Poplight Shark Tank Update – Net Worth, Pitch & Deal

On Shark Tank Season 15 Episode 11, Caroline and Rose presented us with a unique set of bedroom lights, the Poplight. It was a fairly new business that had just developed the prototype of smart bedroom lights that were installed immediately. 

The founders sought an investor to fund their working capital and help with increasing the inventory to cater for the upcoming sales hike. They asked the Sharks for $150,000 for an 8% share in equity. Did they get a deal? The question is answered in our Poplight Shark Tank Update.

Poplight Net Worth

Poplight has a net worth of around $2 million. Calorine and Rose demanded $150,000 for 8% of the share in equity. Kevin accepted the offer and gave it to them. If we perform a valuation, $150,000 for 8% equity grosses up to $1,875,000 in total. A rough estimate can be made regarding the valuation, which makes it a $2 million company.

Did Poplight get a deal on Shark Tank?

Poplight demanded $150,000 for 8% of equity. The product did impress all the sharks, but due to reservations regarding the uniqueness of the concept. Kevin O’Leary and Barbara Corcoran offered Poplight the sum of investment it demanded. However, it all came down to royalties at the end.

Poplight accepted Kevin’s offer in the end, which asked for an 8% share in the company and $2 as royalty. The royalty would reduce to $1 upon reaching $500,000 in aggregate, and it would continue in perpetuity. 

Shark(s) nameOfferDemandCounterofferAccepted?
Kevin O’Leary $150,0008% of equity and $2 royalty per unit of product sold. Royalty would be reduced to $1 per unit after the $500,000 tier is reached. The $1 royalty will continue in perpetuity.N/AYes
Barbara Corcoran $150,000$20 royalty per unit in perpetuity.$100,000 in cash and $50,000 in-line credit against a $12 royalty in perpetuity.No
Robert Herjavec N/AN/AN/AN/A
Lori Greiner N/AN/AN/AN/A
Mark Cuban N/AN/AN/AN/A

Poplight Shark Tank Update

Poplight products

poplight products on shark tank

Poplight is a company founded by a wife-and-wife couple from Denver, Colorado, Caroline and Rose. When moving in together, they faced issues installing lights in their bedroom. This problem made them think of a removable bedroom light that needs no excessive wiring or wall repair.

Hence, Poplight was formed. The company specializes in producing decent bedroom lights that can be attached or detached from the wall at any time. It supported remote controllability and intensity adjustments, unlike most competitors on the market. Sharks were impressed by the idea and execution, but how did the pitch go? Find below.  

Poplight Founder and backstory

poplight founder and backstory

The founders of Poplight are a wife-and-wife couple from Denver, Colorado. The first half of the couple is Caroline, a licensed clinical social worker who performs therapies on couples and individuals. Rose, the second half, is a data viz and tech support. 

When the couple moved in together, they wanted to install wall lights on both sides of the bed. However, fixing lights in the bedroom was a messy job. It includes punching holes through the wall, connecting wires together, and patching everything in the end. They considered hiring an electrician to install the bedroom lights, but it proved expensive.

Going through this hefty electric fitting exercise, the couple assessed the gap in the market and founded Poplight. It is a modern lighting solution for everyone who needs a simple life. The product is explained later in great detail. 

Pitch and initial presentation 

The door opened on Shark Tank Season 15 Episode 11, but no one entered the hall. Sharks were eagerly waiting when the alarm rang, and two women jumped out from the bed. Caroline and Rose introduced themselves as a wife-and-wife couple from Denver, Colorado. They demanded $150,000 for an 8% equity stake in their company Poplight. 

The couple went on to explain the struggle they faced lighting their room. The job was hectic, and hiring a professional electrician cost too much. This was the point where they assessed a gap in the market and came up with a time-saving bedroom lighting solution. 

Both the ladies demonstrated how the product worked. It was a decent bedroom light with adhesive tapes on the back. It had different intensities, USB-C rechargeability, mobile app support, and much more. The product description is mentioned at the end of the article. 

