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Larq Shark Tank Update

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Larq is a stainless steel water bottle with a catch. Larq uses Ultraviolet light to clean the bottle and purify the water inside. It is kind of similar technique or is made of similar technology used in hospitals for the sanitization of the rooms.

Larq also uses PureVis, Technology UV-C LED in the cap so that the water gets purified there itself. Larq has ten patents and its UV light bounces back inside the bottle when you click on it. As per the research, it is proved that it is 99.9% effective at killing germs and bacteria to serving pure and healthy drinks.

Larq at a Glance:-

IdeaSelf-cleaning water bottle with  the use of UV lights
FoundersJustin Wang
Asked For$50,000 for 1%
Accepted Deal$1.5million For 4%
SharksKevin O’Leary and Lori Greiner
Business statusIn Business
Episode No.Season 12,  Episode 21
WebsiteLarq
Buy Now!Buy on Amazon

Index:

Who was the founder of Larq?

Justin Wang is the founder of Larq. A company that manufactures bottles with UV lights to purify the liquid inside it. Justin started Larq in 2017 so that people can enjoy pristine drinking water easily and stay healthy. Like all of us, Justin was also fed up with the use of plastic water bottles but he didn’t avoid it like most of us are still doing. He took the problem seriously and put himself into work to generate a solution for it and made Larq bottles that are completely sustainable to the environment and is very easy to care for and use.

Did Larq get a deal on Shark Tank?

Justin Wang came on the show in season 12, episode 21. Larq was asking for an investment of $500,000 for 1% of his company and all the sharks started laughing over his ask for valuation. Justin gave his pitch and handed a few samples to the sharks. Robert asked him if he heard the valuation right or not to which Justin replied that he heard it right. Kevin congratulated Justin for being the highest valuation asking businessman on the show.

Justin Shared that company was started in 2017, and then in 2019, they have done a sales of $5.5million. In 2020 they did sales of $9 million and were forecasted to touch $14 million by year-end. Larq had already raised $6.7 million in January 2020 at a $31 valuation.

After all the discussions about the sales and its growth, Kevin offered $500,000 for 4% equity, Lori Greiner also came into play with an offer of $500,000 for 5% equity. Robert Herjavec gave an offer of $500,000 for 3% equity along with 2% advisory shares. Justin gave a counter offer to all three sharks where all 3 will come together for $1.5 million in exchange for $4.5 plus a 1% advisory share. Robert went out of the pitch, Lori and Kevin combined and gave an offer of $1 million for 4% equity, and Justin agreed to the deal.

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What happened to Larq after Shark Tank?

After the show, the deal made between Larq and Sharks was never closed. Larq founder still managed to raise $10million within a few weeks after the show.  In addition, the whole team of Larq raised $11million in funding in a series to improve their pitch in September 2020. In 2020, it did a collaboration with three-time NBA champion  Daymond Green. During the pitch, the company has valued a valuation of $25million. Larq had sold 20,000 pitchers which are available on the website for purchase. As of 2021, Larq holds an annual revenue of $4million. Justin had also announced that they would end the year with a revenue of 20million dollars.

Larq has launched its second product, Larq Pitcher it had brought something unique in the market and forecasting to touch $30million in revenue by the end of 2022. Do you know what makes Larq different from other alternatives of it? Larq uses 280 nanometres of Ultraviolet light to destroy germs, viruses, and others. Larq is growing consistently in the years after the show.

Justin also shared that they had already sold approx 35,000 bottles in less than 1 year and it is projected that by 2022, they are planning to sell 100,000 bottles. Larq new bottles costs $98 and the replacement caps are available for $60. $11million raised by Larq from Seventure and DCM was used for the development of pitcher’s filter also one category called Brita ruled over the market. Brita holds sales over 70% of its total.

Competitors of Larq:-

  • Fred Water
  • Cheers Healthy Water
  • CG Roxane
  • Aquino

What is the net worth of Larq?

At the time of Shark tank’s appearance, they were valued at around $37.5 million. Larq holds a net worth of $ 50 million and growing consistently in the business world with its unique products.

Is Larq is still in business?

Larq is still in business and kind of ruling it in its segments. Justin – founder and CEO of Larq is forecasting to touch a revenue of $30million by the ongoing year 2022.

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FAQs:

What is Larq?

Larq is a stainless steel water bottle with a catch. Larq uses Ultraviolet light to clean the bottle and purify the water inside. It is kind of similar technique or is made of similar technology used in hospitals for the sanitization of the rooms.

Who founded Larq?

Justin Wang is the founder of Larq. A company that manufactures bottles with UV lights to purify the liquid inside it. Justin started Larq in 2017 so that people can enjoy pristine drinking water easily and stay healthy.

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