What Happened to TheMagic5 After Shark Tank?
What is TheMagic5?
TheMagic5 is a company that makes custom-fit swimming goggles that are fitted to the unique shape of your face. The Magic5 goggles are the first of their kind: customized 3D-printed glasses with artificial intelligence-powered facial recognition technology.
Custom 3D-printed goggles are made to correctly suit your face using proprietary software and algorithm.
The Magic5 goggles are custom-made for a more pleasant swimming experience, thanks to Optimal Fit Technology. With its googles, swimming can be done without distractions.
Who is the founder of TheMagic5?
Bo Haaber and Rasmus Barfred of Brooklyn, New York, and Charlotte, North Carolina, respectively, formed TheMagic5.
Both men like triathlons and swimming. They are not joined by a third partner, professional swimmer Nicholas Granet of the Danish National Team.
Each of the three is Danish, a country famed for its technological strength. Bo devised the idea after getting unsatisfied with his uncomfortable, leaky glasses.
He was motivated to make a difference, and they traveled the world together to learn how to create swim goggles.
The secret sauce behind these individualized eyeglasses is technology. Customers download their app and use it to scan their faces in the same way they would shoot a selfie. Their system then generates custom-fit goggles, allowing the company to design eyeglasses just for you.
“One size fits all,” as they say. They began their company in November 2017 with a successful Kickstarter campaign that raised $100,000.
In February 2018, they scanned the faces of their backers and began sending goods from their newly constructed production facilities in Charlotte, North Carolina. The time it takes from scan to delivery is now only five days.
The goggles themselves are unique. As a consequence of the scan, they will adapt to the shape of your face.
The temples guide the goggles to stay in place when you enter the water. The goggles are further stabilized with a sturdy nose bridge that is tailored to your specific needs.
The goggle glass has the best anti-fog coating available, is mirrored for swimming outside, and comes in several colors. Curved glass also makes them more hydrodynamic in the water.
Depending on the design, custom goggles range in price from $55 to $65. You may also save money by purchasing them in bulk. All goggles come with a 30-day money-back guarantee.
What Happened to TheMagic5 at Shark Tank pitch?
Bo Haaber and his nephew, Rasmus Barfred, aim to find the best fit for The Magic 5, their custom-made swim goggles, in Shark Tank episode 1303. They’re seeking a Shark to give them money to expand their manufacturing capacity.
Bo and Rasmus came on Shark Tank seeking $500,000 in return for a 2.5% in their company, worth $20 million.
They talk about the flaws of standard goggles and how they made their own. They wanted to make sure that all swimmers were wearing goggles.
The Sharks inspect their samples (which were not tailored for them) and are startled to learn that swim goggles are a $2.2 billion market. Robert and Nirav, on the other hand, were not.
They’ve grown to 40,000 subscribers and made $3 million in revenue since 2018. They have been growing at a threefold yearly pace.
The notion, according to Robert, was rational. Bo confesses that the idea struck him while on vacation and without his goggles.
He couldn’t find any that fit. When Kevin asks why they aren’t priced higher, Bo says they want to stay in the middle of the premium goggles price range.
They cost $14 to make and $55 to sell. A client acquisition cost of $24 is incurred. They have raised $1.5 million to date and have a $9 million value.
The sales were summarized in the table below: In 2018, it was $180,000, $370,000 in 2019, $1.2 million in 2020, and $1.5 million in summer 2021.
They migrated to the United States of America to capitalize on the more significant swimming market. Some of their components are sourced from China and customized at their Charlotte plant.
They have a patent on their fitting algorithm. They use an advanced robotics business that operates on their software to create everything.
Kevin whispered in Nirav’s ear while they were presenting this information to the Sharks.
Mark clarifies that they are not a Google company but rather a robotics one. He offers $500,000 in return for 7.5 percent of the company’s shares.
Kevin and Nirav were giving $500,000 in return for 5% equity, and a $3 royalty on each unit sold, up to $1.5 million in total.
Robert claims to have spent the last 18 years observing his daughter swim and has offered $500,000 in exchange for 5% company shares.
Lori suggests that she work with Mark or Robert, stating that her sales experience will complement their technical ability. Robert decides to go with Lori, reducing Kevin and Nirav’s ownership to 4% equity.
