Larq is a self-cleaning water bottle that utilizes UV light technology to purify water. Founded in 2017, the company employs PureVis™ technology, which effectively removes 99% of bio-contaminants, including E. coli, from water.
The bottle’s purification system activates automatically after every two uses, ensuring clean water for daily reuse. Additionally, the hospital-grade UV technology sanitizes operating rooms and lasts for up to 100,000 uses on a single charge, which can be replenished via a USB cable.
The LARQ Bottle PureVis features double-wall vacuum insulation, keeping beverages hot for up to 12 hours and cold for up to 24 hours. It is available in both insulated and non-insulated versions, with sizes of 17 oz and 25 oz.
Pricing for the insulated models is $99 for the 17 oz and $118 for the 25 oz, while the non-insulated options are priced at $89 and $98, respectively.
In addition to the LARQ Bottle, the company has introduced two new products: the Bottle Filtered and Pitcher PureVis. These utilize advanced technologies, including PureVis, Nano Zero, and Smart Hydration. The Nano Zero Filter Technology is a plant-based filter that effectively removes pollutants from water, while Smart Hydration is a hydration tracking device that monitors water intake.
| Company Name | Larq |
| Founder | Justin Wang |
| Founded | 2017 |
| Product | a self-cleaning water bottle that uses UV light to purify water every 2 hours. |
| Asked For | $500k for 1% equity |
| Final Deal | $1.5 Million for 4% equity |
| Shark | Kevin O’Leary and Lori Greiner |
| Episode (Shark Tank USA) | S12 E21 |
| Air Date | April 16, 2021 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | San Francisco Bay Area, California, US |
| Lifetime Worth (Sales) | $66M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Larq?
Larq Company was co-founded by Justin Wang, who serves as the CEO. He studied economics and political economy at the University of California, Berkeley. After completing his education, Justin worked as an Investment Banking Associate at Merriman Curhan Ford & Co. for three years. He later became an investor with L Catterton and served as the President of Product Development at FOREO for three years, gaining valuable experience and insights before founding Larq in 2017.
The company’s Chief Technology Officer, Douglas Collins, has a strong background in technology, having previously worked at RayVio for six years before joining Larq.
How Was The Shark Tank Pitch Of Larq?
Justin Wang, the inventor of the Larq self-cleaning water bottle, entered the Shark Tank seeking $500,000 for 1% equity, valuing his company at $50 million. This high valuation surprised the Sharks, prompting laughter from the panel.
During his pitch, Justin provided a detailed explanation of how the bottle purifies water in just 60 seconds. Despite this, the Sharks remained skeptical about the valuation. Kevin O’Leary noted that this was the highest valuation ever sought on the show.
Justin highlighted the market potential, stating that the global market for his product is $300 billion, and emphasized that Larq is the first of its kind, backed by 10 patents (both utility and design). He reported sales of $5.5 million by 2019 and projected $14 million in sales by the end of 2020. As of January 2020, the company had raised $6.7 million in funding at a $31.7 million valuation and held $6.5 million in cash.
The UV light bottle is priced at $95, with a landed cost of $40.
Offers Made:
- Kevin O’Leary offered $500,000 for 4% equity, valuing the company at $12.5 million.
- Lori Greiner offered $500,000 for 5% equity, valuing it at $10 million.
- Robert Herjavec proposed $500,000 for 3% equity + 2% in advisory shares, equating to a $16.7 million valuation.
- Mark Cuban expressed interest but stated he would invest only if the company were worth a billion in 20 years.
Justin countered with $1.5 million for 4.5% equity + 1% in advisory shares, at a $33 million valuation, to Kevin, Lori, and Robert. The trio then countered with $1.5 million for 6% equity, valuing Larq at $25 million. Justin proposed a second counteroffer of $1.5 million for 4.5% equity + 1.5% in advisory shares, at a $33 million valuation, but Robert opted out.
In the end, Justin made a third counteroffer of $1.5 million for 3% equity + 1% in advisory shares to Kevin and Lori. Ultimately, both Kevin and Lori accepted a final offer of $1 million for 4% equity, which Justin agreed to.
What Happened To Larq After Shark Tank?
Kevin O’Leary and Lori Greiner signed a deal with Larq at a $25 million valuation. The product was already quite popular and gained even more traction after its appearance on Shark Tank.
As a premium problem-solving solution, it required a trust factor, which was significantly enhanced by the exposure from the show. Many consumers around the world were eager to buy this innovative product.
As of August 2022, the company was shipping its products exclusively to Canada, the United Kingdom, Europe, and the United States, while also making inroads into Southeast Asia through Amazon. The absence of major competitors in its niche has allowed Larq to grow rapidly, with projections indicating that the company could reach a billion-dollar valuation in the coming years.
New York Magazine featured the LARQ UV Purifying Pitcher in its list of best water filter pitchers, and the company has been highlighted in various prominent publications.
After Shark Tank, in November 2021, Larq announced its goal to achieve $20 million in sales that year. Following the launch of its second product, the Larq Pitcher, the company projected revenues of $30 million by 2022.
The Shark Tank episode featuring Larq aired on April 16, 2021, but the company had already generated million-dollar sales prior to the show, and its sales received a considerable boost afterward. Recognizing the company’s success, numerous investors expressed interest in supporting Larq.
In the weeks following its Shark Tank appearance, the company raised an additional $10 million in funding, as well as $11 million in a Series A round from Seventure and DCM. By July 2021, Larq reported an annual revenue of $4 million, with a projection of $30 million for 2022 thanks to the new Larq Pitcher.
Additionally, in September 2022, Larq announced a Kickstarter pre-order campaign for the Larq Pitcher, further expanding its product lineup and market reach.
What Is Larq Net Worth?
Larq is a company that was valued at $37.5 million when it signed a deal on Shark Tank. This private company has successfully completed its last funding round, Series A. However, recent reports suggest that Larq’s current worth may be estimated between $2 million and $4 million.
