Revolights Shark Tank Update | Revolights after the Shark Tank Pitch
What is Revolights?
Revolights is a high-visibility LED light that attaches to the wheel of a bicycle for night time visibility.
The LED lighting system is mounted on the bicycle’s wheels, with the front wheel lights serving as a headlight and the rear wheel lights as a brake light.
Magnets secure the lights to the spokes.
The power pack is integrated within the wheel hub, and the batteries are recharged through a detachable USB charger.
Kent Frankovich founded it following a frightening encounter riding in the dark on his way home from graduate school.
Kent’s objective was to reduce bicycle accidents that occur at night by increasing cyclist visibility. Kent constructed a prototype and launched his firm through a Kickstarter campaign using this idea and his team.
Who Founded Revolights?
Kent Frankovich is the founder of Revolights.
What happen to Revolights at the Shark Tank Pitch?
Revolights was founded on the success of two Kickstarter projects.
Their first campaign, launched in 2011, raised little more than $215K, and their second, launched in May 2013, raised slightly more than $94K.
Revolights now only fit 27-inch rims, but they do sell bike wheels equipped with integrated lighting. They intend to expand the size range and are working on integrating a self-charging technology into the battery system.
Revolights are available through Amazon, several dozen bike shops, and some REI locations. They are almost certainly seeking funding for development and distribution.
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 argues that 70% of car-bike incidents are the result of insufficient side lighting.
He then plays a video proving the visibility and encourages the Sharks to display the Revolights on a stationary bike, which Daymond John accepts.
He holds two patents and is in the process of pitching the concept to two big bike manufacturers.
Kent reassures Kevin O’Leary that the Revolights are specifically meant to deter bike thieves.
Kent has sold $600,000 in less than a year, almost entirely online.
Each light set is $139 for each wheel, or $229 for both front and rear sets.
The units are priced at $100 for the whole set, however the company is not yet profitable due to Kent’s continued investment in and growth of the business.
Daymond John makes the initial proposal, giving Kent $300,000 in exchange for 30% of the business. Kent pauses.
Kevin O’Leary leaps across the chasm. He promises Kent $150,000 in exchange for a 7% royalty on the investment until it is returned. The royalty would thereafter be reduced to 1% in perpetuity.
Kent expresses gratitude to both Sharks for their offers, but he is concerned that the royalty payments would deplete the financial flow required for the firm to survive and prosper in its early phases.
Robert Herjavec makes a $300,000 bid for 10% of the firm, claiming Kent has undervalued it.
Daymond John responds to Herjavec’s “undercutting me” by adding, “You best put in your mouthpiece because this is going to get ugly.”
Although John appears to be prepared to battle for a piece of Revolights, he backs down and states that Herjavec has made a better offer and that he would quit rather than fight.
Mark Cuban calls him “insane” for asking for so little and accuses him of purposefully undervaluing the firm and utilizing the Shark Tank for visibility rather than seeking an investment.
Kent notes that while he requires finance, he also requires the Sharks’ skills and marketing.
He accepts Herjavec’s offer thus valuing the company at $3 million.
Revolights after the Shark Tank Pitch
Kent successful closed the deal with Robert Herjavec for his Revolights, he later raised an extra $1 million in 2014 from “Angel” investors.
While Amazon no longer sells Revolights, the light sets remain readily accessible on the Revolights website and in brick-and-mortar retailers.
REI is a major retailer of the lights, and they are also available at a variety of specialized bike shops around the country and the world.
Regrettably, the organization closed its doors in January 2019. It emailed clients and previous Kickstarter backers.
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.