The entrepreneurs behind LARQ, a self-cleaning water bottle, appeared on Shark Tank in Season 12. After pitching their product to the Sharks and fielding questions from the panel, they walked away with an investment offer from Lori Greiner and Kevin O’Leary, the highest valuation of $ 1 million! But what happened to LARQ after the show? In this article, we’ll answer common questions about the company’s post-Shark Tank journey and provide useful tips for entrepreneurs who want to make it onto the show.
History of the Product and Founders
Drinking water is essential for our survival, but unfortunately, many of the world’s water sources are contaminated with harmful bacteria and viruses. This can lead to serious health problems, including diarrhea, cholera, and dysentery.
The LARQ Bottle is a Portable Water Purifier that uses UV-C light to kill 99.9999% of bacteria and viruses in just 60 seconds. The bottle holds up to 25 oz of water and can purify up to 68 oz per charge. If you weren’t aware, UV-C technology is being used by hospitals to sanitize rooms and equipment.
The LARQ Bottle was created by entrepreneur Justin Wang. Justin became a co-founder of the company and together with his team, they tried thinking about all the potential ways to make the water purifier even better. One idea was a self-purifying bottle. They claim the initial plans for the product started on the napkin.
They got the project going by starting a Kickstarter in December 2017. And it turned out to be a huge success! The campaign raised over $ 1 million and was featured on popular media outlets. This helped them start shipping and producing the initial batch of bottles. In October 2018 they ran a second Kickstarter campaign to fund the production even more and managed to get another $ 700,000.
And their aspirations didn’t end there! They ran several more Kickstarter and IndieGoGo campaigns and reached around $ 2,250 million of additional funds. Thanks to the amazing support of the community, they were able to bring the LARQ Bottle to life.
As for the sales, LARQ turned out to be a huge success! In just two years, they managed to earn around $ 7 million by 2019 and hit $ 15 million in venture funding. Now, let’s take a look at what happened after Shark Tank. The company cares about the well-being of Earth and donates 1% of its annual revenue to Planet Network.
So far LARQ has acquired ten patents, including a few for the UV purification process and bottle design. As for their reasons to be on Shark Tank, they wanted to expand internationally and wanted to receive a helping hand from the Sharks. [1] [2] [3]
Recap of What Happened at the Shark Tank Pitch
In the year of 2021, Justin Wang pitched his product, the LARQ Bottle, on Shark Tank. And he asked for $ 1 million in exchange for a 1% stake in his company. This made it the biggest valuation in Shark Tank’s history. But how did the pitch go?
Well, it all started with the sharks bursting out in laughter once they heard his high valuation. But Justin quickly regained composure and began his pitch. He begins explaining what the LARQ Bottle is and how it works. He then goes on to say that the bottle uses UV-C light to purify water and keep it odorless. He gives the sharks samples to try out for themselves. Daymon then actually reveals that he has a few of these bottles at home.
Robert wants to double-check whether or not he hears the valuation correctly. And when Justin confirms, he congratulates the aspiring entrepreneur for coming up with such a high number.
Justin then proceeds to reveal the sales figures. He said that in 2019 the company earned $ 5,5 million in sales. But in 2020, the sales figures shot up to $ 14 million. In January of 2020, they managed to raise $ 6.7 million at a $ 31 ml valuation.
Then, Justin goes on to say that the bottle caps will only need to be replaced after 60,000 uses. This, he claims, makes the bottle very sustainable.
After the explanation part is done, there come the offers. Sharks seemed excited about the product!
First Kevin O’Leary comes in with an offer of $ 500,000 for a 4% stake. Robert then steps in and says that he will offer the $ 500,000 for a 3% stake and 2% advisory sales. Lori too joins in with an offer of $ 500,000 for 5%. But Justin quickly rejects it, saying that he is set on asking for $ 1 million. Instead, he counts all three offers and says that he will accept $ 1.5 million for 4.5% and 1.5 advisories. Robert doesn’t seem too excited about this and backs out. Lori and Kevin however, agree to this offer. With Robert out, they agreed to team up and offer $ 1 million ($ 500,000 from each) for a 4% stake. Justin Wang agrees to it and the deal is done!
So as you can see, Justin managed to get not only one but two sharks to invest in his company! [2] [3]
How Is LARQ Doing Now?
But what happened after the show? How is Justin Wang and his company doing now? After all, the investment != success. Luckily, we have good news for you! The company is doing great and is growing rapidly.
As with any product that made an appearance at an event as popular as Shark Tank, there was an inevitable bump in sales and interest after the show. This helped LARQ not only to stay afloat but also to grow and expand its operations.
Weeks after the episode aired, the company managed to raise another $ 10 million in seed funding. And in September 2020 they received $ 11 million in a Series A funding round, led by GGV Capital. This money has been used to expand the team, develop new products, and create an even more efficient supply chain.
They have succeeded at bringing a product worldwide too! You can find LARQ bottles in over 50 countries and online retailers such as Amazon, Best Buy, and Bed Bath & Beyond. And even some smaller retailers in Europe!
