Luma Soda Shark Tank Update | Luma Soda after the Shark Tank Pitch
What is Luma Soda?
Luma Soda is a carbonated drink that tries to replace conventional soda since it includes less calories.
Luma Soda differs from conventional soda in that it is sugar-free. Luma Soda’s sweetness is derived from natural components.
Luma Soda comes in a variety of flavours, including Blood Orange, Cherry, Lemon Lime, Cola, and many others. Luma Soda is also devoid of preservatives and other potentially harmful ingredients.
Jim Otteson developed Luma Soda in 2017. Otteson has a Bachelor of Science in Microbiology from Brigham Young University and he attended law school at Yale University from 1988 to 1991, where he served as a Judicial Clerk for the Idaho Supreme Court till 1992.
He subsequently worked as a Partner for several legal firms until starting Luma Soda, where he will continue to serve as CEO until 2020.
Otteson had a tendency of consuming a lot of diet Coke while preparing for trials as a trial attorney.
After learning about the dangerous additives and chemicals included in diet soda, he began seeking for a healthy alternative.
He didn’t like what he found, so he became an entrepreneur, taking it upon himself to produce what he desired.
He left his work as an attorney to focus on producing a healthy soda drink.
Otteson took out a home equity loan after perfecting his formula and risked it all — with amazing result.
He was able to have Luma Soda sold in retailers around the country as well as on Amazon.
Who Founded Luma Soda?
Jim Otteson is the founder of Luma Soda.
What happen to Luma Soda at the Shark Tank Pitch?
Jim cans his drink in the United States under the name Agility Beverages.
It’s now available for $19.99 a case online and from undisclosed “chosen partners.”
A monthly membership is also available. Luma Soda isn’t currently available in big-name grocery stores, but that’s probably what he’s looking for a Shark’s help with.
Jim appears on Shark Tank, asking $500,000 for a 20% stake in his company, implying a $2.5 million valuation.
He shares his narrative and distributes samples.
Some of the tastes are popular with the Sharks, but their reactions are divided.
He claims to have invested $1.75 million of his own money in the company. When you combine that with only $180,000 in sales and a re-order rate of less than 10%, the Sharks are concerned.
Jim believes that consumers aren’t restocking since they’re used to buying Coke at a shop. Despite Jim’s excitement, the Sharks are concerned about his $600,000 inventory and $30,000 cash account.
Barbara Corcoran offered $250,000 on condition that program guest Rohan Oza invest in Luma Soda.
Rohan declined to invest in Luma Soda because he believed it was a small-scale venture, and he wants to engage with business owners who can help them grow.
As a result, Barbara and Rohan opted against investing in Luma Soda.
They leave one by one, leaving Jim without any deal.
Luma Soda after the Shark Tank Pitch
The firm is still in operation as of the July 2019 replay of this episode. As of the date of this update, the corporate website was displaying a security certificate problem.
Luma has updated their Amazon Store, but all flavours are listed as “temporarily unavailable.” Perhaps Luma is getting ready to kick the bucket.
Jim closed the company in August 2020 and returned to the practice of law.
Luma Soda Net Worth
Jim was looking for an investment of $500,000 for the 20% stake in his business Luma Soda. This indicate a valuation of $2.5 million of 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.”