When Eric Goodchild and Jake Slatnick walked into the Shark Tank in 2019, they were hopeful that their wireless charging product, Aira, could impress the Sharks. The duo co-founded Aira in 2017, with Goodchild, an electrical engineer, and Slatnick, a serial entrepreneur, they combined their skills to create something special. As of 2023, Aira is worth an estimated $40 million!
They proposed a deal to the Sharks – $500,000 for 7% equity in their venture. Their plan was to use Aira’s technology as a licensing business. The pitch was bold, and it worked. They caught the attention of three Sharks: Kevin O’Leary, Lori Greiner, and Robert Herjavec. They finalized a deal with the trio for $500,000 in exchange for 15% equity.
But what happened after their successful pitch? Aira rebranded to FreePower after the show. They continued to expand, focusing on the automotive and consumer product industries. Their first wireless charger, the Nomad Base Station Pro, was released in August 2020, and the company has since received two CES Innovation Awards in 2021 and 2022. Jake Slatnick was even recognized in Forbes‘ “The Next 1000” and “30 under 30 North America 2023” lists, marking him as an entrepreneur worth watching.
FreePower continued to grow, securing strategic partnerships and making notable acquisitions. In 2020, they acquired the patent assets of the wireless charging firm Spansive. In December of the same year, they received a strategic investment from Motherson Innovations. Furthermore, they added Steve Pazol to their team as a Strategic Advisor in September 2022.
The company had its ups and downs, as co-founder Eric Goodchild left in March 2022. Eric left as he co-founded a gold startup called Graff Golf. His departure didn’t slow down FreePower’s momentum. They raised $24 million in funding by February 2023, including a $12 million seed funding round in August 2021, followed by another $12 million in venture funding in March 2022. Currently, FreePower’s estimated annual revenue is around $4.5 million.
However, not all was as it seemed after appearing on Shark Tank. Despite closing a deal with three Sharks, only Herjavec agreed to invest in the end. O’Leary and Greiner opted out after the camera’s stopped rolling. It’s not surprising that Lori dropped out as she rarely invests in technology.
Despite these challenges, FreePower continues to innovate and grow. They face competition from industry giants like Tesla, which launched a similar wireless charging product in December 2022. Yet, with the company’s valuation at $8.3 million during Shark Tank and their total funding at $24 million, FreePower has proven that they are a force to be reckoned with in the wireless charging industry.
Today, FreePower stands as a testament to the power of innovative technology and the determination of its founders. Jake Slatnick is still the CEO and is actively working towards expanding their sales in the automotive, enterprise, and hospitality sectors. Their journey from Shark Tank to a $40 million business is an inspiring story that is only beginning.