FryAway, a plant-based product designed to convert used cooking oil from liquid to solid, made its debut on the popular television show Shark Tank. The innovative creation garnered attention as a practical solution to disposing cooking oil at home, while also addressing the environmental concerns of improper oil disposal. Developed by Laura Lady, FryAway is made from natural oils and nontoxic materials, ensuring it is safe to use for everyone.
Within just one year of business, FryAway had already achieved over $700,000 in sales, an impressive feat considering its humble beginnings in Laura Lady’s garage. Entering the Shark Tank, Laura successfully secured a deal with two investors, after seeking $250,000 in exchange for 10% equity in her company. Since then, FryAway has been growing steadily, with many homeowners opting for this eco-friendly method of handling their waste oil.
As FryAway continues to rise in popularity, it aims to make a positive impact on both households and the environment at large. By offering an effective means of dealing with the problematic disposal of used cooking oil, FryAway has positioned itself as a game-changer in the world of sustainable kitchen solutions.
FryAway Overview
FryAway is an innovative business that offers a plant-based non-toxic powder that converts used cooking oil into a solid, jelly-like substance. The startup aims to provide an eco-friendly solution for disposing of cooking oil, preventing it from clogging sewage systems and harming the environment.
The founder and CEO of FryAway, Laura Lady, came up with the idea in an effort to find a more sustainable method for oil disposal. With a background in the toy industry, Laura started the oil solidifier enterprise in her garage after purchasing equipment for $2,000. Within its first year, the company already garnered over $700,000 in sales.
FryAway’s product line offers three different varieties to cater to various cooking needs: pan fry, deep fry, and super fry. This allows customers to choose the most suitable option for their specific cooking requirements. The brand focuses on promoting responsible oil disposal habits and raising awareness about the potential harm that improperly discarded cooking oil can cause to the environment and plumbing systems.
In a bid to grow their startup and expand their presence in the market, Laura Lady presented FryAway on Season 14 of the popular TV show “Shark Tank.” The company caught the attention of two investors, Mark Cuban and Lori Greiner, who saw potential in the eco-friendly solution. With a deal of $250,000 for a 22% equity stake in the company, the investors helped improve FryAway’s valuation to $1,136,363.
FryAway’s friendly and eco-conscious brand image, combined with its effective PR strategies, has allowed the company to gain traction and make headway in the market. With increased support and investment from the “Shark Tank” investors, the startup aims to continue raising awareness about the importance of responsible oil disposal and expand its range of sustainable products. As a result, FryAway is well on its way to making a significant impact on the sustainability of the cooking industry and the environment as a whole.
Shark Tank Experience
Pitch to Sharks
Laura Lady, the founder of FryAway, made her pitch to the sharks on Shark Tank Season 14, Episode 13. Her innovative product aimed at providing an easy and environmentally friendly solution to disposing of used cooking oil. Laura confidently presented FryAway, a plant-based, non-toxic powder that transforms liquid cooking oil into a solid, jelly-like consistency, making it easy to dispose of without harming the environment or causing blockages in drains.
Investments Received
During her pitch, Laura sought $250,000 in exchange for a 10% equity stake in her company. At the time, her business was only one year old, and she had already achieved over $700,000 in sales. This impressive performance attracted interest from the sharks. After some intense discussions and negotiations, Laura managed to reel in two Shark Tank investors who saw the potential in her product to make a positive impact on households and the environment.
Aftermath of the Pitch
Following her successful pitch on Shark Tank, FryAway continued to gain traction and expand its reach. The exposure from the show, combined with the support and mentorship of the shark investors, propelled the company to reach new heights. As more people became aware of the problems caused by disposing of cooking oil down the drain, FryAway offered a practical and eco-friendly solution, helping households and cleaning authorities manage waste oil in a better way.
The company’s growth is a testament to Laura Lady’s determination and ingenuity in developing a product that addresses an important issue. Through her innovative creation and Shark Tank experience, she has made a significant impact on the way people handle their used cooking oil, making it easier and more environmentally responsible.
Product Description
Purpose and Functionality
FryAway is a plant-based, non-toxic powder designed for the easy and safe disposal of used cooking oil. The powder makes handling and discarding used oil from frying pans and other cooking utensils hassle-free. By stirring FryAway into the hot oil, it solidifies the liquid into a jelly-like substance that can be easily scraped out and tossed into a compost bin or organic waste trash. Its natural composition allows for decomposition within as little as 30 days, preventing harmful environmental side effects.
Environmental Impact
The use of FryAway helps in reducing the negative impact of improperly discarded cooking oil on the environment. By turning the oil from liquid to solid, it helps prevent clogged drains and the formation of fatbergs, which are massive collections of fat, oil, and grease that can block sewage systems. The plant-based, non-toxic powder not only makes it easier to dispose of used oil but also ensures that it breaks down in a relatively short time, turning potential waste into organic matter. This environmentally-friendly approach encourages responsible waste management and plays a role in preserving our ecosystems.
Sales and Revenue
Retail Partners
FryAway has managed to secure partnerships with several retail stores to increase their product reach. Notable retailers, such as Kroger and Walmart, have started stocking FryAway products, enabling customers to purchase at their convenience. These partnerships have played a significant role in boosting sales and widening distribution channels.
Online Sales
In addition to retail partnerships, FryAway has made its products available for purchase through Amazon. This online platform has significantly contributed to the growth of the company’s revenue. By leveraging Amazon’s international customer base, FryAway can strategize to grow sales figures and appeal to a wider audience.
