LuminAID Shark Tank Update| LuminAID after the Shark Tank

What is LuminAID?

The LuminAID is a solar-powered inflatable LED light that can be charged by placing it in sunlight for 6-7 hours.

It was designed by its founders Anna Stork and Andrea Sreshta as a solution for people without access to electricity, and is useful for camping and emergencies.

The company aims to make safe and accessible lighting available to everyone.

Who is the Founder of LuminAID?

Anna Stork and Andrea Sreshta founded LuminAID to offer portable and practical lighting solutions for those in need.

They developed an inflatable solar lamp while studying at Columbia University, which was inspired by the 2010 earthquake in Haiti.

The company was launched through a successful crowdfunding campaign, raising over $50,000 and delivering 1,000 lamps to Haiti in 2012.

Since then, LuminAID lights have been distributed globally, through philanthropic efforts and partnerships with NGOs to over 50 countries.

They have also been provided to organizations such as Shelterbox, Doctors without Borders, and United Nations agencies for use during crises and in refugee camps.

LuminAID received the 2012 Award of Merit from the Accolade Competition. Additionally, their solar lights are available for outdoor recreational use in various shops and online.

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What Happened to LuminAID at Shark Tank pitch?

Before establishing their company, Anna and Adrea presented their idea to investors on Shark Tank. They requested $200,000 in exchange for a 10% share of their business and showcased their product.

They mentioned that they had already generated $250,000 in revenue and aimed to reach $1 million.

The Sharks were intrigued by their proposal and multiple offers were made, including a $200,000 investment from Kevin O’Leary with 4% royalties until repayment, $300,000 from Daymond John for a 20% stake and a licensing agreement, $200,000 from Lori Greiner for 20% ownership, $200,000 from Mark Cuban for 15% of the company and control of funding, and $200,000 from Robert Herjavec for 15% of the company with no strings attached.

Ultimately, the LuminAID startup reached an agreement with Mark Cuban for $200,000 and a 15% stake in the company, with Cuban also managing the financing.

What Happened to LuminAID after the Shark Tank?

LuminAID, a company that secured a deal with Mark Cuban on Shark Tank, has made significant progress in expanding its reach to aid disaster-stricken areas around the world.

They have provided over 2000 solar lights to Nepal earthquake victims and are currently working to provide lanterns to refugees in the European crisis without access to power.

The founders, Anna and Andrea, have even personally distributed their solar inflatable lights to those affected by flooding in Malawi in partnership with Shelterbox.

The company has generated over $7.5 million in revenue and now sells their products on Amazon with prices ranging from $20 to $100.

Competitors of LuminAID

The company has many competitors. These are; Enomoto, MARUWA, Simon, and Warom Technology.

Net Worth of LuminAID

During the pitch the company valuation was $2 million since then the company has generated over $7.5 million in sales and therefore the valuation of the company has increase.

LuminAID FAQs

What is LuminAID?

LuminAID is an American startup company that makes solar-powered solar lanterns.

Who is the founder?

The founders of LuminAID are Anna Stork and Andrea Sreshta.

Where is LuminAID based?

LuminAID is a startup company based in Austin, Texas, United States. The company’s headquarters are located in Austin, Texas and Vuqar Aga Khan Foundation in New York, New York.

What is their offer on Shark Tank?

They were asking for $200,000 for 10% equity interest in their company.

Did they get an offer?

Yes, they got offers from Mark Cuban was $200,000 for 15% stock shares and to oversee financing.

Is still in business?

Yes, it is still in business.

Is LuminAID on Amazon?

Yes, LuminAID items are now available on Amazon.

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Is this company really making money?

Yes, the company is making millions in revenue per year and growing rapidly.

What is the best thing about LuminAID?

Many people must have a portable light. The best thing of LuminAID is that it works with solar energy and it has long-lasting batteries that can keep a charge for months or even years without needing to be charged or replaced.

What have they done since being on Shark Tank?

Since being on Shark Tank, LuminAID has been able to distribute solar lights across so many countries and communities and it has really done a progressive job at doing that.

How much revenue does LuminAID have?

The company has generated over $7.5 million in revenue.

 How does it work?

LuminAID produces a line of solar-powered lanterns that can be used to light up a tent or area at night.

What does LuminAID do?

The firm produced inflatable solar-powered lanterns that can be easily packed, shipped and deployed in emergency situations.

Is safe to buy online?

Yes, the items on Amazon are 100% authentic and they work.

What is the warranty of LuminAID?

The company offers a limited warranty of one year for units that are returned to them.

How long does it take to get your order?

Their order will be shipped within 1-5 business days after the payment is received.

Can you buy direct from website?

Yes, one can buy directly from the website where there are no middlemen involved in their transaction which means no VAT tax is imposed on their purchase.

Is there any opportunity?

Yes, on the LuminAID website they have a micro-commitment opportunity.

How do you contact them?

One can contact them via their official email address on the site or on their social media platform.