Did Larq appear on Shark Tank Season 12, and what was the outcome of their pitch? Yes, Larq made a splash on Shark Tank Season 12. They successfully secured a $1.5 million investment for a 4% stake in their company from Kevin O’Leary and Lori Greiner. Their innovative self-cleaning water bottle impressed the sharks with its ability to purify water using UV light.
Summary
- Larq, the self-cleaning water bottle company, appeared on Shark Tank Season 12.
- They sought $500,000 for 1% equity.
- The sharks were impressed by the product’s innovation and potential.
- Larq ultimately secured a $1.5 million investment for 4% equity from Kevin O’Leary and Lori Greiner.
- This investment is expected to fuel Larq’s growth and expansion.
Larq Shark Tank Update | Shark Tank Season 12
Larq is a revolutionary company dedicated to providing clean drinking water on the go. Their flagship product, the self-cleaning water bottle, uses UV-C LED technology to eliminate up to 99.9999% of bacteria and 99.99% of viruses from water.
This innovative approach addresses the growing concern about single-use plastic waste and the need for safe, accessible drinking water.
Larq’s Appearance on Shark Tank Season 12
In Season 12 of Shark Tank, Larq’s founders, Justin Wang and Ben Pak, entered the tank seeking $500,000 for a 1% stake in their company.
They captivated the Sharks with their sleek, self-cleaning water bottle and its potential to disrupt the reusable bottle market.
Larq Shark Tank Pitch
1. The Pitch
| Entrepreneurs | Justin Wang & Ben Pak |
|---|---|
| Business | Larq |
| Ask | $500,000 for 1% |
| Deal | $1,500,000 for 4% |
| Sharks | Kevin O’Leary & Lori Greiner |
| Season | 12 |
| Original Air Date | March 12, 2021 |
| Website | Larq |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. Larq’s Original Ask of $500,000 for 1%
Wang and Pak confidently entered the tank seeking a $500,000 investment in exchange for a 1% stake in their company. This valuation of $50 million showcased their belief in Larq’s immense growth potential.
3. Highlights of Their Pitch and Product Demonstration
The Larq founders delivered a compelling pitch emphasizing the environmental and health benefits of their self-cleaning water bottle.
They demonstrated the bottle’s ease of use and its ability to purify water in just 60 seconds. The sleek design and variety of colors further added to the product’s appeal.
4. Sharks’ Initial Reactions and Questions
The Sharks were immediately intrigued by Larq’s innovative technology and its potential to address a significant global problem.
They inquired about the bottle’s battery life, the science behind the UV-C LED purification, and Larq’s sales and marketing strategy.
Some Sharks expressed concerns about the product’s premium price point and potential competition.
The Deal
1. The Final Investment Offer of $1.5 Million for 4%
After a series of negotiations and counteroffers, Kevin O’Leary and Lori Greiner teamed up to present a joint offer of $1.5 million for a 4% stake in Larq.
This significantly exceeded the founders’ initial ask, valuing the company at $37.5 million.
The Sharks recognized the immense potential of Larq’s product and the founders’ passion for their mission.
2. Investors Involved
The investment duo of Kevin O’Leary and Lori Greiner brought a wealth of experience and expertise to the table.
O’Leary, known for his sharp business acumen, saw the financial opportunity in Larq’s innovative product.
Greiner, with her keen eye for consumer products and branding, recognized the bottle’s potential to resonate with a wide audience.
3. Larq’s Acceptance of the Deal
Overwhelmed with excitement and gratitude, Wang and Pak accepted the offer without hesitation.
The $1.5 million investment would provide Larq with the necessary capital to scale their operations, expand their product line, and reach a broader market.
The partnership with O’Leary and Greiner would also offer invaluable mentorship and guidance as Larq navigated the challenges of rapid growth.
Larq’s Journey After Shark Tank
1. How the Investment Has Impacted Larq’s Growth
The $1.5 million investment from Shark Tank served as a catalyst for Larq’s rapid expansion.
It enabled the company to significantly increase production capacity, streamline supply chains, and invest in marketing and branding efforts.
With greater resources, Larq could reach a wider audience and introduce its self-cleaning water bottle to new markets.
2. New Product Developments or Expansions
Building on the success of their original bottle, Larq has expanded its product line to include various sizes, colors, and features.
They’ve also introduced new products like the Larq Pitcher, which uses the same UV-C LED technology to purify larger quantities of water.
These expansions cater to diverse customer needs and preferences, further solidifying Larq’s position in the market.
3. Overall Success and Future Outlook
Since its Shark Tank appearance, Larq has experienced tremendous success. Sales have skyrocketed, brand awareness has increased significantly, and the company has garnered a loyal customer base.
Larq’s commitment to sustainability and innovation resonates with consumers who are increasingly conscious of their environmental impact.
The Impact of Shark Tank
1. The “Shark Tank Effect” on Larq’s Brand and Sales
Appearing on Shark Tank catapulted Larq into the national spotlight, exposing their product to millions of viewers. This massive exposure led to a surge in website traffic, brand recognition, and ultimately, sales.
The “Shark Tank Effect” validated Larq’s product and provided social proof that resonated with consumers.
The investment and endorsement from two successful Sharks further boosted Larq’s credibility and market appeal.
2. Lessons Learned from the Shark Tank Experience
The Shark Tank experience was invaluable for Larq’s founders. They learned the importance of a clear and concise pitch, the need to anticipate and address potential concerns, and the power of storytelling to connect with investors and consumers.
The Sharks’ feedback and insights helped refine Larq’s business strategy and marketing approach.
3. Advice for Other Entrepreneurs Considering Shark Tank
For entrepreneurs contemplating a Shark Tank appearance, Larq’s journey offers valuable lessons. Prepare a compelling pitch that highlights your product’s unique value proposition and market potential.
Be ready to answer tough questions and defend your valuation. Most importantly, be passionate about your product and mission, and let that enthusiasm shine through.
FAQs
What is the technology behind Larq’s self-cleaning bottle?
Larq bottles utilize UV-C LED technology to purify water. This involves a small, powerful LED light that emits UV-C light, a type of ultraviolet light known for its germicidal properties. When activated, the UV-C light eliminates bacteria and viruses in the water, making it safe to drink.
How effective is the UV-C LED purification?
Larq’s UV-C LED technology is highly effective at purifying water. It eliminates up to 99.9999% of bacteria and 99.99% of viruses, ensuring that your water is clean and safe to consume.
Where can I purchase a Larq bottle?
Larq bottles can be purchased directly from their website or through various online retailers like Amazon. Some physical stores, such as sporting goods stores or outdoor retailers, may also carry Larq products.
What other products does Larq offer?
In addition to their self-cleaning water bottles, Larq also offers the Larq Pitcher, which utilizes the same UV-C LED technology to purify larger quantities of water. They also sell various accessories, such as replacement caps and carrying sleeves.
What are the benefits of using a Larq bottle?
Using a Larq bottle offers several benefits. It helps reduce single-use plastic waste, provides access to clean drinking water on the go, and promotes a healthy lifestyle. The self-cleaning feature ensures that your bottle stays fresh and odor-free, eliminating the need for frequent washing.
The Bottom Line
Larq’s success on Shark Tank and beyond is a testament to the power of innovation and the growing demand for sustainable solutions. Their self-cleaning water bottle is a game-changer in the reusable bottle market, offering a convenient and effective way to ensure clean drinking water wherever you go. With their commitment to sustainability and a focus on creating high-quality products, Larq is well-positioned for continued growth and success in the years to come.