Sales Figures
While exact numbers remain undisclosed, FryAway has managed to garner impressive sales, especially considering the company’s age. Within just one year of operation, FryAway reportedly achieved over $700,000 in sales. This strong performance indicates that the company is on track to become cash-flow positive and continues to gain traction in both culinary and environmental markets. The landed cost of FryAway products remains competitive, ensuring steady growth and an expanding customer base.
Marketing Strategy
Product Branding
FryAway is a unique product that solidifies cooking oil, making it easier to dispose of and reducing the risk of plumbing issues. The branding is centered around its plant-based formula, which is non-toxic and sustainable. FryAway comes in three varieties: pan fry, deep fry, and super fry. Each packaging is designed to showcase its specific use and application, catering to varying user needs.
The company has a well-designed official website, which provides visitors with relevant information about the product, its benefits, and a detailed tutorial on how to use FryAway effectively.
Social Media Presence
FryAway has a dedicated social media presence on platforms such as Facebook, Instagram, and Twitter, allowing them to engage with potential customers, receive feedback, and showcase the product’s effectiveness. By leveraging these platforms, the company creates awareness and fosters a community around their brand. They utilize social media to share tips, user reviews, and even promote sales and deals, further expanding their reach and increasing product visibility.
Public Relations Efforts
FryAway’s public relations strategy revolves around strengthening awareness about the problem of improper oil disposal and the damage it causes to drains and the environment. By participating in Shark Tank and securing investment from two Sharks, the company has gained significant publicity and credibility.
FryAway continues to work on expanding their presence in various retail stores, such as launching in 1,100 Kroger Stores by the end of 2022, and utilizing Amazon for marketing, despite the potential impact on profit margins. This multi-pronged approach enables FryAway to reach more customers and increase their market share.
Company Updates
Recent Developments
FryAway, a plant-based product that converts used cooking oil into a solid form, has made significant strides since its appearance on Shark Tank. The company was founded by Laura Lady in 2020 and secured two investors on the show, where she sought $250,000 in exchange for 10% equity. As a result, FryAway’s growth has been substantial, with over $700,000 in sales within just one year.
The brand has continued to gain popularity as it addresses a widespread problem faced by households and cleaning authorities alike: the disposal of used oil. FryAway’s powder, when sprayed onto used oil, successfully turns it into a gelatinous solid form that is easier to dispose of and non-toxic, ensuring it is safe for the environment.
Future Plans
Looking ahead, FryAway aims to expand its product offerings and reach a wider customer base, solidifying its position as a leading solution for used oil disposal. As the brand develops its strategies to achieve these objectives, FryAway is expected to build on its strengths, including:
- Plant-based and non-toxic: FryAway is made from natural oils and materials, ensuring its safety as a disposal method.
- Convenient and user-friendly: The product simplifies oil disposal without damaging pans and is easy to use.
- Environmental impact: By addressing the issue of oil waste, FryAway contributes to a cleaner environment.
Nevertheless, FryAway must also address potential challenges in its growth journey:
- Competition: The emergence of similar products could impact FryAway’s market share.
- Adapting to varied regulations: Different regions might have specific waste disposal regulations that require product modifications.
By focusing on its pros and mitigating its cons, FryAway is poised for future success and expansion as a leading solution in the used oil disposal market.
Competition and Challenges
FryAway is a plant-based product that has gained popularity since its appearance on Shark Tank, where it managed to secure two investors. Despite its innovative solution to oil disposal, FryAway faces some competition and challenges in the market.
One key competitor in the oil disposal industry is the traditional method of using absorbent materials, such as newspapers and paper towels. Although this method is cost-effective and accessible to most households, it raises concerns about environmental waste and inefficiency.
Another competitor to consider is the growing market for reusable oil containers, which allow people to store used oil and dispose of it later. These products focus on reducing the environmental impact of oil disposal by promoting recycling and proper disposal options. However, these containers still require users to find an appropriate oil recycling facility, which can be inconvenient for some.
In addition to these competitors, FryAway also needs to address the challenges of raising awareness and educating consumers on the importance of proper oil disposal. Many people remain unaware of the environmental damage caused by pouring used oil down the drain, leading to contaminated water sources and blocked pipes. FryAway must demonstrate its value by conveying the effectiveness of converting liquid oil to solid, making the frying cooking oil easier to handle and dispose of safely.
To stand out among its competitors, FryAway should focus on the advantages it offers, such as its plant-based, non-toxic composition and its convenience for users. By addressing these challenges and emphasizing its environmental benefits, FryAway has the potential to become a leading solution in the oil disposal market.
Conclusion
FryAway, a plant-based product designed to convert cooking oil from liquid to solid, was introduced to the world in Shark Tank Season 14. The innovative product offers an easy and eco-friendly solution for disposing of used cooking oil while protecting pans from damage.
Since its appearance on Shark Tank, FryAway has gained popularity among home cooks and environmental enthusiasts. The product’s success is a testament to its effectiveness in tackling the common problem of disposing of used cooking oil, which can cause blockages and contaminate water sources if not handled correctly.
In the current age of environmental consciousness, FryAway’s utilization of plant-based natural oils and nontoxic materials demonstrates a commitment to sustainability and complements the ongoing efforts to reduce waste and pollution.
The company’s presence in Shark Tank has undoubtedly helped boost its visibility and growth, propelling it towards becoming a household name and a gamechanger in kitchen waste management. As more people become aware of the benefits of using FryAway, it is anticipated to have a lasting impact on both individual households and the environment as a whole.
