Kit Lender is an innovative outdoor gear rental company that has been gaining popularity in recent years. Founded by Forrest Shinners, the company has been providing an affordable solution for people who want to enjoy outdoor activities without having to buy expensive gear.
In this blog post, we’ll take a closer look at Kit Lender’s net worth and how the company has been able to achieve success in a competitive industry.
How Kit Lender Started
|Business Name||Kit Lender|
|Shark Tank Episode||Season 11 Episode 9|
|Business Type||Ski and Snowboard Rental Clothes – Jacket, Pants, Goggles, and Gloves|
|Amount Requested on Shark Tank||$200,000 for 7%|
|Offer Accepted on Shark Tank||No Deal|
|Current Status||In Business|
|Net Worth||$5 million|
|Annual revenue||$2.8 million|
Kit Lender is an outdoor gear rental company that offers a solution to people who love outdoor activities but do not want to buy expensive gear and clothes. The idea for the company came to Forrest Shinners, who grew up skiing and noticed that gear was expensive and often cost-prohibitive for occasional trips.
Forrest Shinners, who was working in finance in New York City also noticed that many of his colleagues enjoyed outdoor activities like skiing and snowboarding, but they did not want to purchase their own gear.
Shinners saw an opportunity to provide a solution to these individuals and founded Kit Lender in 2014. Initially, the company offered rental gear and clothes for skiing and snowboarding.
However, due to its success, it later expanded to offer gear and clothes for other outdoor activities like camping and hiking, making it a one-stop shop for all outdoor needs.
Kit Lender‘s rental items range from gloves, goggles, boots, jackets, ski pants, and more, making it easy for anyone to gear up for their next adventure.
Kit Lender’s Shark Tank Experience
In 2019, Forrest Shinners appeared on Shark Tank seeking an investment deal of at least $200,000 for 7% equity in the business. While the Sharks liked the business model, they were concerned about how it would work. Unfortunately, Shinners left the show without a deal.
Despite not receiving an investment deal, Shinners was determined to make Kit Lender a success. He quit his day job at a New York investment firm to concentrate full-time on the company, and it’s been paying off.
Kit Lender’s Net Worth 2023
As of 2023, the company’s net worth is around $5 million. Although Forrest did not secure a deal with the Sharks, Kit Lender has since thrived and expanded its rental offerings beyond skiing and snowboarding to include camping, hiking, triathlon, and swimming gear. With sales estimated at $2.8 million per year and partnerships with brands such as North Face.
Since appearing on Shark Tank, Kit Lender has seen remarkable growth, shipping to all 50 states in the USA, and has seen 100% growth year over year. As of July 2021, the company added camping and hiking gear to its rental items.
One reason for the company’s success is its ability to provide an affordable solution for outdoor enthusiasts who don’t want to purchase expensive gear. With rental rates that are significantly lower than buying new gear, Kit Lender has become a go-to for people looking for a cost-effective way to enjoy outdoor activities.
Kit Lender has quickly become a leading outdoor gear rental company in the USA, offering affordable and convenient solutions for outdoor enthusiasts. As of 2023, the company’s net worth is around $5 million, a testament to its ability to thrive in a competitive industry. Whether you’re planning a ski trip or a camping adventure, Kit Lender is a great option for you.