Larq is a self-cleaning and self-water purification system. Its founder Justin Wang appeared in Shark Tank Season 12 Episode 21 and asked for $500,000 for 1% Equity from Shark. The valuation of this demand of the company is $50 million.
Larq is an innovative self-cleaning water purifier product that works on PureVis technology. This technology removes 99% of the bio-contaminants from the water.
The double-wall vacuum is installed in this bottle which keeps your water hot for 12 hours and cold for 24 hours. This bottle is completely hygienic and can be reused instead of a plastic bottle.
Men & women need to drink around 3 liters of water every day, if this is not done then there is a high percentage of dehydration.
Before drinking water, care should be taken of its cleanliness, otherwise, disease, etc. may be due to this. Most people drink water from a plastic bottle, but this bottle is not completely hygienic, it contains many bacteria.
All these bacteria go into the human body through water and It is not so easy to clean a simple bottle one after the other, which cannot be reused either.
To solve all such problems, it was done by Justin Wang, the founder of Larq. The special thing about the UV-C technology of this bottle is that it turns on automatically every 2 hours till the water can be purified.
This single-use plastic bottle is a simple alternative. This bottle can be taken anywhere like travel, school, office, etc. and you will get clean water.
On January 2020, Justin Wang for $6.1 million for his company, valuing the company at $31 million. After that, he came to Shark Tank to get his next funding. In 2019, Larq generated sales of $7 million.
What Is Larq?
Larq is a self-cleaning water bottle that uses UV light to purify water. This company was started in 2017. PureVis™ technology has been used in this bottle which removes 99% of the bio-contaminants such as E.coli from water.
This technology in the bottle automatically activates after every 2 blows and cleans the bacteria. This bottle is smarter, cleaner, better, and can be reused daily.
The hospital uses Shame Technology to Sanitize operating rooms. This light works for 100,000 uses on a single charge and it is charged via a USB cable.
LARQ Bottle PureVis features double-wall vacuum insulation that keeps water hot for up to 12 hours and cold for up to 24 hours.
LARQ Bottle PureVis comes in two modes Insulation & Non-insulation And its size is 17 oz & 25 oz.
Insulated 17oz & 25oz sizes are priced at $99 & $118 and non-insulated 17oz & 25oz sizes are priced at $89 & $98.
This company has launched two more new products Bottle Filtered, and Pitcher PureVis. In these, PureVis, Nano Zero & Smart Hydration Technology have been used. This technology cleans the water in an advanced way.
Nano Zero Filter Technology is a plant-based filter that pulls pollutants out of the water. Smart Hydration is a hydration tracking device that tracks water intake.
|Product||a self-cleaning water bottle that uses UV light to purify water every 2 hours.|
|Asked For||$500,000 for 1% equity|
|Final Deal||$1.5 Million for 4% equity|
|Shark||Kevin O’Leary and Lori Greiner|
|Episode (Shark Tank USA)||Season 12 Episode 21|
|Air Date||April 16, 2021|
|Business Status||In Business|
|Headquarters||San Francisco Bay Area, California, US|
|Go To Amazon||Buy Now|
Another Shark Tank Pitch
Who Is The Founder Of Larq?
Larq Company’s CEO & Co-Founder is Justin Wang, he studied economics, and political economy at the University of California, Berkeley.
After his studies, he joined Merriman Curhan Ford & Co. and worked as an Investment Banking Associate for 3 years.
Become an investor in L Catterton. For 3 years he was the President of Product Development Company FOREO.
Justin got a lot of knowledge due to this work and in 2017 he started Larq Company.
Douglas Collins, Chief Technology Officer of this company, before this he worked at RayVio for 6 years.
Larq Before Shark Tank
Larq Bottle was developed by Justin Wang due to his frustrations. Justin was very concerned about the environment and he was seeing a lot of people who are using plastic bottles to drink water.
Most people use a “single-use plastic bottle” and this greatly affects the environment. Due to this idea, Wang purchased a reusable water bottle, but he had to face a lot of problems with this bottle.
This bottle is not dishwasher safe and it is very difficult to clean it. To make the bottle reusable, it is necessary to clean it every day, otherwise, bacteria get into it.
To solve this problem, Wang developed a Larq bottle that does reusable and self-cleaning as well as purified water.
In the early stages of this product development in 2017, Wang ran a successful Kickstarter campaign with funding goals of $30,000.
But this campaign was successful, raising $1,374,021 from 12,758 backers.
According to a Crunchbase report, Wang in the venture funding round in 2019 and the 2020 Series A round raised $10.7 million in funding.
The Wall Street Journal’s “50 Winning Presents – From Understated To Over-the-Top” in 2018. This bottle was included in the list.
The company launched a second kickstart campaign for another product, LARQ Pitcher, and on October 2020 raised $771,917 from 6,364 backers.
On Nov 7, 2017, This UV-C Light Tech Bottle product was first featured on Forbes. The product was awarded the CES 2019 Innovation Awards Honoree in the Sustainability and Eco-Design category.
This product was initially shipping in the United States only but in 2019 it was shipped to the United Kingdom.
