What Happened to KaZam after the Shark Tank Pitch? KaZam Shark Tank Update
What is KaZam?
KaZam is a firm that manufactures balancing bicycles to assist children in learning to ride without training wheels.
Instead of pedalling, youngsters may glide on the bike by placing their feet on a footrest. They can concentrate on steering after they’ve gained enough velocity.
They do not rely on training wheels for assistance, unlike regular bikes. The child’s top objective should be to develop balance and control.
The KaZAM Bikes are intended for children aged 3 to 6 who have not yet learnt to ride a bike.
Instead of standard training wheels, the bikes have a foot rest that allows children to become accustomed to gliding on two wheels before “graduating” to a traditional design cycle with pedals.
Who is the Founder of KaZam?
Mary Beth Lugo is the founder of KaZam. Mary Beth Lugo is a role model. She followed through on a concept and built it into a profitable business that meets a real need.
The balancing bike training approach has been around for a while and was developed in Europe.
Because to the balancing bike approach, her younger son, at the age of three, was riding a two-wheeled bike without ever using training wheels.
That’s when her husband and she realized there may be a big demand for this sort of product in the US, so they launched Kazam motorcycles.
Kazam bikes have won multiple honours and have been on The Today Show and in Parenting magazine.
What Happened to KaZam at the Shark Tank Pitch?
Mary Beth appeared on Shark Tank season 4 episode 24 ahead of two tiny children riding what appeared to be normal bikes, requesting $300,000 in exchange for a 20% stake in Kazam.
This translates to a $1.5 million valuation.
As the lad rides, she explains her business. He was riding a bike without any pedals.
Daymond inquired about the cost per bike against the sale price. She stated that she creates them for $28.25 and sells them wholesale for $45. They sell direct to the public for $99.95.
Barbara inquired about the KaZAM’s age range, and Mary Beth replied, “2 to 5.”
Mark was curious about her sales to date. Mary Beth stated that they had completed $1.4 million in the last three years or so.
Robert demanded further information, inquiring as to what the sales were the previous year and the year before that. She stated that they made $611,000 last year, compared to $384,000 the year before.
She anticipates $1.5 million in revenue in 2013.
Kevin mentioned that she would require a substantial quantity of wealth in order to be worth investing in. He went outside.
Robert complimented her on her sales and responses to standard queries. He indicated that he would not purchase one, but he could see why someone might. Robert just did not have a vested interest in the goods. He went outside.
Daymond stated that he believes she has a great idea, but he does not believe he will get his money back once he has given it to her. He went out as well.
Mark stated that he would give her a $300,000 offer for 40% of the purchase price if he could persuade the doubtful Barbara to join him.
Cuban activates the 24-second shot clock. Mary Beth persuades Barbara to come in, but she resists at 32%. Barbara and Mark spoke about it and came to an agreement.
Mary Beth accepted the offer, and the three of them exchanged handshakes.
What Happened to KaZam after the Shark Tank Pitch?
In season 5, episode 521, KaZAM and Mary Beth Lugo get an update section.
KaZam has introduced Ride-On, a small balancing bike designed for children as young as 12 months old, after appearing on Shark Tank.
The KaZam Ride-On costs $65, and it comes in blue, pink, and white. The firm is also offering its own Shortboard with cubed Shark Wheels, and it has a Shark Tank contract with Mark Cuban, O’Leary, and GoPro guest Shark Nick Woodman.
Mark Cuban and Barbara Corcoran have helped propel Mary Beth Lugo’s balancing bikes to new heights in the two years after she featured on Shark Tank.
Within a few months of Mark Cuban’s investment in Kazam Bikes, revenues surpassed $1.5 million.
The bikes were soon featured in publications such as Sky Magazine, as well as receiving distinction from the Oppenheim Toy Portfolio and the Mr. Dad Seal of Approval.
The bikes received significant boosts, though, when they were placed in Dicks Sporting Goods stores and attained the holy grail of children’s retail items with a placement in Toys R Us.
Kazam Bikes are beginning to appear in driveways around the country, and Mary Beth Lugo is swimming gracefully with her Shark companions.
The company’s yearly revenue is $5 million as of August 2021.
What is the Net Worth of KaZam?
Mary Beth appeared on Shark Tank requesting $300,000 in exchange for a 20% stake in Kazam. This translates to a $1.5 million valuation.
She accepted an offer from Mark and Barbara of $300,000 for 32% stake thus a 937,500 valuation.
The current valuation is higher compared to the she accepted on the Show since the Company has grown.
Who are the Competitors of KaZam?
Top Competitors of KaZAM includes; Schwinn Bikes, Strider Sports International, EVELO Inc., Faraday Bicycles Inc., Superpedestrian Inc., Ninebot Inc., Pedego Electric Bikes company and Currie Technologies Inc.
KaZam Shark Tank Episode Summary
|Shark Tank Episode||Shark Tank Season 5 Episode 21|
|Founder & Entrepreneur||Mary Beth|
|Amount Asked For||$300,000 for a 20% stake in her business|
|Deal: Accepted Offer||$300,000 for 32% equity of the company.|
|The Shark Investor||Sharks Mark Cuban and Barbara Corcoran|
|Business Net Worth||$1.5 million valuation|
|Business Status||The business is still in operations|
What is KaZam?
KaZam is a company which produces children’s balance bikes.
Who founded KaZam?
Mary Beth Lugo is the Founder of KaZam.
Where is KaZam headquarters?
The Company is headquartered in West Fairfield, New Jersey, United States
Where can they buy KaZam products?
They can buy the products from their official site: www.kazambikes.com
How much was she seeking in the Shark Tank?
Mary Beth Lugo was seeking $300,000 in exchange for a 20% stake in KaZam.
Did she get the deal from the Sharks?
She get the deal from Sharks Mark Cuban and Barbara Corcoran.
How much was the deal?
The deal was $300,000 for 32% stake thus a 937,500 valuation.
What happened to Kazam after Shark Tank?
Within a few months of Mark Cuban’s investment in Kazam Bikes, revenues surpassed $1.5 million. The bikes were soon featured in publications such as Sky Magazine, as well as receiving distinction from the Oppenheim Toy Portfolio and the Mr. Dad Seal of Approval.
How much does it cost to purchase?
She makes them for $28.25 and sells them wholesale for $45. They sell direct to the public for $99.95.
What age are recommendable for KaZam bikes?
She recommend the bikes for 2-5 years old. KaZam has introduced Ride-On, a small balancing bike designed for children as young as 12 months old, after appearing on Shark Tank.
What is their warranty policy?
All KaZAM products are warranted for one year from the date of purchase.
This Warranty is only valid for the original retail purchaser, who must provide evidence of purchase to substantiate any claim.
This guarantee cannot be transferred to another person.
Where are Kazam motorcycles manufactured?
Take their youngster along for the journey! The Kazam iBert kid bike seat is front mounted, allowing their child to enjoy the ride just as much as they do! Furthermore, it is manufactured in the United States of America.
What is their returns policy?
If consumers are dissatisfied with their purchase, they may swap or return it within 30 days of purchase.
Returned products are subject to a 10% restocking fee as well as return shipping expenses.
If they are found to be at fault, no restocking or return shipping fees will be withheld.
Items must be returned in unused condition with no signs of wear. Items returned must also be in their original packaging.
What is net worth of Mary Beth Lugo?
Mary Beth Lugo net worth is $950,000 as of 2022.
How can they contact KaZam?