Additional Coverage:
- ‘Shark Tank’ judges mocked the firm with $50 million valuation — but its founder had the last laugh (marketrealist.com)
Local Entrepreneur Makes a Splash on ‘Shark Tank’
A local entrepreneur’s pitch on the popular television show “Shark Tank” recently made waves, initially for its audacious valuation and ultimately for its impressive success. Justin Wang, founder of Larq, a company specializing in self-cleaning water bottles, boldly sought a $500,000 investment for a mere 1% of his business, implying a $50 million valuation.
This valuation elicited surprised laughter from the “Sharks,” a panel of seasoned investors. Kevin O’Leary even remarked on it being the highest valuation ever requested on the show. Wang later admitted that the initial reaction was one of disbelief.
However, Wang quickly turned the tide with a compelling presentation showcasing Larq’s innovative UV-C LED technology, which eliminates up to 99.99% of germs and viruses in the self-cleaning bottles. He also presented impressive sales figures: $5.5 million in the first year, $9 million in the second, and $14 million in the third, exceeding $20 million in 2022.
This strong performance, combined with the company’s patented technology, convinced three Sharks to make offers totaling $1.5 million – three times Wang’s initial request. While Daymond John and Mark Cuban ultimately declined to invest, citing Larq’s existing strong financial position, Lori Greiner and Kevin O’Leary partnered to offer Wang $1 million for a 4% stake in the company, an offer he accepted.
Since its appearance on “Shark Tank,” Larq has expanded its product line beyond self-cleaning bottles to include the Larq Pitcher, incorporating the same purification technology. The company, based in California, launched its first self-cleaning bottles in 2018 after a highly successful Kickstarter campaign that raised $1.4 million in less than a month.