Lavabox Shark Tank Update – Net Worth, Pitch & Deal

Campfires are a hassle and a dangerous, hazardous activity that can cause a lot of destruction. Hence to prevent that Josh Thurman came up with the idea of a product that allows people to have campfires without causing a mess and is also easy to carry, the Lavabox.

An easy, simple, and clean solution to have all the campfire fun you want without leaving a mess behind. Will the Lavabox melt the hearts of the Sharks and get a deal? Find out more below.  

Lavabox net worth

Josh Thurman asked for a $200,000 investment in exchange for 10% equity in his company, Lavabox. This meant he valued his company at $2 million. He made a deal with Lori Greiner for $200,000 in exchange for 12.5% of his company, plus a $0.75 royalty per unit sold until Lori gets her investment back. This new deal valued his company at $1.6 million. After the show aired, Lavabox saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Lavabox is about $2.58 million.

What happened to Lavabox after Shark Tank?

Lavabox is still in business and is thriving. Their website is lush with content about cooking, video demonstrations, and whatnot. New accessories have been added to the website. It is being sold on the websites of Lavabox, Thunderbolt Adventure Supply, TTS Waldo, Overland Addict, and 4Corners River Sports.

Social media is active and heavily focused on demonstrating the uses of Lavabox along with sharing happy customer feedback. Ever since his appearance on the Shark Tank episode, the customer acquisition cost has further decreased leading to more profits. The product is also wildly popular among people and they love it, hence the decision-making process is not that difficult.

Did Lavabox get a deal on Shark Tank?

Yes, Josh was able to secure a deal in the Shark Tank. Josh’s pitch and amazing product won him 3 offers from the Sharks. Kevin said due to his influence as Chef Wonderful he will be asking for more and made the offer of $200,000 for a 20% stake in the company.

Daymond went next and due to his experience in licensing, he asked for $200,000 for 20%. Lori jumped in as well and made him a unique offer due to his great margins she offered $200,000 for 15% along with a royalty of 0.75 cents per sale until she earned back her $200,000.

Josh asked Lori if she would be willing to go down to 12% equity and Lori responded she would be willing to accept 12.50%. Daymond jumped in and said that he would be willing to accept 15% equity for no royalty. Kevin made a huge leap and said that he would give him $200,000 for a 10% royalty. Josh asked Lori if she would agree to 50 cents royalties per unit sold. However, among all the crosstalk Josh gestured to Lori and said that you got the deal.

Shark(s) nameOffer & DemandCounterofferAccepted?
Daniel LubetzkyOutN/AN/A
Lori Greiner#1: $200,000 for 15% and a royalty of 75 cents per unit sold until $200k is paid

#2: $200,000 for 12.5% and a royalty of 75 cents per unit sold until $200k is paid
$200,000 for 12.5% and 0.75 in royaltiesYes
Kevin O’Leary#1: $200,000 for 20%

#2: $200,000 for 10%
N/AN/A
Daymond John#1: $200,000 for 20% stake
#2: $200,000 for 15% stake
N/AN/A
Mark CubanOutN/AN/A

Lavabox Portable Campfire Shark Tank Update

lavabox net worth

Backstory

Lori asked about Josh’s background. Josh left his job at the National Sports Center for the disabled where he was working as a Program Director. Along with that he also teaches all kinds of sports to people with disabilities. He has focused all his life and energy on serving people. He is also on the board of the Colorado Whitewater Association.

When a camping trip came up, knowing that Josh is able to build adaptive equipment and is a big tinker, somebody said to him to make something smaller that is easier to manage and doesn’t take up too much space along with being easy to manage.

Hearing this Josh went home and built 7 prototypes. 7th one turned out to be the best one. He decided to launch it into the market and he was able to sell 40 units in a week. And that’s when he knew he had built something amazing.  

