CHARLOTTE — Charlotte startup TheMagic5 recently returned to the “Shark Tank” series — this time to share how its $1 million deal secured on the show last year has transformed the company.
Co-founders Rasmus Barfred and Bo Haaber made their TV debut on the show when it aired on Oct. 31, 2021. The duo pitched to the five “Shark Tank” investors and walked away with much more than they anticipated.
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Haaber and Barfred originally asked the sharks for $500,000 for a 2.5% stake. All five of the investors made bids. The founders accepted an offer from Robert Herjavec for $1 million and 6.5% equity in TheMagic5. After the show, a second shark, Mark Cuban, couldn’t let the deal pass and offered to split Herjavec’s investment, with each contributing $500,000 for a 3.25% stake in the company.
“Both of them can contribute with different things to our business besides just the capital we raised from them,” Barfred told CBJ in a recent interview.
One year later, and the startup has made the most out of its “Shark Tank” deal.
TheMagic5, a high-tech custom swim goggle company, saw its daily website traffic jump from 30 to 30,000 visitors after airing on the show. The company has sold more than 85,000 goggles and made more than $4.1 million in sales since the initial appearance.
Now, TheMagic5 is looking to offer more than just swimming goggles.
Read the full story here.
VIDEO: Local business eyes expansion after landing ‘Shark Tank’ deal
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