What Happened to TheMagic5 after Shark Tank? TheMagic5 Shark Tank Update|
What is TheMagic5?
TheMagic5 is a firm that manufactures custom-fit swimming goggles that are tailored to your face’s unique shape. TheMagic5 goggles are the first of their kind: personalized 3D-printed eyewear with facial recognition technology powered by artificial intelligence.
Custom 3D-printed goggles built using a proprietary program and algorithm that fit your face perfectly.
Utilizing Optimal Fit Technology, theMagic5 goggles are custom-made for a more comfortable swimming experience. Swimming how it should be; distraction-free.
Who is the founder of TheMagic5?
TheMagic5 was founded by Bo Haaber and Rasmus Barfred of Brooklyn, New York and Charlotte, North Carolina, respectively.
Both males are avid triathletes and swimmers. They are not joined by a third partner, Nicholas Granet, a professional swimmer for the Danish National Team.
Each of the three hails from Denmark, a country known for its technological prowess. Bo came up with the concept after becoming dissatisfied with his uncomfortable, leaking eyewear.
He was determined to make a difference, and together they traveled the world to learn how to produce swim goggles.
The technology is the secret sauce behind this personalized eyewear. Customers just download their app and use it to scan their face, similar to how they would take a selfie. Their technology then creates custom-fit goggles, allowing the firm to create eyewear exactly for you.
As they say, “one size fits all.” They launched their firm in November 2017 with a successful Kickstarter campaign that collected $$100,589 in funding.
They scanned backers’ faces and began shipping items from their freshly constructed production plant in Charlotte, North Carolina, in February 2018. Now, the turnaround time from scan to delivery is only five days.
The goggles themselves are distinctive. They will conform to the curve of your face as a result of the scan.
The temples direct the goggles in such a way that they remain stable when you enter the water. The goggles are further stabilized by the robust nose bridge that suits just you.
The goggle glass features the greatest anti-fog coating available, is mirrored for outside swimming, and is available in a variety of colors. Curved glass makes them more hydrodynamic in the water as well.
Custom goggles range in price from $55 to $65, depending on the design. Additionally, you may purchase them in bundles to save money. All goggles are backed by a 30-day money-back guarantee.
What Happened to TheMagic5 at Shark Tank pitch?
In Shark Tank episode 1303, Bo Haaber and his nephew, Rasmus Barfred, want to discover the right fit for The Magic 5, their custom-made swim goggles. They’re looking for a Shark to lend them money to expand their production capacity.
Bo and Rasmus appeared on Shark Tank in seeking of $500,000 in exchange for a 2.5% in their firm, which worth $20 million.
They discuss the shortcomings of traditional goggles and how they create their own. They want to ensure that all swimmers have their goggles.
The Sharks examine their samples (which have not been personalized for them) and are surprised to realize that swim goggles represent a $2.2 billion industry. Nirav and Robert, on the other hand, are not.
Since 2018, they’ve grown to 40,000 users and generated $3 million in revenue. They have been expanding at a 3X annual rate.
Robert believes that the concept is logical. Bo admits that the idea came to him while on vacation and he was without his goggles.
He was unable to locate any that fit. When Kevin inquires as to why they are not priced more, Bo responds that they intended to remain in the center of the premium goggles pricing range.
They are made for $14 and sold for $55. The cost of acquiring a customer is $24. They have raised $1.5 million to date with a valuation of $9 million.
The following table summarizes the sales: It was $180,000 in 2018, $370,000 in 2019, $1.2 million in 2020, and $1.5 million so far in summer 2021.
They relocated to the United States of America to take advantage of the larger swimming market. They get some of their components from China and customize them at their Charlotte factory.
They hold a patent on their algorithm for fitting. They employ an advanced robotics firm that runs on their software to build everything.
While they are relaying this information to the Sharks, Kevin is speaking in Nirav’s ear in hushed tones.
Mark intervenes and clarifies that they are not a Google firm, but a robotics one. He offers $500,000 in exchange for 7.5% equity.
Kevin and Nirav are offering $500,000 in exchange for 5% equity and a $3 royalty on each unit sold up to a total of $1.5 million.
Robert claims that to have spent the last 18 years watching his daughter swim and has offered $500,000 in exchange for 5% stock shares.
Lori proposes to join Mark or Robert, claiming that her sales experience complements their technical expertise. Robert says he’ll go with Lori, which reduces Kevin and Nirav to 4% equity.
Lori and Robert then agree to go to 6% equity shares, but Robert states that he will remain at 5% equity shares in the absence of Lori.
Kevin and Nirav are then reduced to 3% equity shares. Robert states that he desires this deal and offers $1 million in exchange for 6.5% equity shares. They accepted and walked away with a deal.
What Happened to TheMagic5 after Shark Tank?
They stated immediately following the exhibition that they intended to expand into gas masks, dive masks, face masks, and spectacles.
After the cameras stopped filming, Mark apparently approached Robert about being a part of the arrangement.
According to Bo Haaber, Mark and Robert each contributed $500,000 for a 3.25 percent stake in the corporation.
The firm is still operating as of February 2022, with yearly sales of $2.68 million.
Competitors of TheMagic5
The main competitors of TheMagic5 are; Speedo, Cressi and Swimmers Supply.
Net Worth of TheMagic5
The company valuation was $20 million during the pitch, after the investment done after the pitch the company worth $15.4 million. Since then the company has an estimate net worth of $20 million.
What is TheMagic5?
TheMagic5 is a custom design goggles manufacturing company with headquarters 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 for $500,000 for 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 it 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 are able to 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 own design.
How many features does TheMagic5 have?
Features of TheMagic5 include: The ability to scan a person’s face, the ability to pick a design, Ability to choose personal color combinations, and enquire where customer can purchase it.
Is TheMagic5 safe for eyes?
TheMagic5 is safe for eyes; it is made of 80% silicone.
Where can I buy TheMagic5?
TheMagic5 can be purchased at any of the authorized retailers 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 in the market.
What is TheMagic5 made of?
TheMagic5 is made of silicone material that was originally developed by NASA.
Is TheMagic5 shipping?
TheMagic5 are shipped worldwide, at the moment they provide shipping to US, UK, India, Ireland and Poland. They will ship goggles for free if a buyer purchases on their official site.
Does TheMagic5 produce customized design?
No, TheMagic5 does not manufacture any customized design of their own they simply make replicas of other designs.
What is TheMagic5 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 a variety of 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 7 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 Haaber?
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.