According to Justin Wang, the average reusable water bottle contains more bacteria colonies than toilet seats, and they can smell too. Because upkeep is annoying, most people tend to reach for single-use water bottles, which are bad for your health, and the environment. Because of this, Justin has created the world’s first self-cleaning and purifying water bottle. Will he get a deal on
If you’re short on time, here’s a quick overview of what happened to LARQ after
LARQ appeared on
|Lori Greiner and Kevin O’Leary||Accepted deal of $1,000,000 for 4% equity|
|Robert Herjavec||$500,000 in exchange for just 3% equity and 2% in advisory shares|
|Mark Cuban||No Offer|
|Daymond John||No Offer|
Shark Tank LARQ Update
- Entrepreneur: Justin Wang
- Business: Self-cleaning and purifying water bottle
- Ask: $500,000 for 1% equity
- Result: $1,000,000 for 4% equity
- Shark: Lori Greiner and Kevin O’Leary
Using patented technology, the LARQ self-cleaning water bottle can eliminate as much as 99.99% of harmful viruses, bacteria, and more. The bottles have a UV light that reflects into the water with a tap of a button.
Using innovative non-toxic mercury-free UV-C LED technology to sanitize water and clean the inner surfaces of the bottle by neutralizing odor-causing bacteria and viruses
There are actually two modes for this process. One takes about 60 seconds for everyday use and the other takes about 3 minutes and would be used if you’re somewhere that you don’t trust the water.
Further, he says that safety-wise, this purifying process is the equivalent of boiling water for 20 minutes.
Justin feels his valuation is justified because of the technology, but also because the market size is more than $300 billion worldwide, and growing.
He explains that he first launched LARQ in 2018 and since then, the product’s sales have increased every year. He says that he expects LARQ to make more than $14 million in sales in 2021.
Additionally, LARQ has an excess of $6.5 million in the bank. The company also donates 1% of all revenue to charitable partners that help people gain access to clean water all over the globe.
His water bottles retail for $95 and cost around $40 to make. Further, he also has a patented water pitcher, which uses the same UV system, that he hopes to launch soon.
Right after Justin finishes introducing his product to the sharks, Daymond John goes out. He says with $6.5 million in the bank, Justing doesn’t need the help.
Kevin O’Leary offers Justin $500,000 in exchange for 4% equity. Meanwhile, Lori Greiner offers the same amount of money, but for 5% equity.
Robert Herjavec chimes in with his own offer, of $500,000 in exchange for just 3% equity. It also includes an added 2% in advisory shares.
That’s when Mark Cuban drops out for the same reason as Daymond. With this, there are now three offers on the table.
Seeing the opportunity at hand, Justin counters back, asking the sharks if they are willing to pool their money together. His counter is $1.5 million, for a 4.5% equity share, with an additional 1% in advisory shares.
That’s when Robert has a change of heart and drops out. Thankfully, both Lori and Kevin agree to work together.
The result is a $1 million investment, for 4% equity from Lori and Kevin, and Justin accepts. Keep reading our LARQ update to find out what happened next!
In terms of a LARQ update, the company is still going strong, with an estimated yearly revenue of $30 million!
The company has since been featured on a handful of news outlets and is considered to be one of the best water bottles on the market today. Additionally, the water bottles and pitchers have strong, positive reviews on Amazon.
Browsing the LARQ website reveals a wide assortment of products to choose from. You can also find products at Best Buy, Bloomingdale, Williams Sonoma, and several other retailers.
In our LARQ update research, we found that the deal with Lori and Kevin never closed. However, Justin has managed to raise over $10 million from outside investors, according to Crunchbase.
Considering all the positive publicity that the LARQ has been getting lately, we wouldn’t be surprised if, in the next LARQ update, we’ll be hearing about the company being worth $1 billion.
Before you go, be sure to check out some updates on the other companies featured in Season 12 Episode 21:
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!