Discussion on the pitch

Mark Cuban initiated the discussion by asking what had happened to the walls once the base had been removed from the wall. Rose answered that the detachment did not damage the wall. She further told how the light would turn on with just a tap. However, the couple explained that the product they were presenting was the first tooling prototype. Lori Greiner appreciated Poplight for its clean look and decent design. 

Robert Herjavec wanted to know the price and cost per unit. Caroline explained that the price was $95 and a unit cost $30, so the profits were 68%. Barbara Corcoran asked about the battery performance to assess the quality. Rose elaborated that a device took four hours to charge while the battery lasted five to nine hours (depending on the intensity and usage). 

Lori Greiner had reservations regarding whether the design was copied or had competition. Rose answered that the couple could not find any such product on the internet, so they developed Poplight. However, the company had filed three patents. A design patent and a couple of technology patents (pending). One of the patents was about the swivel and lock technology, while the other was related to non-damage tape attachment. 

Robert Herjavec asked about the sales figures. Answering this, Caroline boasted that Poplight made sales of more than $178,000 in less than four weeks. The company had the product launched at 6 AM and achieved its target in 22 minutes. She explained that the inventory was about to run out in four months. The company had not shipped the products as of yet but needed capital to produce more stock. She went on to elaborate that the sales were from organic content posted on social media and the official website.

Negotiation and final deal

poplight net worth

Kevin O’Leary made the offer to give $150,000 to the company for an 8% share in the equity and a royalty of $2. The royalty would reduce to $1 once it hits the $500,000 mark. However, the $1 royalty would continue in perpetuity. Mark Cuban and Robert Herjavec were impressed by Kevin’s lenient offer. 

Barbara Corcoran, however, had a brutal offer up her sleeves. She committed $150,000 as a no-equity deal, but Poplight had to pay her $20 as royalty. The royalty will continue in perpetuity. 

Robert Herjavec said that he loved the product and was impressed by the couple. He opted out by suggesting Caroline and Rose take Kevin’s offer, as Barbara did not offer them the right value.

Lori Greiner had concerns regarding the company’s market position and the volume of competition. She said that many things could stick to the wall and light up. Considering that, she eventually opted out. 

Mark Cuban explained that Poplight’s make-or-break feature was its adhesive and removal technology. However, he was not convinced by that, so he also opted out. Caroline tried persuading him, but Kevin asked her to focus on the available deals.

Rose asked if Barbara could take $12 as a royalty instead of $20. Barbara agreed but offered $100,000 as cash and $50,000 as credit. The credit would adjust with the $12 royalty. The couple further asked if Kevin could lower the royalty-reduction tier to $350,000. He refused and said that he had already offered them the best. Caroline and Rose accepted Kevin’s offer, shocking Barbara at once. 

Poplight availability 

Poplight is a lightweight device that attaches directly to your walls. It needs no hole-punching, hard-wiring, or wall-patching to install. You simply need to expose the double adhesives at the bottom of the base and attach them to the wall. Once attached, the next thing is to pop and click the light to the base. 

Poplight has many features, including dimmable intensities and USB-C rechargeability. The mobile app allows you to control color warmth, sleep timer, and light intensity. The USB-C charging technology fills the power within four hours. The battery performance is impressive, so you can use the lights for five to nine hours (depending on the set intensity and sleep timing). 

The flagship product is sold for $95, where the company lands a cost of $30, making it highly profitable. However, several competitors are selling wall-mounted lights. Despite the design and technology patents, it is easy to copy and innovate for the competitors. Poplight has to innovate constantly to beat the competition. You can purchase it from the official website, and the company also has social media handles.

Conclusion

Poplight was a very lucrative business that impressed Robert Herjavec, Kevin O’Leary, and Barbara Corcoran. However, the two other Sharks had concerns regarding the uniqueness of the product and the competition. Kevin and Barbara made an offer in the end, but Poplight closed the deal with Kevin O’Leary. 

Poplight was looking forward to financing its working capital as the inventory was about to go short in four months. Barbara’s offer had a credit of $50,000, which would have dented the company’s ability to meet the cash flow requirements. It was a great deal. Kevin complimented the couple and said that he loved their product. Caroline and Rose were excited when they left the stage. 

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