THEMAGIC5 Shark Tank Update – Net Worth, Pitch & Deal

This exciting Shark Tank episode presented Themagic5, a revolutionary swimming goggles company. Rasmus and Bo, two swimmers founded Themagic5, make great custom-fit goggles. Using a phone scan of your face, this software can produce a 3D model of your eyes for bespoke eyewear.

They specialize in comfortable, durable, anti-fog goggles for anyone, from beginners to Olympians. Can Themagic5 defeat sharks? Can they predict the rewards and invest? Watch this spectacular Shark Tank Season 13 episode to find out!

THEMAGIC5 net worth

In 2023, the company’s valuation was around 15 million dollars. Considering the continuous growth, the company has grown tremendously; its net worth in 2024 will be about 20 million dollars.

Shark(s) InvolvedOffer madeAccepted?Equity
Lori Greiner  $500,000No6% stake
Nirav Tolia and Kevin O’Leary$500,000 and critical advisory servicesNo5% stake
Robert Herjavec  $1millionYes6.5%
Mark Cuban  $500,000No7.5% stake

THEMAGIC5 Shark Tank Update

what happened to themagic5 after shark tank

THEMAGIC5 and its Products

Athletes can customize the MAGIC5 swimming goggles. They use sophisticated scanning to photograph everyone’s face. The goggles will fit tightly without slipping, keeping your eyes dry and pleasant. Also, goggles are durable and well-made. Customizing these goggles with graphics and colors may be enjoyable, as the swimmers deserve the best aquatic experience. The net worth of THEMAGIC5 is $15 million.

Founder and Backstory

Bo Haaber and Rasmus Barfred were the brains behind THEMAGIC5. They made swimming goggles that were more comfortable for buyers. Scanning with THEMAGIC5 was explicitly designed for personalized eyewear. It is incredible how their idea turned into a successful business; many swimmers love this product. The first obstacle was locating scanning technology and goggles.

Pitch and initial presentation

THEMAGIC5 introduced themselves with assurance. They are considering getting new swimwear with specialized eyewear. People can get their swimming goggles custom-made to their face shape for optimal performance and a snug fit. They showcased custom goggles that were 3D-scanned and printed. Their product is more durable, easier to use, and more functional than the competition.

As swimmers of all ages and abilities compete for the top goggles, they also show how big the market is. Close the deal with the Sharks right now! THEMAGIC5 put up $500,000 in exchange for a 2.5% stake in the business. Their contracts with swim teams and coaches show a need for their services and room for growth.

Discussion on Pitch and Offer

The entrepreneurs gave the Sharks a chance to try on the glasses after they pitched their investment. “What are their selling prices?” Kevin inquired. Rasmus promptly replied, stating that they were priced at $55. Lori, displaying her curiosity, inquired about the color of the goggles, commenting, “They are very dark.” Rasmus explained that the goggles are designed specifically for outdoor swimming, offering a range of options from super light and clear to completely dark. He emphasized that the goggles’ design provides a broad peripheral view, enhancing navigation capabilities.

Continuing the discussion, Kevin asked about the size of the goggle market. The founders shared the statistics, revealing that the market is valued at $2.2 billion in the United States and Europe. This revelation surprised all the Sharks except Nirav, who mentioned that his three young sons and their friends frequently wear goggles. Nirav asked, “But for a $20 million valuation, you must have sold many of these goggles, right?” Bo responded, informing the Sharks that they currently have 40,000 customers and have generated $3 million in revenue. He further explained that since their establishment in 2018, the company has experienced significant growth, tripling yearly.

To provide context, the founders shared the backstory of recognizing the need for custom-made swimming goggles. Bo recounted an incident during his vacation when he forgot his goggles but still wanted to swim. Despite purchasing multiple pairs, none of them fit correctly. This prompted him to reach out to his nephew, Rasmus, and together, they embarked on creating custom-made goggles. Lori was curious about their origins and asked, “So, where are you guys from?” Rasmus cheerfully replied, “We’re originally from Denmark but relocated for manufacturing purposes. I’m now based in New York, while Bo is in Charlotte.”

Intrigued by their global operations, Lori inquired, “And where do you source all the parts for your goggles?” Rasmus explained, “We get all our parts from China. They provide the necessary components for our manufacturing process.”

Meanwhile, Mark and Robert engaged in their conversation and exchanged ideas. They likely discussed robotics technology’s potential applications and advancements in creating these custom-fit goggles. Seeing how cutting-edge robotics ensures a perfect fit for each wearer is fascinating.

Negotiation and Final Deal

As the conversation unfolded, the Sharks exhibited a keen interest in personalized swim goggles and recognized the immense growth potential within the market. However, they also expressed concerns regarding the scalability of the business and the competitive landscape.

One of the Sharks, Mark Cuban, showed a strong inclination towards making a deal. He offered $500,000 in exchange for a 7.5% equity stake. This offer demonstrated his belief in the product’s potential and confidence in the founders’ ability to scale the business.

Beware of sharks; after recognizing THEMAGIC5’s potential, Nirav and Kevin countered. The company is valued at $1.5 million after a $500,000 joint investment with 3% ownership and $3 royalty units. They advertised their marketing and technical expertise to the entrepreneurs so that they might assist in distributing the entrepreneurs’ products.

For a stake of 5%, Robert put up $500,000. To equal Robert’s $500,000, Lori offered 6% shares in exchange for no royalties. Until they recouped $1.5 million, Nirav and Kevin promised $500,000 in exchange for a 3% ownership stake and royalties.

Following their discussions with the Sharks, the founders gave serious thought to each offer. After reviewing Robert’s new offer, the founders were pleased. They agreed to Robert’s $1 million in exchange for 6.5 per cent ownership.

The deal-breakers were the unique contributions, stock prices, and shares of the sharks. For their future ambitions, the developers preferred Robert’s proposal. This was the outcome of the negotiations, as shown in the program.

THEMAGIC5 Availability

Swim goggles by THEMAGIC5 fit every face. They ensure that these goggles fit well for optimal swimming performance and enjoyment. An advanced facial recognition system evaluates the swimmer. Making swim goggles that fit the swimmer’s face requires a 3D model. High-quality materials make goggles durable, as outdoor swimmers wear sun and fog goggles.

THEMAGIC5 sells custom goggles online on their website. Customers can make goggles online utilizing instructions. Measure your face and order lenses and straps. Customers receive bespoke goggles by mail. Because goggles are handmade for a snug fit, delivery takes a few weeks.

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