Flated, founded by Ken Heove, Monique Keefer, and Ryan Guay, is a company specializing in inflatable truck accessories designed to provide practical, portable, and durable alternatives to traditional automotive accessories. The company gained recognition after appearing on Shark Tank Season 14, where they pitched their innovative products, including the Air Topper, Air Carrier, and Air Deck.
Flated’s unique approach to truck accessories leverages the same materials used in inflatable paddleboards, making their products lightweight, easy to store, and highly durable. The company’s mission is to provide truck owners with versatile solutions for outdoor adventures, travel, and everyday use.
Net Worth Flated Shark Tank
As of July 2024, Flated has an estimated net worth of $7 million. This valuation is based on the company’s projected annual revenue of $9 million and its continued growth in the automotive accessories market. With strong sales, strategic partnerships, and the support of Shark Tank investor Daymond John, Flated’s net worth is expected to increase as the company expands its market presence and product line.
Key Takeaways
- Innovative Products: Flated offers a range of inflatable truck accessories, including the Air Topper, Air Carrier, and Air Deck, which provide portable, durable, and easy-to-store alternatives to traditional truck accessories.
- Successful Investment: Flated secured a deal with Daymond John for $350,000 in exchange for an 8% royalty on every unit sold until the investment is recouped, after which the royalty drops to 5%.
- Growing Sales and Revenue: The company generated over $277,000 in sales as of summer 2022 and projects $9 million in annual revenue by July 2024.
- Patent Pending Technology: Flated’s products use drop-stitch inflatable technology for usable space in automobiles, and the technology is patent pending.
- Strategic Expansion: Flated is increasing its reach by participating in more “touch-to-trust” events, improving product versions, and expanding its distribution network through partnerships with independent dealers and major retailers.
Highlights
- Inflatable Products: Flated offers a range of inflatable truck accessories, including the Air Topper, Air Carrier, and Air Deck, which are easy to inflate, deflate, and store.
- Investment Secured: They secured a deal with Daymond John for $350,000 in exchange for a royalty structure of 8% on every unit sold until the investment is recouped, after which the royalty drops to 5%.
- Sales and Revenue Projections: The company generated over $277,000 in sales (summer 2022) and projects $9 million in annual revenue by July 2024.
- Patent Pending: Flated’s products use drop-stitch inflatable technology for usable space in automobiles, and the technology is patent pending.
Company Information
| Category | Details |
|---|---|
| Company Name | Flated |
| Founders | Ken Heove, Monique Keefer, Ryan Guay |
| Industry | Automotive Accessories, Outdoor Gear |
| Products | Air Topper, Air Carrier, Air Deck, inflatable picnic table & chairs |
| Investment Ask | $350,000 |
| Equity Offered | 5% |
| Valuation | $7 million (as of July 2024) |
| Deal on Shark Tank | $350,000 for 8% royalty until recoupment, then 5% royalty |
| Initial Funding | $500,000 raised, with each founder investing $200 |
| Sales (2022) | $277,000 |
| Revenue Projection | $9 million annually by July 2024 |
| Materials | Made from durable inflatable paddleboard materials |
| Storage | Deflates and stores in a small duffle bag |
| Pricing | Air Topper: $1,899; Air Carrier: $629; Air Deck: $549 |
| Distribution | Website, REI.com, All American Truck and SUV Accessory Centers, and independent dealers |
Founding Story
Flated was founded at the beginning of the COVID-19 pandemic in 2020 by Ken Heove, Monique Keefer, and Ryan Guay, along with a fourth partner. The three founders had extensive experience in the outdoor gear industry, having worked at a leading paddleboard company. During their time there, they pioneered the use of inflatable technology in paddleboards, despite initial skepticism from the industry.
The idea for Flated emerged from their desire to apply the same inflatable technology to the automotive industry. They recognized an opportunity to create inflatable truck toppers and accessories that would offer the same durability and portability as inflatable paddleboards. This vision led to the creation of Flated, which focuses on providing truck owners with high-quality, easy-to-store accessories for travel and outdoor activities.
Product Line Overview
Flated’s product line includes three flagship products:
- Air Topper:
- The Air Topper is an inflatable truck bed cover designed to provide a secure, covered space without the need for a permanent cap.
- It is made from durable materials commonly used in inflatable paddleboards, ensuring strength and longevity.
- The Air Topper can be easily inflated, deflated, and stored in a compact duffle bag, making it a convenient solution for truck owners who value portability.
- The Air Topper is priced at $1,899 for a standard-sized pickup bed, making it a competitive alternative to traditional hard caps, which can cost upwards of $3,500.