In 2019, the brand sold 75,000 units of the product, generating $1 million in monthly revenue in Q4 2019.
In 2020, the product was available at 88 retailers in 16 countries and partnered with Nordstrom, Net-a-Porter, and Bloomingdale.
How Was The Shark Tank Pitch Of Larq?
Larq Inventor Justin Wang Enters Shark Tank, Asks Sharks for $500,000 for 1% Equity at a $50 Million Valuation. Shark was surprised to hear this valuation of Justin’s company and started laughing.
Justin gave complete information about this bottle and how it works in detail about it. However, Shark still did not feel the valuation of this company was right.
This technology Purifies the water in the bottle in 60 seconds. Robert asked Justing Wang to clear it for $500k for a 1% equity. Regarding this, Kevin said that this is the highest valuation sought in Shark Tank so far.
Justin told about the market size of this product, which is $300 billion worldwide. Wang said that this is the first product in this market and he has 10 patents both utility and design.
The valuation of this company is still stuck at $50 million. Kevin asked Justin about this valuation. Justin told that he launched this product in 2018 and by 2019 his sales in the market were $5.5 million.
He generated over $9 million in the last 12 months from this product and plans to make $14 million by the end of 2020.
As of January 2020, the company raised $6.7 million in funding at a $31.7 million valuation. They currently have $6.5 million in cash in the bank.
Their UV light bottle costs $95 and has a landed cost of $40.
Kevin made the first offer for this product for $500k for a 4% Equity and a $12.5 Million Valuation. Lori made her offer to the company for $500k for a 5% equity at a $10 million valuation.
Robert also offered it for $500k for a 3% Equity + 2% in advisory shares, at a $16.7 Million Valuation. Mark said that he cannot invest in it right now but after 20 years when it will be worth a billion then he can come.
Justin made a counteroffer of $1.5 Million for a 4.5% Equity + 1% in advisory shares, at a $33 Million Valuation to All Three Sharks(Kevin, Lori & Robert).
These three sharks made a counteroffer of $1.5 Million for a 6% Equity at a $25 Million Valuation. Justin made another counteroffer of $1.5 Million for a 4.5% Equity + 1.5% in advisory shares, at a $33 Million Valuation to All Three Sharks(Kevin, Lori & Robert). Here Robert is out.
Justin made 3rd counteroffers of $1.5 Million for a 3% Equity + 1% in advisory shares to All Two Sharks(Kevin & Lori).
Both Kevin & Lori together made another counteroffer of $1 million for a 4% equity. Justin agreed to this offer.
What Happened To Larq After Shark Tank?
Kevin & Lori signed a deal with Larq at a $25 million valuation. This product was already very popular and became more popular after Shark Tank.
This is a premium problem-solving product and it needed a trust scores that it got from the Shark Tank show. There are many people around the world who would not hesitate to buy this product.
This company is shipping its product only in Canada, the United Kingdom, Europe & United States till August 2022. However, it is also selling the product in South East Asia through Amazon.
Due to not being a big competitor of this company, it is growing very fast and people are also buying this product. In the coming few years, the value of this company can become billion dollars, which is growing rapidly.
New York Magazine included LARQ UV Purifying Pitcher in a post’s list of Best Water Filter Pitcher. This company has been featured in many big new magazines.
After Shark Tank, on November 2021, this company announced that it will do $ 20 million in sales this year. After the launch of this company’s second product in the Larq Pitcher on market, they are projected to generate $30 million in revenue by 2022.
Larq This is one of the best self-cleaning water bottles of 2022.
Larq Shark Tank Update
The episode of Larq Shark Tank aired on April 16, 2021, but it had already done million-dollar sales before Shark Tank. After Shark Tank, the sales of this product got a boost.
In view of the success of this company, many investors offered to invest in it. A few weeks after Shark Tank, the company raised another $10 million in funding.
The company raised $11 million in funding from Seventure & DCM in a Series A round.
In July 2021, this company’s annual revenue was $4 million. However, in the year 2022, they are projecting to do $30 million for their new product Larq Pitcher.
This September 2022 LARQ pitcher is going on a Kickstarter Pr-Order campaign.
What Is Larq Net Worth?
This is a million-valued company whose deal was signed in Shark Tank at a $37.5 million valuation. This private company had raised its last funding Series A. According to some reports, currently Larq worth is $2 million to $4 Million.
Is Larq Still In Business?
LARQ, Inc. Is a successful company. The headquarters of this company are in the San Francisco Bay Area, Silicon Valley, and West Coast.
This company’s current co-founders are Justin Wang & Robert C. Walker. Both of them developed this product into a million value company.
According to LinkedIn, there are 11-50 employees working in this right now, from product manufacturing to packaging.
They have adopted a very good strategy for marketing the product. They have integrated the blog website with their product website.
They are selling products as well as providing information related to water purifiers, travel, health, travel etc through articles and videos.
They are also doing social media paid marketing, Larq has 114k followers on official Instagram account.
Yes, Larq is still in business as of December 2022, It is projected to have $30 million in revenue by 2022.