Creating something new and practical was Max Gunawan’s goal. He saw that people required portable, user-friendly lighting. The majority of conventional lights are bulky and difficult to transport. He desired to resolve this issue. Thus, he developed Lumio. Lumio is a book-shaped light. There is a gentle, pleasant light when you open it. It is portable and foldable. A USB cable may also be used to charge it.
When fully charged, the light may last up to eight hours. Max envisioned a lovely light that people could carry with them wherever they went. In Season 6, Max took Lumio to Shark Tank. He requested $250,000 in return for 8% of his business. Will the entrepreneur get a deal on Shark Tank? Check out the Lumio update to find out!
Lumio Lights Net Worth Shark Tank Update 2025
Max Gunawan went on Shark Tank asking for $250,000 for 8% of his company. This meant he thought his business was worth $3,125,000. He made a deal with Robert Herjavec for $350,000 for 10%, raising the valuation to $3,500,000. The episode was aired on January 9, 2015. The foldable LED book light company remains active and continues to sell worldwide. Using the default 10% yearly growth method, the current net worth of Lumio Lights is estimated to be around $10–12 million in 2025.
After Shark Tank, Lumio expanded significantly. Robert Herjavec’s deal was never finalized. However, Max expanded his business using the program as publicity. His product gained more recognition. Sales grew rapidly. Max increased the range of products he offered. He began producing a variety of folding lights. They all retained a distinctive book-like style.
The business concentrated on internet sales. This made it easier to contact clients worldwide. Lumio was making more than $4 million annually by 2024. The business sells the lights on its website. Their quality and design have kept them in demand. Lumio has developed into an established and expanding brand.
On Shark Tank, Lumio did indeed get a deal. Robert Herjavec made Max an offer, which Max accepted. Robert made an offer of $350,000 for ten percent of the business. Max was pleased with the offer as it increased his income while maintaining a modest equity level. Max agreed to the show, but the contract never went through.
After shooting, Shark Tank deals do not always get finalized. Max kept expanding his business despite the contract. Lumio achieved great success on itself.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | $250,000 for 10% equity | $350,000 for 10% equity | yes |
| Lori Greiner | $250,000 for 12% equity +250k line of credit | N/A | N/A |
| Kevin O’Leary | $250,000 for 4% equity, but he added a $7 per unit royalty to his deal | N/A | N/A |
| Daymond John | $750,000 for 20% equity, plus a $10 million line of credit | N/A | N/A |
| Mark Cuban | $500,000 for 16% equity | N/A | N/A |
Lumio Lights Shark Tank pitch
Lumio was founded by Max Gunawan. Before establishing his business, he was an architect. His experience in design enabled him to produce something original and useful. He constantly aimed to create goods that were both aesthetically pleasing and practical. Max identified an issue and came up with the idea for Lumio. He saw that a lot of lights were difficult to carry or transport. Conventional lights are large and hefty.
They must remain connected to a wall. Max sought to design a portable, light-weight light. He also desired a sleek, contemporary appearance for the lamp. Books served as Max’s inspiration. Making a light that resembled a book seemed like a great idea. The light illuminates when you open it. The design was straightforward but imaginative. He put a lot of effort into making his concept a reality.
It was not simple to start the firm. Max had several difficulties. The expense of creating the lights was one of the main obstacles. Producing each light was costly. In order to make the product long-lasting, he decided to employ premium materials. However, this resulted in high production costs. Max also needed funds to expand his company. To raise money, he launched a campaign on Kickstarter.
It was a huge success. It brought in $580,000. This provided Max with the funds he required to begin manufacturing the lights. Max established his business via hard labor. His perseverance and ingenuity enabled him to overcome obstacles.
Max walked confidently into the Shark Tank. Lumio was introduced to the sharks by him. The light had the appearance of a hardback book. When it was opened, a bright light emerged. Max demonstrated the ability of light to fold into many forms. It has a clean, contemporary design. Max described the operation of the light. It can run on a recharged battery for up to eight hours. A USB cable may be used to charge it.