- Air Carrier:
- The Air Carrier is an inflatable rooftop locker that provides secure storage for gear and equipment.
- It functions similarly to a Thule rack but offers the added benefit of being inflatable, making it easy to transport and store.
- The Air Carrier is priced at $629 and is designed for outdoor enthusiasts and travelers who need additional storage space without the bulk of traditional rooftop carriers.
- Air Deck:
- The Air Deck is an inflatable mattress designed to fit inside truck beds.
- It provides a comfortable sleeping surface while allowing for additional storage space underneath.
- The Air Deck is priced at $549 and is ideal for camping, road trips, and outdoor adventures.
- Inflatable Picnic Table with Chairs:
- In May 2024, Flated introduced an inflatable picnic table with chairs to its product line.
- This product is designed for outdoor gatherings and provides a lightweight, portable, and easy-to-store solution for dining and socializing.
Shark Tank Recap
In Shark Tank episode 1419, Ken Heove, Monique Keefer, and Ryan Guay entered the Tank seeking a $350,000 investment in exchange for 5% equity in their company. During their pitch, they demonstrated the portability and ease of storage of their inflatable products, emphasizing their durability and versatility for truck owners.
The Sharks examined the product samples, and Lori Greiner inquired about the drop-stitch technology used in the products. Ryan explained that the drop-stitch technology is commonly seen in inflatable water sports products and is the key to making the inflatable panels rigid and durable.
Investment Details
Daymond John ultimately offered the team $350,000 for an 8% royalty on every unit sold until the investment is recouped, after which the royalty drops to 5%. The founders initially countered with a lower royalty rate but ultimately accepted Daymond’s offer.
Post-Shark Tank Developments
Following their appearance on Shark Tank, Flated focused on expanding its reach and improving its products. The company took Mark Cuban’s advice and began participating in more “touch-to-trust” events to allow potential customers to experience the quality and durability of the products firsthand.
In May 2023, Flated introduced its 4th-generation Air Topper, which features improvements in design, durability, and ease of use. By July 2023, Flated’s products were available at All American Truck and SUV Accessory Centers, as well as through independent dealers across the country.
Financial Performance
- Sales (2022): Flated generated over $277,000 in sales by summer 2022.
- Annual Revenue Projection (2024): The company projects annual revenue of $9 million by July 2024.
- Monthly Revenue (2024): As of July 2024, Flated’s monthly revenue exceeded $750,000.
Funding and Valuation
- Initial Funding: Flated’s founders raised $500,000 to start the business, with each founder investing $200.
- Valuation: As of July 2024, the company’s valuation stands at $7 million.
Competitive Advantage
Flated’s products offer several key advantages over traditional truck accessories:
- Portability: All products can be deflated and stored in a compact duffle bag, making them easy to transport and store when not in use.
- Durability: Made from materials used in inflatable paddleboards, Flated’s products are designed to withstand harsh outdoor conditions.
- Ease of Use: The products are easy to inflate, deflate, and install, requiring no tools for setup.
- Cost-Effectiveness: Flated’s products are competitively priced compared to traditional hard caps and accessories.
Market and Distribution
Flated’s products are available for purchase through the following channels:
- Website: Flated’s official website.
- REI.com: A leading retailer of outdoor gear and equipment.
- All American Truck and SUV Accessory Centers: A nationwide retailer specializing in truck accessories.
- Independent Dealers: Various independent automotive accessory retailers across the country.
Customer Feedback
Customer feedback has been largely positive, with customers praising the durability, portability, and ease of use of Flated’s products. Many customers have highlighted the convenience of being able to deflate and store the products in a compact duffle bag when not in use.
Future Plans
Flated has ambitious plans for future growth, including:
- Expanding Product Line: Flated plans to introduce additional inflatable accessories for trucks and outdoor use.
- Licensing Opportunities: The company is exploring licensing deals to expand its reach and increase brand visibility.
- International Expansion: Flated aims to expand its presence in international markets, targeting regions with high demand for outdoor gear and automotive accessories.
- Partnerships: The company plans to establish strategic partnerships with major retailers to increase distribution and reach a broader customer base.
Conclusion
Flated has positioned itself as a leader in the inflatable truck accessories market by offering innovative, high-quality, and portable solutions for truck owners. With the support of Daymond John and a focus on strategic expansion, Flated is well-positioned for continued growth and success.
By leveraging its unique technology, participating in more touch-to-trust events, and expanding its distribution network, Flated aims to become a household name in the automotive accessories industry. As the company continues to innovate and expand, it is set to redefine the market for truck accessories with its practical, durable, and easy-to-store products.