Lori and Robert then agree to 6% equity shares, but Robert adds that he will remain at 5% equity shares in Lori’s absence.
Kevin and Nirav’s ownership stake is then decreased to 3%. Robert expresses his intention for this deal and offers $1 million in exchange for 6.5% equity shares. They agreed and went away with a deal.
What Happened to TheMagic5 After Shark Tank?
They said shortly after the show that they planned to expand into gas masks, diving masks, face masks, and glasses.
After the cameras were turned off, Mark allegedly contacted Robert about being a part of the arrangement.
Mark and Robert each invested $500,000 for a 3.25 percent share in the business, according to Bo Haaber.
As of February 2022, the company was still in business, with annual sales of $2.68 million.
Competitors of TheMagic5
TheMagic5’s primary competitors are Speedo, Cressi, and Swimmers Supply.
Net Worth of TheMagic5
During the pitch, the firm was valued at $20 million; after the investment, the company was valued at $15.4 million. Since then, the company’s net worth was estimated to be $20 million.
What is TheMagic5?
TheMagic5 is a bespoke goggle manufacturing firm based in Charlotte, North Carolina.
Who is the founder?
TheMagic5 was founded by Bo Haaber.
How much did they ask for on Shark Tank?
They were asking for $500,000 in exchange for a 2.5 percent share in the firm.
Were they able to close the deal?
Yes, they did secure the contract from Robert Herjavec on Shark Tank.
How much did the deal cost?
The transaction was for $1 million in exchange for 6.5 percent of the company’s stock.
Is TheMagic5 still in operation?
Yes, the company is still in operation as of February 2022.
Where is TheMagic5 located?
The headquarters of the corporation are in Charlotte, North Carolina.
What is TheMagic5’s product?
TheMagic5’s product is custom-designed eyewear that can scan a person’s characteristics and transmit them to a 3D-printed mold.
What is TheMagic5’s revenue model?
TheMagic5’s business strategy is subscription-based, which means that if they sell enough copies, they will get continual recurring money from each product sold.
What was TheMagic5’s purpose?
TheMagic5’s mission is to deliver bespoke swimming glasses to the market, allowing customers to choose colors, personalize their faces, and create their own designs.
What are the characteristics of TheMagic5?
TheMagic5 offers the following features: the capacity to scan a person’s face, the ability to choose a design, the ability to select customized color combinations, and the ability to inquire where the buyer can get it.
Is TheMagic5 harmful to the eyes?
The Magic5 is non-irritating to the eyes because it is comprised of silicone.
Where can I get TheMagic5?
TheMagic5 is available from any of the authorized shops mentioned on their website.
What is the price of TheMagic5?
The Magic5 is priced at $14 for non-personalized versions and $55 for customized versions, making it the most expensive goggles on the market.
What material is TheMagic5 composed of?
The Magic5 is constructed of a silicone polymer invented by NASA.
Is TheMagic5 available for purchase?
The theMagic5 ships worldwide; at the moment, they ship to the United States, United Kingdom, India, Ireland, and Poland. If a buyer purchases goggles from their official website, they will ship them free.
Is TheMagic5 able to create bespoke designs?
No, TheMagic5 does not create its own personalized designs; instead, they create duplicates of other people’s creations.
What is the return policy at TheMagic5?
TheMagic5 offers a 30-day return policy and a money-back guarantee.
Can I obtain TheMagic5 in a different color?
Yes, TheMagic5 is available in various hues, including green, pink, purple, and navy blue.
How can I make a payment for TheMagic5?
TheMagic5 is exclusively available through their official website, where you may pay for them using several payment ways, including credit cards, PayPal, and even wire transfers.
What if I misplace my TheMagic5?
TheMagic5 comes with a tag that may be used to identify the item’s order number. If an item is lost within 30 days of purchase, their customer service promises that all purchasers receive a replacement.
How long does it take to receive TheMagic5?
TheMagic5 is dispatched in around seven days, excluding weekends and national holidays.
Can I return TheMagic5 once I’ve received it?
Yes, TheMagic5 may be returned within 30 days after purchase by contacting their customer service department.