We couldn’t find out if they managed to close the deal with Lori and Kevin just yet. So that’s still up in the air.
As for the social media presence, LARQ has its own Instagram page with 117K followers as of November 2022. The page is used to post updates about new products and special offers, and to show how people around the world are using the bottle. And they are spreading awareness about the need for clean water and how to reduce your carbon footprint. [2] [3] [4]
Where You Can Buy LARQ
So, now you know that LARQ is doing great. But where can you buy one of their bottles?
The best place to start is the official website, where you can find the whole range of products and learn more about them. You can also find a list of all the online retailers that sell LARQ products. As we mentioned their products are being sold both in the USA, Canada, and even the European Union!
If you want to buy a LARQ bottle, you can also find them on Amazon. But it’s important to know that not all of their products are available on the website. So, if you’re looking for a specific product, it’s best to check the official website first.
Finally, you can also find some retailers that sell LARQ products in physical stores. If you’re looking for a more convenient way to buy a LARQ bottle, this might be the best option for you. You can find a list of all the offline retailers on their website as well.
The company also offers a self-cleaning pitcher which is very popular on its website. It’s a great option if you’re looking for a water filter for your whole family. The pitcher uses the same technology as the bottles and it’s very easy to use. It costs $ 168 and you can sign-up for a filter replacement plan to get the filters at a discounted price.
You can also purchase gift sets which include a bottle and a filter. This is a great option if you’re looking for a gift for someone who loves the outdoors or travels a lot. Or you can purchase a pitch and a bottle together and save some money. Gift sets vary between $ 140 and $ 258 depending on what’s included. LARQ also offers a variety of accessories like a carrying pouch or a magnetic charger. These are perfect if you want to take your bottle with you on the go. The carrying pouch is very comfortable and it has a lot of compartments for everything you might need while traveling.
LARQ also offers a very generous return policy. If you’re not happy with your purchase, you can return it within 30 days for a full refund. They also offer a 1-year limited warranty on all their products so you can be sure that you’re making a quality purchase.
As far as reviews go, it seems like people are satisfied with their purchases. On Amazon, the LARQ water bottle has an average rating of 4.6 out of 5 stars with over a thousand reviews! [2] [3] [5] [6]
LARQ Net Worth
Now that you know what happened to LARQ after Shark Tank, you’re probably wondering about their current net worth. As of November 2022, the company is worth around $ 50 million. So as you can see, they are doing pretty well for themselves! [6]
FAQ
Is LARQ Bottle successful?
The short answer is yes, the LARQ Bottle is successful. The company has seen a surge in sales and popularity since appearing on Shark Tank. In the months following their episode, they were able to secure additional funding, grow their team, and expand their reach.
They are still holding $ 4 million of sales annually and are currently one of the most popular water bottles on the market. You can find their products even in Europe and Canada.
How is LARQ doing today?
Despite not closing the deal with the Sharks on Shark Tank, LARQ has continued to grow and flourish. The company has raised over $ 11 million in funding since appearing on the show and is now available all over the world. Right now they have achieved $ 4 million in annual revenue and their net worth is estimated to be around $ 50 million.
Did Lori and Kevin invest in LARQ?
Yes, Lori and Kevin decided to invest in LARQ after hearing about the product and meeting the team. They teamed up and offered $ 1 million for a 4% equity stake in the company. This made the company one of the most valuable companies in the tank with a $ 25 million valuation.
What is LARQ worth?
LARQ is currently valued at around $ 50 million. The company raised a total of $ 15 million in funding prior to appearing on Shark Tank and earned $ 11 million from a Series A funding round after the show. They announced they reached $ 20 million in sales by the end of 2021.
Useful Video: What happened to LARQ after Shark Tank?
Conclusion
Justing Wang has definitely taken the LARQ bottle to the next level since he was last in the Tank. In just a few short years, he and his team have managed to grow the company significantly, and it shows no signs of slowing down anytime soon. The Sharks must be glad they took a chance on this unique product!
As we can see, LARQ has now reached $ 20 million in total sales, that’s crazy good for a product that was just released in 2018! It goes to show that there’s definitely a market for high-quality, sustainable water bottles.
Wang has also managed to secure some major partnerships. He’s also been featured in several well-known publications, like Forbes, Fast Company, and Huffington Post. And he reached his intention, spreading LARQ bottles worldwide to help people drink more water and be more environmentally conscious.
So what’s next for LARQ? Only time will tell, but we’re sure it’ll be something big! Be sure to stay tuned to see what this innovative company does next. Thanks for reading!
References:
- https://www.sharktankblog.com/the-larq-self-cleaning-water-bottle/
- https://www.sharktankblog.com/business/larq/
- https://www.forbes.com/sites/tanyaklich/2021/11/15/larq-pitcher-water-bottle-shark-tank/?sh=310faa614ab8
- https://www.instagram.com/livelarq/
- https://www.livelarq.com/
- https://www.amazon.com/stores/LARQ/page/043E1AA0-27F7-4076-BD7E-6CBA27EB01B3?ref_=ast_bln
- https://trendnetworth.com/larq-net-worth/