Max Gunawan has created a unique lighting solution that allows customers to enjoy natural lighting in a new type of way. His innovative, foldable and magnetic lights are quirky, yet they give off the perfect glow. Will his lights mezmerize the sharks into offering him a deal on
Shark Tank Lumio Update
- Entrepreneurs: Max Gunawan
- Business: Lighting solutions
- Ask: $250,000 for 8% equity
- Result: $350,000 for 10% equity
- Sharks: Robert Herjavec
Max brought his Lumio lights into the tank and the sharks were extremely impressed with their unique design and ambient light. Each light can be charged by USB, with a full battery life estimated to last about eight hours. When Max passed out samples, Robert Herjavec opened a book shaped light, and he became immediately giddy with delight.
With over $1 million in sales during the first year, most of the company’s revenue was generated from a Kickstarter campaign that netted $580,000 in contributions. Max told the sharks that it costs him $65.00 to manufacture a single light, while they retail for $190.00. While the margins were acceptable, the sharks seemed curious about whether there was a way to cut manufacturing costs.
Robert made the first offer of $250,000 for 10% equity, but Kevin O’Leary also made an offer of $250,000 for 4% equity in addition to a $7.00 per unit royalty agreement. Mark Cuban, interested in boosting the e-commerce presence, offered $500,000 in exchange for 16% equity. Next to toss a deal in was Lori Greiner, who offered $250,000 for 12% equity, while Daymond John decided to offer $750,000 for 20% equity and a $10 million line of credit.
That’s a lot of numbers to crunch all at once, especially since every single shark made an offer to Max’s company. Just as the pressure to make a decision was on, Robert modified his offer to $350,000 for 10% equity and Max accepted his offer on the spot. With a deal from Robert, what was next for Max and his company? Keep reading our Lumio update to find out!
Our Lumio update is exciting because the company has rapidly expanded its product catalog since filming. Incredibly, Lumio never managed to finalize the deal with Robert, but the company managed to reach new levels of revenue over the years, including more than $4 million per year since appearing on
Are you interested in finding our more about the other companies featured on Season 6 Episode 15? Follow the links below for our other company updates from the episode.
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