Dull knives slow down any kitchen, and finding a sharpening service isn’t always easy. Knife Aid solves this with a convenient mail-in service that brings professional sharpening to your door. Mikael Soderlind and Marc Lickfett pitched their idea on Shark Tank and got a deal with Lori Greiner and Rohan Oza. The deal never closed after the show but Knife Aid is worth $2 million.
The Founders Behind Knife Aid
Mikael Soderlind and Marc Lickfett are established entrepreneurs from Sweden. While Marc was still studying business at the Stockholm School of Economics, Mikael was focused on creating his own business.
In 1999, Lickfett co-founded a web hosting service called Carambole AB. A year later, Soderlind started Fieldwork Stockholm. Both of them went on to launch several startups separately later on.
Soderlind’s apparel line, Happy Socks, is perhaps the most successful business pursuit. That’s why he decided to take his company to the United States. However, the Swedish executive failed to make it successful in a new territory.
Founding Knife Aid
Marc and Mikael knew each other as they were neighbors. One day, while having a backyard barbecue, the two noticed the demand in the American market for a contemporary way to get kitchen knives sharpened.
In the past, there were people called “moletas” who traveled from town to town to set up small shops where locals get their dull blades fixed. However, it’s almost impossible to find these people in modern times.
This kind of service was what Marc and Mikael aimed to replace. They built a subscription-based startup, where subscribers regularly receive a blade-proof envelope to mail their knives to Knife Aid and make them sharper than ever.
Appearing on Shark Tank
There were already similar businesses in Sweden, so the entrepreneurs decided to take their company to the US in 2019. Because Mikael didn’t want to fail in a foreign country again, he needed help from a big investor. They offered the Sharks 15% equity for $400,000 and was priced fairly.
The Sharks saw potential in their unique service, and this caused a heated back-and-forth. Lori Greiner teamed up with guest Shark Rohan Oza to offer $400,000 for 20%.
Barbara Corcoran worked with Kevin O’Leary to propose $500,000 for 20%. When the entrepreneurs asked to talk outside the Tank, the four Sharks ran to them, desperately begging them to grab a deal. In the end, Lori and Rohan won with $500,000 for 20%.
Knife Aid After Shark Tank
Following their memorable appearance on Shark Tank, Marc and Mikael’s knife sharpening startup received significant media attention. Although they shook on a massive deal, it reportedly never closed once the camera’s stopped filming.
Because of this, they sought out new investors through other means. The lending company TQ Ventures eventually funded their expansion plans. According to their website, it costs $69 to sharpen five knives and you can sign up for a subscription service. In September 2023, the company opened up a local knife sharpening store in Conejo Valley.
They expanded operations by offering scissor sharpening and knife repair services. It is reported that their annual sales are around $2 million. Knife Aid is doing fine with a $2 million valuation and has over 16,000 followers on Instagram.
