The Magic 5 Swim Goggles On Shark Tank Season 13
Featured on Shark Tank
The Magic 5 Swim Goggles On Shark Tank Season 13
The Magic 5 specializes in creating custom-fit swim goggles tailored to the unique contours of each swimmer’s face. This customization ensures a perfect fit and enhances comfort and performance. Founders Bo Haaber and Rasmus Barfred captivated the sharks with their technology and secured a substantial investment from Robert Herjavec, who offered $1 million for 6.5% equity.Summary:
- Company Name: The Magic 5
- Founders: Bo Haaber, Rasmus Barfred
- Founded: 2017
- Product: Custom-fit swim goggles
- Asked For: $500,000 for 5% equity
- Final Deal: $1 million for 6.5% equity with Robert Herjavec and Mark Cuban.
- Season/Episode (Shark Tank USA): Season 13, Episode 4
- Business Status: In Business
- Headquarters: Charlotte, North Carolina, USA
- Lifetime Worth (Sales): Estimated $3M
- Investor: Robert Herjavec
- Go To Amazon: Buy Now
- Watch On: Amazon Prime
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Description
The Magic 5 Swim Goggles On Shark Tank Season 13
The Magic 5’s appearance on Shark Tank led to a successful deal with Mark Cuban and Robert Herjavec. The company has since grown rapidly, expanding its product line and partnerships while generating millions in revenue.
Here is what happened when The Magic 5, a company that makes custom-fitted swim goggles, appeared on Shark Tank Season 13:
The Magic 5 on Shark Tank
- Entrepreneurs: Bo Haaber and Rasmus Barfred
- Product: Custom swim goggles that use a scanning app to perfectly fit each user’s face
- Ask: $500,000 for 2.5% equity
- Pitch: Haaber and Barfred explained how traditional swim goggles often leak, fog up, and are uncomfortable. Their app scans the user’s face to create a custom pair of goggles.
- Shark Reactions: The Sharks were impressed by the technology and the $3 million in lifetime revenue the company had generated since launching in 2018. However, they questioned the high customer acquisition costs.
- Deals Offered: After negotiations, Robert Herjavec offered $500,000 for 5% equity. Kevin O’Leary and guest Shark Nirav Tolia offered $500,000 for 5% plus a $3 per unit royalty until $1.5 million was repaid. Lori Greiner offered $500,000 for 6% equity. Mark Cuban made the winning offer of $500,000 for 7.5% equity.
After Shark Tank
- Shark Involvement: After the episode aired, Mark Cuban approached Robert Herjavec to join the deal. They each invested $500,000 for 3.25% equity.
- Sales Growth: The Magic 5 reported $2.6 million in revenue in 2021 and a current valuation of $15 million.
- Product Expansion: The company launched a Kickstarter campaign for new custom Oculus Interface goggles. They also partnered with Canyon Bicycles to offer customized bikes.
- Current Status: As of 2024, The Magic 5 has sold over 85,000 goggles and generated $4.1 million in total sales. They was projecting over $5 million in sales for 2023.
