make a valiant effort to crack open their beers. Then they present their offering. As they describe and display the product, the Sharks find it humorous.
Then They show a video of Jake catching a fish in Florida. Jake explains his background and the story behind how he came up with the idea. The Sharks are astounded by their $1.34 million sales over the past 12 months. They have already reached $760,000 this year (summer 2022).
It’s a “piece of crap,” says Kevin. They cost $2.60 to make and $12.95 to sell, and they spend 40% of their revenue on marketing. Although they lost $25,000 this year compared to a profit of $70,000 last year, they still have $350,000 worth of inventory in their warehouse.
Kevin respects the sales, but he’s out because it’s too much of a piece of crap. Lori declares that it is uninvestable and leaves. Daymond considers it to be a fun job, but he still goes out. Mark claims there isn’t enough room, and he must leave. For 10% and a $2 royalty per unit forever, Robert offers $300,000. Robert responds with 35% after Jake counters $300,000 for 15%. They respond once more with 20%, and Robert rejects it. So, Chris, Jake, and Chase leave Shark Tank without a deal.
Chill-N-Reel SHARK TANK UPDATE
Chill N Reel has appeared on Shark Tank episodes to raise money to grow its business. Jake, the company’s founder, wants to take his product to every state in America so he can continue to enjoy fishing.
What happened to Chill-N-Reel After the Shark Tank
The company is still in business. Chill-N-Reel net worth is estimated at around 1.4 million for 2022. This business manufactures drink insulators, so beverages do not need to be kept down while fishing. This private company currently employs more than five people and is slowly expanding. The company’s founder Jake and his unique idea have also been highlighted in a few news publications.
Competitors off Chill-N-Reel
The fishing industry is a huge market with millions of sales. So, they have many competitors worldwide considering the fishing equipment product of Chill-N-Reel. However, no 100% alternative product to the unique design displayed on Shark Tank exists.