Do you wonder what the Shark Tank sensational xCraft’s net worth is? There is no doubt about the massive growth in the drone industry in the past few years. The industry’s market size is estimated to grow to a stunning $63 billion by 2025. Who knows what share of that xCraft would hold!
xCraft’s Shark Tank deal was supposed to be the breakthrough. And, although ever Shark offered $300,000 in funding for a 5% share, the deal was never actually closed. After the ordeal, xCraft raised a campaign to produce their second product. And since then, it has been a growth journey. xCraft, today has a net worth of over $8 million.
Let’s briefly examine what xCraft does and what the journey looks like.
What is xCraft?
xCraft is a drone design and manufacturing company specializing in building unmanned uncrewed aerial systems (UAC). The company was born out of a love for aviation and business.
JD Claridge and Charles Manning came together in 2014 and founded xCraft. This was at a time when drones were gradually surfacing, and their importance was evident.
This opportunity resulted in their first product, the X PlusOne. The pair wanted to introduce the drone to carry out everyday human activities. In a bid to grow the business, the founders took their concept to Shark Tank to request funding after a successful Kickstarter campaign.
xCraft managed to receive an offer for a whopping $1.5 million investment from all the Sharks for only 25% of their business. Unfortunately, the deal fell through after filming. Despite this, xCraft has managed to produce several products which have been a force in the drone industry.
What is xCraft’s Net Worth?
In one sense, net worth aids in assessing a company’s performance and planning for its future. A company valuation indicates its current position and how close it is to achieving its objectives and vision.
For investors, a firm’s net worth provides a glimpse of its financial stability and whether it would be a sound investment.
After the Shark Tank opportunity, xCraft gained popularity through the show. The drone company started a phone drone fundraising campaign that raked in more than its goal. In 2018, with the help of StartEngine, the company was able to raise over $1 million. Since then, there have been new products consistently. And as of 2022, xCraft’s net worth is about $8 million.
The xCraft story preaches the good in not giving up and holding on to what one believes in. Although the Shark Tank team never fulfilled the deal, xCraft rode through the tide and scaled the heights. Today, xCraft is one of the best at what they do.