Revolights Shark Tank Net Worth 2023
Kent approached Sharks seeking a $150,000 investment in exchange for a 10% stake in the firm, valuing the company at $1.5 million. He accepted an offer from Robert of $300,000 for 10% stake which led to a valuation of $3 million.
Sadly, in January 2019, the company closed its doors and sent an email to customers and past Kickstarter supporters announcing its closure.
What is Revolights?
Revolights is an LED light system designed for bicycles to enhance their visibility during nighttime rides. The lights are attached to the wheels, with the front wheel lights functioning as a headlight and the rear wheel lights as a brake light.
The lights are secured to the spokes using magnets, while the power pack is integrated into the wheel hub. The batteries can be recharged using a detachable USB charger.
The idea for Revolights was born from Kent Frankovich’s terrifying experience riding his bicycle in the dark after graduate school. He founded the company with the goal of reducing nighttime bicycle accidents by improving cyclist visibility.
To bring his vision to life, Kent developed a prototype and launched a Kickstarter campaign with his team. Kent Frankovich is the founder of Revolights.
What happen to Revolights at the Shark Tank Pitch?
Kent arrived at the Sharks’ office with a proposal, offering them an opportunity to invest $150,000 in return for 10% of his company. He hoped that the Sharks would see the value of this investment and provide him with the capital he needed to grow his business.
Revolights was established after achieving success through two Kickstarter projects. Their first campaign was launched in 2011, raising just over $215K, while their second campaign, launched in May 2013, raised slightly over $94K.
Currently, Revolights only fit 27-inch rims, but they sell bike wheels that are equipped with integrated lighting. They plan to expand their size range and integrate self-charging technology into the battery system.
Revolights are available through Amazon, several dozen bike shops, and some REI locations. The company is likely seeking funding for further development and distribution.
In his pitch to the Sharks, Kent explains that Revolights aim to address the issue of insufficient side lighting, which accounts for 70% of car-bike incidents.
He shows a video proving the visibility of the product and encourages the Sharks to display the Revolights on a stationary bike, which Daymond John accepts.
Kent holds two patents and is in the process of pitching the concept to two major bike manufacturers. He also assures Kevin O’Leary that Revolights are designed to deter bike thieves.
In less than a year, Kent has sold $600,000 worth of Revolights, mostly through online sales. Each light set is priced at $139 for each wheel or $229 for both front and rear sets. The company is not yet profitable due to Kent’s continued investment in the business.
Daymond John makes an initial offer of $300,000 for 30% of the company, while Kevin O’Leary proposes $150,000 in exchange for a 7% royalty on the investment until it is returned, which would then be reduced to 1% in perpetuity.
Robert Herjavec offers $300,000 for a 10% stake in the company, claiming that Kent has undervalued the firm.
Daymond John initially resists Herjavec’s offer, but eventually concedes that it is the better offer. Mark Cuban accuses Kent of undervaluing the firm and using Shark Tank for publicity rather than seeking an investment.
Kent notes that he requires not just finance, but also the Sharks’ skills and marketing, and ultimately accepts Herjavec’s offer, valuing the company at $3 million.
Revolights after the Shark Tank Pitch
Kent was able to seal the deal with Robert Herjavec for Revolights, which led to an additional $1 million raised in 2014 from “Angel” investors. Although Revolights are no longer available on Amazon, they can still be easily obtained through the Revolights website and physical retailers.
One of the major retailers for Revolights is REI, and they can also be found at various specialized bike shops globally. Unfortunately, the company shut down in January 2019 and notified its customers and previous Kickstarter backers via email.
Revolights Net Worth
Kent approaches Sharks seeking a $150,000 investment in exchange for a 10% stake in the firm.
This indicates a $1.5 million value. He accepted an offer from Robert of $300,000 for 10% stake which leads to a valuation of $3 million.
Revolights’ top three competitors are MonkeyLectric, Nori Lights – Bicycle Illumination System, and Rome Bike Bags.
What happen to Revolights after the Shark Tank?
Not only did Kent successfully execute a deal with Robert Herjavec for his Revolights, he raised an extra $1 million in 2014 from “Angel” investors, and the company closed its doors in January 2019.
What are Revolights?
Revolights, Inc. is a bicycle lighting firm situated in the San Francisco Bay Area. They design, develop, market, and distribute next-generation bicycle lamps and taillights placed on the wheel.
Is the Revolights bike lighting system waterproof?
The final version must unquestionably be waterproof
Could they be powered by wheel rotation?
They are not.
How easily can they be stolen?
The Revolights bicycle lighting system may be mounted (and removed) only with the wheel removed.
As a result, they are not easily stolen in the current version 4. They are just as simple to steal as a wheel.
How long does a battery charge last on the v4 design?
4 hours in the front; somewhat longer in the back. The battery that is currently specified is a 1000mAh battery.
8 LEDs consume around 250mA in total while operation, providing approximately 4 hours of runtime.
What does “patent pending” mean?
The phrase “patent pending” officially refers to the filing of a provisional patent with the United States Patent and Trademark Office.
Is Revolights out of business?
On January 14, 2019 Revolights announced it close its doors due to lack of resources.
How does Revolights work?
Revolights bicycle lighting system consists of two wheels, a front and rear wheel.
The battery unit fits into the rear wheel hub.
The front wheel is equipped with microprocessor-controlled LEDs that flash in different patterns to alert other road users of the cyclist’s intention.
How is Revolights different from other bicycle lighting systems?
In addition to flashing, the LEDs can also be set to blink in a steady pattern. The system can be set up to automatically pause the flashing pattern when braking.
Where can they buy a Revolights bike light?
Out of business
Is Revolights compatible with other lighting systems?
The Revolights are not compatible with most other lights – they only work with each other.
How much does it costs to purchase Revolights?
Each light set costs $139 per wheel, or $229 for both front and back sets together but they are out of business.
Who invented Revolights?
Revolights was developed by Kent Frankovich.
When was Revolights featured on Shark Tank Pitch?
March 7, 2014.
How much funding for Revolights did the Sharks invest?
Revolights pitched Shark Tank seeking $150,000 for a 10% stake in the firm. Robert Herjavec ended up investing $300,000 for 10% ownership.
What is net worth of Kent Frankovich?
When was Revolights founded?
Revolights was founded in 2011.