Revolights Bicycle Lights Update | Shark Tank Season 5
Bike riding at night is dangerous without proper lighting. That’s why Kent Franovich invented his bike lights to improve visibility. Will he get a deal on
Shark Tank Revolights Update
- Entrepreneurs: Kent Franovich
- Business: Bicycle safety lights
- Ask:$150,000 in exchange for 10%
- Result: $300,000 in exchange for 10%
- Sharks: Robert Herjavec
Kent, a mechanical engineer, developed a way of lighting bike rims using LEDs and an accelerometer that calibrated the direction the bike was traveling and the direction the light needed to be cast. Kent’s Revolights not only illuminate the space directly in front like a regular bike light, but the terrain that lay ahead as well.
Kent offered his lighting system in two forms; one as a kit that the cyclist installs on their existing wheels, and the other option as a wheel that had the lights pre-installed. The latter was a strategic development to woo existing bike manufacturers to license Kent’s technology, which holds a patent.
The company had only been selling for 12 months, but in that time, they had $600,000 in sales almost completely online. Each unit cost Kent $100 to make, and retailed for $139 per wheel, or $229 for both wheels. The company was not yet profitable, and Kent was hoping the sharks would be able to help him reduce his costs so he could make more money.
Daymond John made the opening offer of $300,000 in exchange for a 30% stake. Kevin O’Leary was next with an offer of $150,000 in exchange for a 7% royalty per unit sold until his investment was repaid. Then the royalty would drop to 1% per unit sold, in perpetuity. Kent told Kevin he was only interested in an equity deal.
Ramping up, Robert Herjavec offered Kent $300,000 in exchange for 10%. To the sharks’ surprise, Kent asked if there were any other offers. Mark Cuban felt that Kent was just using
Kent defended himself, saying he came to
Kent then accepted Robert’s offer, and left the take with a deal! What happened next for his company? Keep reading our Revolights update to find out!
We have sad news to share. Though the company had many great years, and it was very popular in the cycling community, Kent called it quits in 2019. He told fans in an announcement that for personal and professional reasons, the company was shutting down. This will be our final Revolights update.
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