Where are The Magic 5 from 'Shark Tank' now? Goggle company roped in another Shark after the show
LOS ANGELES, CALIFORNIA: Everyone in the business industry, regardless of industry, is thrilled about new items and services because of innovation and technical breakthroughs. That is why The Magic 5, which bills itself as the first and only firm to offer custom-fitted swim goggles, sets a precedent for progress.
Rasmus and Bo appeared on 'Shark Tank', seeking $500,000 in exchange for 2.5% of their company. They highlighted the issues with traditional goggles and how they create their own. They insisted that all swimmers wear goggles. The Sharks examined their samples and were surprised to realize that swim goggles represent a $2.2 billion business. Now the duo will be back on the show on October 21, 2022, to share some more updates on the industry and more importantly their business.
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What happened during their time on 'Shark Tank'?
During their appearance on 'Shark Tank,' The Magic 5 has had 40,000 clients and $3 million in total sales since 2018. They were expanding at a 3X annual rate. Robert Herjavec believed the concept was sound. Bo claimed that the idea came to him while on vacation, and he had forgotten his goggles. He couldn't discover any that were suitable. When Kevin O'Leary wondered why they weren't priced more, Bo said that they intended to be in the center of the premium goggles pricing range.
The products cost $14 to create and $55 to sell. The cost of acquiring a customer was $24. They had previously raised $1.5 million at a value of $9 million. The sales were divided as follows: 2018 was $180,000; 2019 was $370,000; 2020 was $1.2 million; and the summer of 2021 was $1.5 million. They relocated to the United States since the swimming market is larger there. Some of their parts are sourced from China, and they are customized in Charlotte. Their fitting algorithm is protected by a patent. They employ an advanced robotics firm that runs on their software to build everything.
Kevin was whispering in Nirav Tolia's ear while they were telling the Sharks all of this. Mark stood up and stated that they are not a goggle company, but rather a robotics firm. He offered $500,000 in exchange for 7.5%. Nirav and Kevin offered $500,000 in exchange for 5% plus a $3 royalty on each unit sold up to $1.5 million. After spending 18 years watching his daughter swim, Robert offered $500,000 for 5%. Lori Greiner volunteered to work with Robert or Mark Cuban, claiming that she provides a sales component to their technical skills. Robert stated that he will accompany Lori. Nirav and Kevin then reduced it to 3%. Robert expressed interest in the business and offered $1 million for 6.5%. They agreed.
Where is The Magic 5 now and how is the company faring today?
You'll be relieved to know that the 'Shark Tank' proposal provided The Magic 5 with much-needed exposure, and it didn't take long for sales to skyrocket. In addition to generating $2.6 million in sales in 2021, the firm was valued at $15 million and was covered in renowned magazines such as Today, The New York Times, and Men's Health. Customers may only purchase The Magic 5 through their official business due to the bespoke nature of the product, which takes around five days from scanning to shipment.
Following the show, they stated that they planned to expand into glasses, face masks, dive masks, and gas masks. After the cameras stopped rolling, Mark apparently approached Robert about joining the deal. Bo Haaber told a Charlotte TV reporter that Robert and Mark each invested $500,000 for 3.25% of the company.
FINA has previously acknowledged The Magic 5 glasses, which are being used by sportsmen all over the world. During the Olympics and World Championships, competitors were required to wear their spectacles. Smoke Magic, Clear Magic, Blue Magic Mirror Gold, and Blue Magic Mirror Silver, Blue Magic, and Black Magic Mirror Silver - as well as a cap - are now available from the firm. On their website, you may view all of their items.
‘Shark Tank’ Season 14, Episode 5 airs on ABC on Friday, October 21, 2022, at 8 pm ET. Catch the latest episode that features products like Pretty Rugged, Big Bee Little Bee, Bridal Babes, and Plufl.