Luma Soda Shark Tank Net Worth
Luma Soda appeared on Shark Tank in Season 10 and asked for $500,000 for 20% equity but did not get a deal.
Luma Soda’s net worth before appearing on Shark Tank was $2.5 million USD, while states that it had an inventory worth $600,000 and cash reserves of $30,000 after the show. Luma Soda has earned about $180,000 to date in direct consumer sales.
What is Luma Soda and Who Founded Luma Soda?
Luma Soda is a fizzy beverage that aims to replace traditional soda by containing fewer calories. Unlike regular soda, Luma Soda is free of sugar and derives its sweetness from natural ingredients.
It also lacks preservatives and other harmful substances and comes in a variety of flavors, including Blood Orange, Cherry, Lemon Lime, Cola, and more.
Jim Otteson founded Luma Soda in 2017 after discovering the harmful additives and chemicals contained in diet soda. A former trial attorney, Otteson had a habit of consuming a lot of diet Coke while preparing for trials.
However, after learning about the unhealthy ingredients in diet soda, he started searching for a healthier alternative. Dissatisfied with the options available, he decided to become an entrepreneur and create the soda he desired.
After perfecting his formula, Otteson left his legal career to focus on producing a healthy soda. He risked everything by taking out a home equity loan and was successful in having Luma Soda sold in retailers across the United States and on Amazon.
Otteson will continue to serve as CEO of Luma Soda until 2020. He holds a Bachelor of Science in Microbiology from Brigham Young University and attended law school at Yale University, where he served as a Judicial Clerk for the Idaho Supreme Court until 1992.
Luma Soda Shark Tank Pitch
After perfecting his formula and creating Agility Beverages, Jim canned his drink in the United States. It is currently available online and from undisclosed “chosen partners” for $19.99 a case, and a monthly membership is also available.
However, Luma Soda is not yet available in big-name grocery stores, which is what Jim hoped to receive help from the Sharks with.
Jim appeared on Shark Tank, asking for a $500,000 investment for a 20% stake in his company, which implied a $2.5 million valuation. He shared his story and provided samples to the Sharks. Some of the flavors were well-received, but the Sharks’ reactions were divided.
Although Jim claims to have invested $1.75 million of his own money into the company, the Sharks are concerned because the company has only made $180,000 in sales and has a re-order rate of less than 10%.
Jim believes that consumers aren’t restocking because they are used to buying Coke at a shop. Despite Jim’s enthusiasm, the Sharks are worried about his $600,000 inventory and $30,000 cash account.
Barbara Corcoran offered $250,000 on the condition that guest Rohan Oza invests in Luma Soda. However, Rohan declined to invest in Luma Soda because he believed it was a small-scale venture and he wanted to work with business owners who could help them grow.
As a result, Barbara and Rohan decided not to invest in Luma Soda. The Sharks left one by one, leaving Jim without a deal.
As of the July 2019 replay of the episode, the company was still in operation. However, the Luma Soda Amazon store has been updated, and all flavors are currently listed as “temporarily unavailable.” It is possible that Luma is preparing to shut down. Jim closed the company in August 2020 and returned to practicing law.
Luma Soda Net Worth
Jim was looking for an investment of $500,000 for the 20% stake in his business Luma Soda. This indicates a valuation of $2.5 million for his business.
Luma Soda Competitors
Luma Soda has many competitors in the market: this include;
Zevia Zero Calorie Soda; these drinks are made using stevia leaves instead of sugar.
Bubly Sparkling Water; it was started by the company launch Pepsi and Mountain dew.
Luma Soda FAQS.
Who created Luma Soda?
Luma soda was created by Jim Otteson after he left his job in law in order to focus on producing a healthy soda drink.
How is Luma Soda different from other sodas?
Luma Soda is made using natural ingredients instead of artificial ones to make it less calory.
The sweetness is derived from stevia leaves to make it edible for diabetics and people who are trying to watch their sugar intake.
How much does Luma Soda cost?
It currently sells online for $19.99 a case.
When was Luma Soda created?
Luma Soda was created in 2017.
How much was Luma Soda raised via the Shark Tank Pitch?
Jim was seeking $500K for a 20% stake in his company, implying a $2.5 million valuation but he failed.
Is Luma Soda sold in stores?
It was available at Amazon and other online stores. Jim’s goal is to get the product in grocery store shelves soon.
What happened to Luma Soda after it was rejected by Shark Tank?
Luma Soda will cease operations in October 2021. Despite not receiving a contract on the Shark Tank episode, Luma Soda continued to thrive.
How does Luma Soda generate revenue?
Luma Soda generates revenue by selling sugar-free and preservative-free beverages. Soda Luma
When was Luma Soda aired on Shark Tank?
It was on 14/04/2019
When was Luma Soda started?
Jim started the business in 2017.
Who invested in Luma Soda?
Luma Soda and Sharks could not reach an agreement on the shark tank show.
Is Luma Soda still in business?
Luma Soda ceased its operation in August, 2020.
Can they still buy Luma soda?
Luma Soda is no longer in business. Some remaining inventory may be available on Amazon
Is Luma a beverage?
Luma is the soda reimagined. Luma is a delightful, all-natural soda sweetened with natural honey and monk fruit juice, with only 25 calories and 3-4 grams of sugar per 12-oz drink.
Which episode of Shark Tank was Luma Soda aired?
It is on Season 10 Episode 19.
How much was Luma Soda investment?
Luma Soda didn’t receive a deal from the sharks. The sharks said it was a bad idea because it is a small market and you have to maintain stock for years.
How many brands/variants does Luma Soda have?
Luma soda comes in three flavours (lemon-lime, orange-berry, and raspberry-berry).
What is Luma Soda?
Luma soda is a low-calorie soda that is sweetened with stevia and honey.
What does Luma Soda taste like?
According to the company, “The taste of Luma Soda is very similar to traditional soda, but we use natural ingredients and we don’t add any sugars or artificial sweeteners.”