What Happened to TheMagic5 after Shark Tank? TheMagic5 Shark Tank Update|
What is TheMagic5? Who is the founder of TheMagic5?
TheMagic5 is a company specializing in custom-fit swimming goggles using 3D printing technology and facial recognition software.
The goggles are tailored to the unique shape of the user’s face, providing a comfortable and distraction-free swimming experience.
TheMagic5 was founded by Bo Haaber, Rasmus Barfred, and Nicholas Granet, all from Denmark, who are passionate about swimming and triathlons and were not satisfied with existing goggles on the market.
They raised funds through a Kickstarter campaign in November 2017 and began producing and shipping goggles from their factory in Charlotte, North Carolina, in February 2018.
The goggles are available in different colors and come with a 30-day money-back guarantee; prices range from 55-65$.
What Happened to TheMagic5 at the Shark Tank pitch?
Bo Haaber and Rasmus Barfred, the founders of TheMagic5, appeared on Shark Tank in episode 1303, seeking $500,000 in exchange for a 2.5% stake in their company.
They presented their custom-fit swimming goggles, created by a proprietary program and algorithm tailored to the user’s face, and demonstrated how it fits users perfectly.
They are in search of funding to expand their production capacity. The Sharks were intrigued by the potential of the swimming goggles market and the success the company had achieved so far, with $3 Million in revenue and 40,000 users since 2018.
They discussed their offers, and in the end, Robert Herjavec offered 1 Million dollars in exchange for 6.5% equity, and they accepted the deal.
What Happened to TheMagic5 after Shark Tank?
The Magic5 appeared on Shark Tank and received an investment from Robert Herjavec. After the show, the company announced plans to expand its product line to include gas masks, dive masks, face masks, and spectacles.
According to Bo Haaber, Mark Cuban also expressed interest in investing and ended up contributing $500,000 alongside Robert Herjavec for a 3.25% stake in the company.
As of February 2022, the company continues to operate, with reported annual sales of $2.68 million.
Net Worth of TheMagic5
The Magic5 was valued at $20 million when they appeared on Shark Tank. After receiving investments, their valuation dropped to $15.4 million. As of now, the company has an estimated net worth of $20 million.
Competitors of TheMagic5
The main competitors of TheMagic5 are; Speedo, Cressi, and Swimmers Supply.
TheMagic5 FAQs
What is TheMagic5?
TheMagic5 is a custom design goggles manufacturing company headquartered in Charlotte, North Carolina.
Who is the founder?
Bo Haaber is the founder of TheMagic5.
How much were they seeking on Shark Tank?
They were seeking $500,000 for a 2.5% stake in the company.
Did they have the deal?
Yes, they did get the deal on Shark Tank from Robert Herjavec.
How much was the deal?
The deal was $1 million for 6.5% equity in the company.
Is TheMagic5 still in business?
Yes, as of February 2022, the company is still in business.
Where is TheMagic5 located?
The company headquarters are located in Charlotte, North Carolina.
What is the product of TheMagic5?
The product of TheMagic5 is the custom-design goggles with the capability to scan a person’s features and deliver them to a 3D-printed mold.
What is the revenue model of TheMagic5?
The revenue model of TheMagic5 is subscription based, which means that if they can sell enough units, they will have ongoing recurring revenue from each unit sold.
Where is the company based?
What was the purpose of TheMagic5?
The purpose of TheMagic5 is to bring custom swimming glasses to the market and allow users to pick colors, personalize their faces, and create their designs.
How many features does TheMagic5 have?
Features of TheMagic5 include The ability to scan a person’s face, the ability to pick a design, the ability to choose personal color combinations, and enquire where customers can purchase it.
Is TheMagic5 safe for the eyes?
The Magic5 is safe for the eyes; it is made of 80% silicone.
Where can I buy TheMagic5?
TheMagic5 can be purchased at any authorized retailer listed on their website.
How much does TheMagic5 cost?
TheMagic5 is priced at $14 for non-customized and $55 for customized, making it the most expensive goggles available.
What is TheMagic5 made of?
TheMagic5 is made of silicone material that was initially developed by NASA.
Is TheMagic5 shipping?
TheMagic5 are shipped worldwide; at the moment, they provide shipping to the US, UK, India, Ireland, and Poland. They will ship goggles for free if a buyer purchases them on their website.
Does TheMagic5 produce customized designs?
No, TheMagic5 does not manufacture customized designs of their own they make replicas of other designs.
What is TheMagic5’s return policy?
TheMagic5 has a 30-day return policy and a 100% money-back guarantee.
Can I get TheMagic5 in other colors?
Yes, TheMagic5 can be purchased in different colors, such as green, pink, purple, and navy blue.
How do I pay for TheMagic5?
TheMagic5 is sold only through their official website, where one can pay for these goggles with various payment methods such as; credit cards, PayPal, and even wire transfers.
What happens if I lose my TheMagic5?
TheMagic5 comes with a tag that can be used to identify the order number of the item purchased. Their customer service ensures that all buyers get a replacement if an item is lost within 30 days of purchase.
How long does it take for TheMagic5 to be shipped?
TheMagic5 takes around seven days to be shipped, excluding weekends and national holidays.
Can I return TheMagic5 after receiving it?
Yes, TheMagic5 can be returned by contacting their customer service department no later than 30 days from the day of purchase.
What is the net worth of Bo Haber?
The net worth of Bo Haaber is not available.
What is the net worth of Rasmus Barfred?
The net worth of Rasmus Barfred is not available.
