For over ten years, entrepreneurs have pitched their ideas to investors on ABC’s Shark Tank for a chance to make their business dreams come true. And while not every pitch is successful, simply being on the show can help boost visibility, sales, and future funding – also known as the “Shark Tank effect”. Kymera has been fortunate enough to appear on the reality television series, not once, but twice, which has played an integral part in our story and product development.
Jason Woods initially saw a problem with water sports as a teen living on the California coast. He noticed that fuel costs, towing, launching, and storage were just some of the obstacles that prevented people from pursuing these recreational activities. Woods wanted to create a versatile personal watercraft that allowed people to enjoy the water without the cost and effort associated with owning a boat or a jet ski. So, he developed the Kymera Body Board — the world’s first and only electric-powered body board that is affordable, light enough to carry, and easy to transport.
In 2011, the portable, motorized Kymera Body Board received a PopSci Invention Award. Two years later, Woods pitched Kymera to the investors on Shark Tank for funding that would help turn a prototype into mass-produced product. Woods didn’t get a deal, but he got some great advice from the Sharks: to find someone to help him run the business while he focused on product design and development. Woods partnered with Adam Majewski, who took over Kymera’s operations. At that point, several significant events happened to move the business forward:
- Kymera signed a deal with one of the largest luxury boat manufacturers in the world, which gave the company access to all the manufacturer’s dealers.
- They raised $625,000 in funding, which helped them produce more inventory.
- The Kymera Body Board also evolved from a prototype into a product selling for over $3,500 USD.
Six years after pitching Kymera on Shark Tank, Woods and Majewski returned to the show for a chance at redemption. They sought a $250,000 investment in exchange for a 5% stake in the company – money that continue to be used for inventory. This time they had a record of profit and partnerships which showed the sharks that the company had matured since their last lap in the tank. Woods and Majewski ultimately scored a half-a-million-dollar investment with Robert Herjavec in exchange for a 10% stake in the company.
Since appearing on Shark Tank for the second time, Kymera has grown into a multi-million-dollar company with distributors and retailers located all over the world. To find a rental or retailer location near you, please check out our location finder.