Goggles for swimming might be uncomfortable. They are never fitted correctly, thus when swimming, they could leak or come off.
THE MAGIC 5, a scanning process created by Bo Haaber and Rasmus Barfred, allows them to create customized swimming goggles that precisely fit your face.
Since it is custom-designed after a facial scan, this swimming goggle is unlike any other. The market for swimming gear is huge; PRNewswire estimates that it will grow to be worth over $10 billion by 2026. The size of the market for each firm increases with the growth of the population.
This swim goggle is available for direct purchase or by fitting size. Download TheMagic5 on your Android or iOS device to determine an appropriate size. Once scanning is complete, you’ll need to purchase swim goggles.
The price range for goggles varies based on the type and tint of the lenses, from $55 to $98. Both the company’s website and Amazon are selling this product.
Magic5 at a Glance:-
| Idea | Custom swim goggles |
| Founders | Bo Haaber and Rasmus Barfred |
| Asked For | $500,000 for 2.5% equity |
| Accepted Deal | $1 million for 6.5% equity |
| Sharks | Robert Herjavec |
| Business status | In Business |
| Episode No. | Season 13 |
| Buy on Amazon | Buy Now! |
Index:
Founder Story:
Bo Løje Haaber established the software development company TheMagic5. The company’s Head of Global Club Partnerships is Nicholas Granet, and co-founder Rasmus Barfred is one of them.
Bo Løge Haaber after graduating from Henley Business School with an MBA in Economics, Haaber spent six years working for EG A/S.
After that, he spent several years employed with Immediad A/S and Silkeborg Data. From 2010 to 2018, he was a co-founder of nrgX Company.
Barfred is an entrepreneur who has managed multiple companies. He started the strategy firm Berlingske Media after graduating from Copenhagen Business School with a Master of Science.
He thereafter became the owner of BTMX P/S Company and nrgX Aps. In January 2019, he established Custom Fit Technologies, which he still manages today.
Granet, Nicolas received a bachelor’s degree in international business from UNLV Lee Business School and then worked as an events manager at Therabody.
He was Boulder Cycle Sport’s director of marketing for over a year. He has been employed with USA Triathlon as a professional triathlete for the last five years.
Did The Magic5 get a deal on Shark Tank?
The three Danish owners made an appearance on Shark Tank episode 1303, where they requested funding from the sharks to carry out the project.
Bo got the idea for the customized goggles when he noticed water seeping into his one-size-fits-all glasses.
Bo and Rasmus applied to Shark Tank with a goal of raising over $500,000. They were prepared to give a 2.5 per cent share in the business in return.
The uncle and nephew continued by explaining the intricacies of the goggles and how they function to generate conventional results in a novel way.
Offering all swimmers specialized goggles made to fit them in their houses is the ultimate objective shared by the three partners.
Samples of the goggles—which are not customized for the Sharks—are provided. The valuation of the eyeglass sector, which exceeds $2.2 billion, surprises some sharks.
Nirav and Robert are not impressed because they already know these things. With over 40,000 customers, The Magic 5 has brought in over $3 million in revenue since 2018.
The company has expanded at a rate that is three times annual. Robert believes that the idea makes sense.
Bo tells the Sharks that the goggles, which sell for about $55, cost $14 to make for a custom fit. $24 is the advertised cost per dollar to acquire a new customer.
The company is currently valued at over $9 million and has generated over $1.5 million.
The epidemic continues to cause worry, but sales in 2020 came in at $2.2 million. Because the American market is bigger and better, the manufacturers decide to go there.
The Charlotte facility assembles the goggles, with many of its component parts coming from China. The first person to speak up is Mark, who says that the three partners actually run a robotics firm instead of an eyewear company.
His opinion of the product’s overall look and feel is favourable, and he is prepared to put up $500,000 to purchase a 7.5% share in the business.
A combined bid of $500,000 is made by Kevin and Nirav for five per cent of the company’s shares.
In addition, they want a $3 royalty on every unit the company sells up to a total of $1.5 million. The company’s possibilities excite Robert, who makes an offer of $500,000 for 5% of the shares. Lori says she would love to work with Robert or Mark, and she will bring more sales experience.
Robert offers $100,000 in exchange for 6.5 per cent ownership. The Magic 5 agree to the terms of the deal by shaking hands with Robert after accepting his offer.
What happened to The Magic5 after Shark Tank?
Sales of The Magic 5 soon took off after receiving much-needed exposure from the ‘Shark Tank’ proposal.
Apart from generating revenues of $2.6 million in 2021, the company was appraised at $15 million and highlighted in esteemed publications including Men’s Health, Today, and The New York Times.
The Magic 5 is a unique product that requires five days to distribute, therefore customers can only buy it through their official business.
They declared after the show that they would start making glasses, gas masks, dive masks, and face masks.
According to reports, Mark spoke with Robert about joining the transaction after the cameras stopped.
Bo Haaber told a television reporter in Charlotte, North Carolina, that Robert and Mark had each given $500,000, or 3.25% of the business.
The Magic 5 spectacles, which are worn by athletes worldwide, have previously been approved by FINA.
It was mandatory for athletes competing in the Olympics and World Championships to wear eyewear.
At the moment, the business offers a cap in addition to Smoke Magic, Clear Magic, Blue Magic Mirror Gold and Silver, Blue Magic, and Black Magic Mirror Silver. You may view all they have on their website.
What’s the net worth of The Magic 5?
TheMagic5 is a profitable Shark Tank startup that is expanding gradually. The company plans to create products in several areas in the future.
At the time of Shark Tank, TheMagic5 was valued at $20,000,000 as per the founders, which was later dragged to $15.3 million by the Sharks.
According to this company’s sales report, which was made public on Shark Tank, it brought in $4 million.
Is The Magic 5 still in business?
Yes, the Magic5 is still in operation. Currently, this Charlotte, North Carolina-based company earns a substantial profit margin on sales rate and produces all of its products domestically.
These days, the company’s focus is on creating a wide range of products. The virtual reality headset known as the “Oculus Interface” made its Kickstarter debut in October of 2022.
Though customers from all around the world can also purchase these goods on Amazon, it ships to almost every nation.
The company now employs three to twenty individuals, with its headquarters situated in Charlotte, North Carolina.
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FAQs:
What is Magic5?
Goggles for swimming might be uncomfortable. They are never fitted correctly, thus when swimming, they could leak or come off. THE MAGIC 5, a scanning process created by Bo Haaber and Rasmus Barfred, allows them to create customized swimming goggles that precisely fit your face.
What's the net worth of Magic5?
TheMagic5 is a profitable Shark Tank startup that is expanding gradually. The company plans to create products in several areas in the future.
According to this company’s sales report, which was made public on Shark Tank, it brought in $4 million. Based on our estimation of the company’s assets and liabilities, TheMagic5 is valued at $ 20,000,000.