Appeared in Mighty Carver Shark Tank Season 12 Episode 4, a brand that makes electric food carving knife is similar to its sound chainsaw. Founders Lance Burney and Kim Burney Ask for funding to increase the reach of their product in Shark Tank for $100,000 for 20% equity. According to this Ask, the valuation of this company is $500k.
There is a story behind the making of this product. The story begins with the Kim and Lance Burney family living in a cabin on a mountaintop in Montana. In order to cut the trees, death goes on in his family, all the people used to say that we will cut this tree.
Thanksgiving dinner was approaching and it was his first Thanksgiving but then Grandpa passed away. Grandpa comes from the official turkey carver. He was an artist of an electric knife. He loved the turkey knife very much. Everyone was sitting around the table and playing. No one helped anyone with the turkey Carve.
These are the same people who were becoming eager to use Chainsaw. Kim thought why not design a knife that looks like a chainsaw. It took this work and made a Mighty Carver Electric Knife.
In the beginning of making this product, Kim had to face a lot of problems, but it gradually became solvable.
Kim took this product to Shark Tank where she also got the deal. In 2019, 5000 units of this product were sold, after which Kim felt that this business could be grown.
What Is Mighty carver?
Mighty Carver is an electric knife manufacturing company based in DeBary, Florida. This company was started by the founder Kim in 2016 after her grandpa passed away.
This Mighty Carver, is a type of food cutting knife that looks like a chainsaw and also sounds like it. There is an electric wire in it, which can be connected with the electricity to cut turkey, pineapple, or any food.
Along with cutting food, it is also fun to use a chainsaw. It looks like a Toy Chainsaw, when viewed properly it is 19 inches long, 5.8 inches wide, and 8.7 inches high.
This knife comes with surgical-grade (dishwasher-safe) stainless steel blades with machine-cut, razor-sharp serrated edges. To start the knife, a button is given to it, and after pressing it the knife starts running.
Its handle is quite comfortable and is able to control the knife very well. It can be taken as entertainment, If a guest comes to your house, then if you cut the food with this knife, then the guest will be surprised. It will have a fun atmosphere.
The Mighty Carver, as of now, has a turkey carver with slices and thick cuts of meat, accurately, efficiently, and more, it should clearly be done by him.
Mighty Carver Shark Tank Update
|Company Name||Mighty Carver|
|Founder||Lance Burney and Kim Burney|
|Product||electric food carving knife that sounds like a chainsaw|
|Asked For||$100,000 for 20% Equity|
|Final Deal||$100,000 for 25% Equity|
|Episode (Shark Tank USA)||Season 12 Episode 4|
|Air Date||November 6, 2020|
|Business Status||In Business|
|Net Worth||$400K *estimated|
Mighty Carver Contact Details
|Place||DeBary, Florida, United State|
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Who Is The Founder Of Mighty Carver? – Lance Burney and Kim Burney Shark Tank
Kim is the CEO and Inventor of this company LLC DBA Mighty Carver, he officially launched this company in 2016.
She came up with the idea of this Carver concept, made it, and started selling direct-to-consumer.
Lance, who is the co-owner of this LanKim LLC, he is a successful entrepreneur and for his 30 years, he has been running multiple companies.
Presently he is the President of Sigalarm which has been running since 1999 and this company manufactures Proximity Alarm products. Through this, workers are protected from dangerous overhead power lines.
It is currently running its 3 more old businesses namely GWP, Aquatic Vegetation Holdings, and JELT.
He completed his studies at the University of Central Florida.
Mighty Carver Before Shark Tank
The Mighty Carver is not a new electric knife. Even before this product came on the market, many products like it had come. It was introduced in the 1960s and was earlier a luxury item but later it became standard kitchen gear.
Slowly it took a lot of changes, so after 50 years Kim brought this product to the market by giving a new design.
The Wall Street Journal has identified this product as the “Most Fun to Use” turkey carver.
Kim went on to make a lot of changes to this product to give it a good look. In 2019, 5000 units of this product were sold.
At the time of launch, they did not patent this product, but later they patented it. He has partnerships with a lot of warehouses such as Sharper Image, Ace Hardware, The Grommet, and Hammacher Schlemmer.
With this, she also started selling this product on Amazon by setting a price of $79.99.
Did Mighty Carver Get a Deal on Shark Tank?
Mighty Carver founders Lance Burney and Kim Burney presented their product at Shark Tank and asked Shark for $100,000 for 20% equity. If Kim wants to grow this company, then she must have got this deal.
Kevin’s direct question was where was the founder selling this product. Answering this question, Lance said, “So, we went to the International Houseware Show Last March 2022 and we pick of some big resellers right of the bat “.
Primarily their products are sold at physical stores. By November 2020, this company had sold 8,500 units in the last 12 months. In 2019, this company generated a sale of $163,000 and then sold $41,000 a year to date.
The manufacture of this product is $20 in the United States and they sell for $69 and $89 in retail. He holds the Design Patent and the Chinese Patent.
So out of the amount they have sold, 10% is the cost of their digital ads.
Just now Kevin made his first offer, his offer was $100k for a 33.3% Stake.
Daymond John found this product very fun and useful, it is a very good knife for celebration, so he also wants this deal. Daymond offer was $100k for a 27.5% Stake.
Daymond said that if you close the deal now, I will agree to $100k for a 25% stake.
Lance & Kim agreed to this Daymond offer for $100k for a 25% Stake.
What Happened To Mighty Carver After Shark Tank?
After the Mighty Carver deal, he received a lot of offers from different investors. The Shark Tank show went well for their product.
A few weeks after this episode was telecast, the sales of Mighty Carver Knife got boosted, in a few weeks it made a million sales.
Lance has already been a successful businessman, he has been running more than 4 of his business for 30 years.
He has very good knowledge about how to make a business grow. After this company got the deal, Lance and Daymond talked about the growth and marketing strategy of this company.
He has run many campaigns for this company like Instagram, Facebook, YouTube, etc., through which the brand building of his product can be done.
To grow a company, along with the product, brand building has to be taken care of. Their market team did a lot of campaigns and brought the product to retail stores in the United States.
A report was published in July 2021, according to the source, it generated $8 million in sales.
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Where Can You Buy Mighty Carver?
Mighty Carver is available in many offline retail stores in the United States including Sharper Image, Ace Hardware, The Grommet, and Hammacher Schlemmer.
Apart from this, it is also available online on its website and on Amazon. The customer is very happy about this product, and because of this Amazon has got a rating of 4.5 out of 5 for this product. More than 75% of people have given it a 5-star rating. This product is priced at $79.99 on Amazon.
What Is Mighty Carver Net Worth?
Mighty Carver’s valuation was $500k before the Shark Tank deal. Even at this valuation, this company was profitable. After getting the deal in Shark Tank, this company has improved its product a lot within the last few years.
When he got a $100,000 deal in Shark Tank, in exchange for 25% of the company’s equity. Then this Mighty Carver’s worth went up to $400K but in 2021 it has completed an annual sale of $8 million.
|Mighty Carver‘s Net Worth||$400,000 *Approx|
Is Mighty Carver Still In Business?
Yes, Mighty Carver is still running in June 2022 and is doing sales generation by marketing its product very well.
They ship this product from Florida, it takes very less time for them. She is currently manufacturing the product in the United States, for this, she has hired many employees.
Many features are available in this product like Dual stainless steel blades, Simple blade release (button activated), Lightweight but powerful, easy cleaning, a Blade guard for consistent carving, and Many More.
Images Source: Amazon.com & mightycarver.com