Thrill Builders Update | Shark Tank Season 15
Thrill Builders creates immersive entertainment experiences, offering escape rooms, haunted attractions, laser tag, and mini-golf.
The company aims to expand into a large theme park facility, blending innovative design with thrilling entertainment for adults and children.
To achieve that goal, entrepreneur Guy Kitchell pitched Thrill Builders on Shark Tank 15, seeking $250,000 for 20% equity.
The sharks liked the pitch but were skeptical about this business’s profitability. However, Kitchell secured a deal from Kevin O’Leary, Lori Greiner, and guest Shark Jason Blum for $300,000 in exchange for 30% equity.
It has been a few months since Kitchell secured a deal, but people are curious about what happened to Thrill Builder after Shark Tank!
In this guide, we’ll provide you with the latest Thrill Builders updates after Shark Tank.
| Company Name | Thrill Builders |
|---|---|
| Founders | Guy Kitchell |
| Founded | 2019 |
| Business | Thrill-seeking entertainment |
| Ask | $250,000 for 20% equity |
| Deal | $300,000 for 30% equity |
| Sharks | Lori Greiner, Kevin O’Leary, Jason Blum |
Thrill Builders Update After Shark Tank
Thrill Builders secured a combined deal from Kevin O’Leary, Lori Greiner, and guest Shark Jason Blum. The Sharks agreed to invest $300,000 in exchange for a 30% stake in the business.
In terms of the Thrill Builders update, the company is still operational and seems to be doing well. The agreement between the founder and three sharks is unconfirmed yet. I don’t think Guy Kitchell will give a 30% stake in Sharks at a lower valuation.
However, his appearance on Shark Tank gave him massive exposure and media coverage. Thrill Builder has been featured in many popular news portals and business blogs.
We’re following up with the founder to get updates on their revenue and agreement with Sharks. In the meantime, check out more company updates from Shark Tank S15E05:
About Thrill Builders
Thrill Builders has created some of the most fantastic attractions for the most significant names in the amusement industry. They build everything from escape rooms, mini golf, animated props, haunted attractions, and special effects.
They are also building Thrill Factory, a 50,000-square-foot indoor entertainment center for adults and kids. It will have 12 unique activities like wizard’s adventure, where kids will use real magic wands to solve puzzles.
It will also have Haunted Houses that let you blast animatronic monsters as you navigate a haunted maze.
Thrill Builders Shark Tank Pitch Recap
The founder started the pitch with an ask of $250,000 for 20% equity.
Shark Jason started the discussion by informing other sharks that he already had Blumhouse of Horrors, a live-event haunted house. He said that they are very hard to make money at.
Jason: I’d love to know more about the numbers you achieved in the earlier haunted houses you’ve already done.
The founder said that they have only done one haunted house till now, which is called Wisconsin Scary Land.
He agreed with Shark Jason that haunted houses don’t make a lot of money, which is why they are also moving to family entertainment centers, which do make a lot of money.
Founder: On our haunted house, we had 68 actors, so that ate up most of our budget.
Jason: How many was it open?
Founder: We were only open 11 nights, so you make a couple hundred thousand bucks for the season.
Jason: And how much do you spend?
The founder revealed that they grossed about 450 and netted under 2.
Jason: That’s impressive. You did better than me. My hats off to you.
Founder: We’ve owned our own haunted house and escape room complex, and now we’re building a big-scale, 50,000-square-foot one.
Mark: And are you buying the building, renting a building, or leasing a building? How much are you going to have to invest in total? Cause that does not sound cheap.
The founder said their current project is in a mall, and the 50,000 square feet of their G.C. work is $1.8 million, and the whole project will be $7.2 million.
Mark: Where’s that money coming from?
Founder: So, we’ve raised $1.7 million in cash, and I have a loan for $5 million backed by the SBA.
Barbara: You are very brave, or you are nuts. On or the other. How much money do you expect to make?
The founder said they expect to gross $5.5 million in the first year, which will be ramped up to $10 million.
Kevin: And are you selling merchandise or food? What else are you doing?
Founder: We allow birthday parties. We have bowling. We also don’t have any ticket prices to get in.
Kevin: Let me get this deal: $250,000 for 20%. Am I getting a piece of your existing business or just this facility?
The founder said that he is open to either. Thrill Builders will make $4.2 million in sales this year. And last year, it made a $975,000 profit.
Barbara then left the deal because she was completely unaware of this kind of business.
Jason: I actually liked the business that you had before the event. Seems to me like you’re biting off way more than you can chew. However, I have some experience in this scary industry sector and am interested in owning your core business.
Kevin then made an offer of $250,000 for a 25% Stake. He is also open to splitting this investment with any other sharks. Shark Lori quickly joined in with Kevin and gave the same offer.
Jason: How about three sharks? Between me and Blumhouse, we have 3 million followers. And I am getting people who love scary stuff to your events. We’re pretty good at that.
Founder: And you’re raising from 20% to 25%?
Kevin: Well, if there are three sharks, you must give us 30%. So, it’s 10% each.
Kevin also said that he is interested in financing this, and if the sale numbers are accurate, he will introduce the founder to some big foreign players.
The founder then offered to raise $300,000 for 30%. All the three Sharks agreed.
Final Words
Thrill Builders got a deal of $300,000 for 30% equity from three Sharks – Lori Greiner, Kevin O’Leary, and Jason Blum. With this funding and having 3 sharks on board, the founder can expand the business quicker and more efficiently.
The founder also revealed that he knew that he was undervaluing his company in this deal, but getting sharks on board was why he was on Shark Tank in the first place.
