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 a 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 are 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 happens 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 aims 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 Shark Tank Updates
Revolights is a company that produces LED lights that attach to the wheel of a bike for better visibility during the night.
The founder, Kent Frankovich, appeared on Shark Tank Season 5 seeking $150,000 in exchange for 10% of his company. Robert Herjavec made a deal with Frankovich, offering $300,000 in exchange for 10% of Revolights.
Shortly after the episode aired, the company received an additional $1 million from various angel investors.
In the years following the company’s debut on Shark Tank, Revolights saw some success. Their products could be found both online and in smaller and major sporting goods supply stores such as REI. However, in 2018, the company announced that it was shutting down due to “both personal and professional” reasons.
Revolights Shark Tank Table Summary:
| KEY POINTS | INFORMATION |
| What are Revolights? | LED light system designed for bicycles to enhance their visibility during nighttime rides. |
| Shark Tank Pitch | Kent offered a $150,000 investment for a 10% stake in the company. Robert offered $300,000 for a 10% stake, valuing the company at $3 million. |
| Revolights after Shark Tank Pitch | The deal with Robert led to an additional $1 million raised in 2014 from angel investors. The company was available through the website and physical retailers. |
| Revolights Shark Tank Updates | The company shut down in January 2019 due to personal and professional reasons. |
| Revolights Net Worth | $3 million valuation after Robert’s investment. |
| Revolights Competitors | MonkeyLectric, Nori Lights – Bicycle Illumination System, and Rome Bike Bags. |
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 a 10% stake which leads to a valuation of $3 million.
Revolights Competitors
Revolights’ top three competitors are MonkeyLectric, Nori Lights – Bicycle Illumination System, and Rome Bike Bags.
Revolights FAQS
What Is Naturally Revolights Shark Tank?
Revolights is a bicycle lighting system that attaches to the wheels of a bicycle with the front wheel lights acting as a headlight and the rear as a brake light.
The LED, battery-powered lighting system clips to the spokes and provides 360 degrees of illumination, projecting ahead, behind, and on both sides.
The founder of Revolights, Kent Frankovich, appeared on Shark Tank in episode 521 and successfully closed a deal with Robert Herjavec for $150,000 in exchange for 10% of the company.
In 2014, Revolights received an additional $1 million from various angel investors, and their products could be found both online and in smaller and major sporting goods supply stores such as REI.
Revolights was designed to solve the problem of inadequate side visibility, which is the cause of 70% of nighttime car-on-bike collisions. The product was well-received and successful after appearing on Shark Tank, but it is no longer available through Amazon.
However, the light sets are readily available through the Revolights website and from other sporting goods stores.
In 2018, the founder of Revolights announced that the company was shutting down for both personal and professional reasons, but he thanked the company’s supporters for their help in making the product a success.
How Does Revolights Shark Tank Work?
Revolights is a bicycle lighting system that was established in 2011 to prevent cycling night accidents and increase bicycle visibility. The LED, battery-powered lighting system attaches to the wheels of a bicycle with the front wheel lights acting as a headlight and the rear as a brake light.
The lights clip to the spokes using ball-and-socket brackets that snap onto the spokes of the wheel. The lights are powered by USB-rechargeable lithium-ion batteries.
Kent Frankovich, the founder of Revolights, appeared on Shark Tank in season 5, episode 21, seeking an investment of $150,000 in return for 10% of the company.
He explained that 70% of car-on-bike collisions are caused by inadequate side illumination. He showed a video demonstrating the visibility of the lights and invited the Sharks to demonstrate the Revolights on a bike.
Robert Herjavec offered $150,000 for 15% of the company, but Kent countered with 10% and a $300,000 investment. Robert accepted the counteroffer, and they closed the deal.
After appearing on Shark Tank, Revolights received an additional $1 million from various angel investors. Their products could be found both online and in smaller and major sporting goods supply stores such as REI.
However, Revolights is no longer available through Amazon. In 2018, Kent Frankovich announced that Revolights was shutting down due to “both personal and professional” reasons.
What Happened To Naturally Revolights After Shark Tank?
Revolights, a company that pitched its bike safety lights on Shark Tank in 2014, received an investment of $300,000 from Robert Herjavec in exchange for 10% of the company. The company also received an additional $1 million from angel investors in 2014.
Revolights’ products were available online and in sporting goods stores such as REI. However, in January 2019, the company closed its doors.
The founder, Kent Frankovich, cited “both personal and professional” reasons for the closure and thanked the company’s supporters. The current net worth of Revolights is unknown, and the product is no longer available in the market.
Is Naturally Revolights Shark Tank Still In Business?
Revolights, a company that designed an innovative bike lighting system, appeared on Shark Tank in Season 5 and received an investment of $300,000 from Robert Herjavec in exchange for 10% of the company.
After the show, the company grew significantly and expanded to multiple markets. However, in January 2019, Revolights informed its customers and backers that they would be closing due to a lack of resources. The closure was due to both personal and professional reasons.
Revolights was successful in its early years, and its founder, Kent Frankovich, applied to Shark Tank to grow the company, reduce production costs, and make meaningful connections.
The company’s valuation skyrocketed after Shark Tank, and it received an additional investment of $1,000,000 from angel investors in 2014. Revolights was available online and in smaller and major sporting goods supply stores such as REI.
In summary, Revolights is no longer in business as of January 2019 due to a lack of resources. The company appeared on Shark Tank in Season 5 and received an investment from Robert Herjavec. After the show, the company grew significantly and expanded to multiple markets. However, it eventually closed due to personal and professional reasons.
What Is The Current Valuation Of Revolights After Shark Tank?
Revolights, a company that appeared on Shark Tank in 2014, sought a $150,000 investment in exchange for a 10% stake in the firm, valuing the company at $1.5 million. Robert Herjavec offered $300,000 for a 10% stake, which led to a valuation of $3 million.
In 2014, Revolights received an additional $1 million from various angel investors, and their products could be found both online and in smaller and major sporting goods supply stores such as REI.
However, Revolights went out of business in 2019, and the product is no longer available in the market. Therefore, the current valuation of Revolights is unknown.
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 operating, 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.
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 cost 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 the net worth of Kent Frankovich?
Unknown.
When was Revolights founded?
Revolights was founded in 2011.
