IllumiBowl Shark Tank Net Worth
IllumiBowl is a motion-activated toilet light company that appeared on Shark Tank. During the pitch, they asked for $100,000 for a 15% stake in the company. The company’s net worth was $666,667 at the time of the pitch and was valued at $400,000 after Kevin’s investment.
As of 2022, IllumiBowl has a net worth of $1.4 million. The founders of IllumiBowl are Matt Alexander and Michael Kannely.
What is IllumiBowl and Who is the founder of IllumiBowl?
IllumiBowl is a brand that offers bathroom lighting for night use that can be attached to the toilet bowl. The lights are self-powered and can emit various colors, while also having antibacterial properties.
The founder of IllumiBowl is Matt Alexander, who was a Brigham Young University student studying entrepreneurship. He came up with the idea for IllumiBowl because he frequently woke up in the middle of the night to use the bathroom and had difficulty locating the light switch.
After launching a Kickstarter campaign that raised over $95,000 from more than 3,000 backers, Alexander and his partner Mike Kannely were able to complete the prototype and fulfill pre-orders. The product is priced at $19.99 and has sold over 50,000 units, generating over $1 million in revenue.
Although the product is available on Amazon, Alexander hopes to see it in physical stores. The company had some manufacturing issues with its initial run, but they have since implemented a 100 percent satisfaction guarantee for its customers.
They are also developing a germicidal lamp to clean the toilet while the IllumiBowl is in use.
IllumiBowl Shark Tank pitch
During their Shark Tank pitch in season 7 episode 21, Matt Alexander and Michael Kannely present IllumiBowl, a toilet night light that emits different colors. They seek help from the Sharks to manufacture and distribute their product to a mass market.
They offer $100,000 for a 15% stake in their company, which is valued at $666,667. The Sharks are amused by their presentation and inquire about the product’s features.
After discussing the benefits of their product and the costs of manufacturing and assembly, Kevin O’Leary offers $100,000 for a 25% equity stake in the company, which the entrepreneurs accept.
After the show, they began selling IllumiBowl in smaller local stores and franchisees and gradually expanded to larger retailers, with Kevin O’Leary’s assistance.
Since appearing on Shark Tank, they have sold over one million devices and have continued to grow their business.
In a Season 8 update, it is revealed that the IllumiBowl is now available for $14.99 on Amazon, and the entrepreneurs and their Shark partner are pleased with the success of their product.
Net Worth of IllumiBowl
The company’s net worth was $666,667 during the pitch, after the investment done by Kevin the company was valued at $400,000. In 2021 the company has a net worth of $1.4 million.
IllumiBowl FAQs
What is IllumiBowl?
IllumiBowl is a bathroom lighting company that offer item to be attached to the toilet bowl to provide night lighting. According to the company, the lights are self-powered and can produce a range of light hues. It has antimicrobial effects as well.
Who is the founder?
IllumiBowl is a startup founded by Matt Alexander and Michael Kannely. The firm was founded in BYU when the two were still students and received early funding from Kickstarter.
How much were asking on Shark Tank?
They were asking for $100,000 for 15% of the company.
Did they have the deal?
Yes, they did. They got the deal with Kevin O’Leary at a price of $100,000 for 25% equity in the IllumiBowl.
Is IllumiBowl still in business?
Yes, it is. In fact, it has been a growing company ever since. It’s still in business at this moment and has expanded from Kickstarter to major national retail stores such as Bed Bath & Beyond, Ace Hardware and True Value Hardware.
How much does it cost?
The device sells for $14.99 on Amazon and other online retailers.
What is IllumiBowl mission?
The company’s mission is to provide night lighting so that consumers can turn on a light while they take a bath or in the toilet.
How does IllumiBowl work?
IllumiBowl illuminates the water’s surface when activated. The light will turn off automatically after 20 seconds or by flushing. Motion sensor activates at night to provide hands free light for finding toilet paper, sitting, and standing.
How can I change the color of my IllumiBowl?
To change the color of their IllumiBowl, push the side button, and it will freeze on the color that is visible when they press it. To restart the color cycle, push the button one more.
How do I change the brightness of my IllumiBowl?
To alter the brightness level on their IllumiBowl toilet night light, just press and hold the button until the brightness level changes. It will alternate between three distinct brightness settings.
How can I make the arm suit my toilet?
Simply measure the arm against the top rim of their toilet bowl and bend it on each side of the rim to specifically suit their toilet. Remove it from the rim and bend both sides to 90 degrees before placing it on their toilet; it will fit perfectly.
Where can I find a replacement?
Please contact them at [email protected]illumibowl.com for a replacement (within 90 days after purchase)!
What is the net worth of Matt Alexander?
Matt Alexander net worth is $700,000.
What is the net worth of Michael Kannely?
Michael Kannely net worth is unknown.