Because of its magnetic properties, the light may adhere to metal surfaces. It is therefore simple to utilize any place. The design left a lasting impression on the sharks. Max revealed that he had already sold more than $1 million. His Kickstarter effort provided the majority of this. $580,000 was raised by the campaign. This was seen by the sharks as evidence that consumers adored the product.
Max demanded 8 percent ownership in return for $250,000. “It costs $65 to make each light he stated. Their retail price is $190. The profit margins were deemed favorable by the sharks. However, they also recommended looking for methods to reduce the cost of production. The product and its potential appealed to the sharks. They made offers fast. This demonstrated their faith in Max and his business.
The sharks got a lot of inquiries concerning Lumio. They wanted to know more about the company and the product. One of the initial inquiries concerned the sales. Max claimed to have made more than $1 million in his first year with the Sharks. His effort on Kickstarter accounted for the majority of the sales. This was encouraging as it demonstrated that consumers were interested in purchasing the goods.
The sharks enquired about the price of creating each light. “It costs $65 to make one light,” Max stated. The lights cost $190. A healthy profit margin results from this. However, some sharks believed the production expense was excessive. They enquired about the possibility of lowering it. The sharks were also interested in Max’s plans for expanding the company. “I want to expand my product line,” Max stated.
Prioritizing e-commerce and enhancing his marketing were other goals. Online sales, in his opinion, were the most effective technique to expand your clientele. The product’s materials were questioned by a few sharks. Max claimed to have utilised premium materials including cloth and wood. The lights became appealing to long-lasting as a result. Although the sharks believed the quality was good they felt it increased the price.
The sharks gained a better understanding of the goods thanks to the inquiries. Their excitement came from its possibilities. Every shark saw something unique about Lumio.
All the sharks offered Lumio. Their level of trust in the product was demonstrated by this. The initial offer came from Robert Herjavec. He proposed to give 10% stock in exchange for $250,000. Kevin O’Leary offered as well. He made a $250,000 offer with 4% equity. In addition, Kevin demanded a $7 royalty on each bulb sold. Mark Cuban extended his offer. He proposed a 16 percent stock exchange for $500,000.
Mark was interested in boosting Lumio’s internet sales. Lori Greiner also sent an invitation. In exchange for 12 percent stock, she provided $250,000. It was Daymond John who offered the best offer. In exchange for 20 percent stock, he offered $750,000. He added a $10 million credit line as well. During the pitch, this was the largest offer. Max has several possibilities to pick from.
The sharks recognized the promise of the product and wanted to invest. His offer was modified by Robert Herjavec to $350,000 for 10% equity. Max found this offer appealing. It kept the equity low and offered him more money. He chose to take Robert’s offer.
What Went Wrong With Lumio On Shark Tank?
The pitch went off without a major problem. Lumio was offered by every shark. All of them had faith in the product. Robert Herjavec’s deal never got finished. This occasionally occurs following Shark Tank. Later deals that are struck on the show do not always close. Despite the deal’s failure, Lumio managed to achieve success. Max expanded his business by using the program as publicity.
Product Availability
You may still buy Lumio lights nowadays. The business sells them on its website. The website has a variety of foldable light types. Every lamp has a different style. The lights are constructed from premium materials. They are strong and long-lasting as a result. It has a sleek, contemporary design. Because the product is both gorgeous and functional, customers adore it.
You may use the lights anywhere because they are portable. They look great as decorations or for reading. They are simple to affix to metal surfaces because of their magnetic nature. A Lumio light costs around $190. Customers believe the quality is worth the premium price. Lumio is an e-commerce company. They are able to contact clients worldwide because of this. Lumio remains a popular option for many people.
Conclusion
Lumio had a successful Shark Tank adventure. Every shark was amazed by the product. Robert Herjavec offered Max a deal, which Max accepted. Despite the deal never closing, Lumio became a profitable company. The lights are admired for their superior quality and distinctive appearance. Every year, the business makes millions from sales.
Lumio is evidence that success may be attained through perseverance and ingenuity. We are excited to see what Max and Lumio come up with next.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