Initial Pitch

Josh Thurman came into the Shark Tank asking for $200,000 for 10% equity in his company. He introduced his product as world-saving. He spoke about mankind’s love to build campfires. He highlighted the fact that most of the wildfires are caused by manmade campfires and they cause a lot of devastation. However, this devastation is avoidable with the invention, that he created called the Lavabox.

Understanding that the wildfires can be prevented and are avoidable he decided to build something that will keep everyone safe, clean, and easy to use. The Lavabox serves as a Campfire without the hazards of wildfire. Throwing caution to the wind he lit up one of the Lavabox on display and demonstrated its use.

Using the Lavabox is extremely simple as explained by Josh. It’s a military-style ammo can, which has a removable lid, check the propane, which is the gas that lights up the fire, and then using the lighter provided by the manufacturer, light up and slowly turn up the gas. Depending on how much gas you choose to dispense the size of the fire will vary and can become much larger in size.

Explaining the use case scenarios of the Lavabox he told the sharks that it’s perfect for roasting marshmallows and at 1 foot above the box. Josh also told the Sharks that people asked him whether any cooking can be done on the box or not. To that, he said yes and demonstrated that the legs can be closed to be placed on top of the Lavabox for a variety of food cooking. He then told the sharks that it’s not only effective and efficient but also a grab-and-go solution to a very modern problem.

Queries about Lavabox

what happened to lavabox after shark tank

Daniel Lubetzky while exploring the Lavabox in front of him called it hardy. To which Josh explained that it is one of the lightest products in the market right now with the biggest fire. He further explained the items that can be found in the goodie bag. The goodie bag includes all the tools necessary to light the Lavabox, except propane.

Lori asked about the sizes, small, medium, and large. Kevin inquired about the size of the one he had in front of him confirming if it was the small one. Kevin further inquired which one was the most popular one. Josh told him that the small size is the most popular one and it’s called the Takana Twosome, which comes with the over/under the grill and sells for $195, and for him, the cost is $29 landed ready to be shipped.  

Kevin asked him about the sales and the numbers. Lavabox has been out in the market for 18 months. In the year of appearance on the show his company had made #610,000 and the profit was $290,000 and projected sales were $1.2 million.

Mark Cuban then asked if the sales were through retailers or online. Most of his customers are direct sales online and his sales can be attributed to word of mouth and popularity of the product. He also went to one trade show where he was able to sell $100,000 worth of merchandise.

Daniel asked if he had taken any money from other investors. To which Josh told him no and he hadn’t taken any money and that he was making money just 8 months after the launch of the company.

Shark’s responses and final deal

did lavabox get a deal on shark tank

Kevin said that he liked the product and that he has millions of followers who will be interested in purchasing this product.

Daymond asked what was he looking for in a shark, was it the money? To which Josh said that no, they were sold out all the time and he wanted to get into some Big Boxes. Lori added that he should also consider Bass Pro to which Josh exclaimed yes Bass Pro.

Lori asked what’s the most important thing for him in a partner. He said he had already developed the product and most of the difficult work was done already, all he was looking for was guidance from the shark.

Daymond said he liked the product and he liked the Big Box idea as well and it has the right appeal to be in the Big Box and will capture a lot of attention from prospective buyers. He also mentioned that it was about licensing that would get him in Big Box. 

Lori said that he doesn’t need to be in a lot of retail stores however Bass Pro and Camping World should definitely be targeted. She also said that he will get constant support from her whether it’s the middle of the night or midday.

Product availability

The product is being sold on the websites Lavabox, Thunderbolt Adventure Supply, TTS Waldo, Overland Addict, and 4Corners River Sports. However some of the sites have it completely sold out, but we hope the restocking will be done soon. Josh also attends tradeshows and promotes his products.

Conclusion

Josh came in with a fiery pitch, literally, and showed off the easy-to-use Lavabox, his own invention.  Lavabox by Josh Thurman won the hearts of 3 sharks who were so eager to invest in the business that they fought tooth and nail to get a deal. However, Lori had a special place in the heart of the entrepreneur and was able to get the deal.

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