TheMagic5 offers custom-made swim goggles manufactured using optimal fitting technology. This innovative process involves scanning the user’s face, allowing a robot to design goggles tailored specifically to their size.
This technology ensures a perfect fit, eliminating the chance of water leakage and suction marks. The company claims that their swim goggles provide an enhanced experience for everyone, including men, women, and athletes.
Customers can purchase these swim goggles directly or based on their fitting size. To obtain the correct fitting size, you need to download TheMagic5 app on your Android or iOS device. After completing the scanning process, you can purchase the swim goggles.
The price of the goggles varies depending on the type and lens color, ranging from $55 to $98. The product is available on Amazon and the company’s official website.
| Company Name | TheMagic5 |
| Founder | Bo Habber, Niklas(Nicholas Granet) and Rasmus Barfred |
| Founded | 2017 |
| Product | Custom Swimming goggles, made to measure |
| Asked For | $500k for a 2.5% equity |
| Final Deal | $1 Million for a 6.5% equity (each 3.25% equity) |
| Shark | Robert Herjavec and Mark Cuban |
| Episode (Shark Tank USA) | S13 E4 |
| Air Date | Oct 29, 2021 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Charlotte, North Carolina, United States |
| Go To Amazon | Buy Now |
Another Shark Tank Pitch
Who Is The Founder Of TheMagic5?
Bo Løje Haaber is the founder of TheMagic5, a company that specializes in custom swim goggles. He is a software developer with a background in business. After completing his MBA in Economics from Henley Business School, Haaber worked for six years at EG A/S. He then held positions at Silkeborg Data and Immediad A/S. Additionally, he co-founded nrgX Company, where he worked from 2010 to 2018.
Rasmus Barfred is the co-founder of TheMagic5 and an accomplished businessman. After earning his Master of Science from Copenhagen Business School, he began his career at Berlingske Media, a strategy consultancy. Barfred has also owned nrgX Aps and BTMX P/S Company. In January 2019, he founded Custom Fit Technologies, where he continues to serve.
Nicholas Granet is the Head of Global Club Partnerships at TheMagic5. He previously worked as an Events Manager at Therabody after completing his Bachelor’s degree in International Business from UNLV Lee Business School. Granet served as the Marketing Director at Boulder Cycle Sport for over a year and has experience as a professional triathlete with USA Triathlon for five years.
How Was The Shark Tank Pitch Of TheMagic5?
Bo Løje Haaber and Rasmus Barfred entered Shark Tank with their company, TheMagic5, asking the sharks for $500,000 in exchange for 2.5% equity. The sharks initially laughed at this valuation, which placed the company at $20 million.
Rasmus mentioned that the goggles market size in the United States and Europe is $2.2 billion. Since launching in 2018, they have served 40,000 customers and achieved a lifetime revenue of $3 million.
The production cost of the goggles is $14, while they are sold for approximately $55. Their customer acquisition cost is $24. To date, they have raised $1.5 million at a $9 million valuation.
In their first year, 2018, their revenue was $180,000. This grew to $370,000 in 2019 and reached $1.2 million in 2020. As of 2021, their sales have totaled $1.5 million. They manufacture some parts in China and customize them in Charlotte. The company holds a utility patent for its fitting algorithm.
TheMagic5 uses advanced robotic technology for manufacturing, developed by the owners themselves and controlled by software.
Mark Cuban offered $500,000 for 7.5% equity in the company. Nirav Tolia and Kevin O’Leary made a combined offer of $500,000 for 5% equity plus a $3 royalty until $1.5 million is recouped.
Robert Herjavec noted that his daughter, a world-class swimmer ranked in the top 10 globally at just 12 years old, has given him extensive knowledge of the swimming market. He offered $500,000 for 5% equity.
Lori Greiner suggested that she could team up with either Mark or Robert. Together, Lori and Robert made an offer of $500,000 for 6% equity.
Mark and Nirav then revised their equity offer to $500,000 for 4% equity plus a $3 royalty until $1.5 million is recouped. Robert stated he would stick with his 5% equity offer without Lori.
Kevin made another counteroffer: Nirav and Kevin’s proposal was $500,000 for 3% equity plus a $3 royalty until $1.5 million is recouped. Ultimately, Robert Herjavec offered $1 million for 6.5% equity, which Bo Løje Haaber and Rasmus Barfred accepted.
Finalize: Robert Herjavec Invest $1 Million in ‘TheMagic5’ for 6.5% Equity.
What Happened To TheMagic5 After Shark Tank?
Bo Løje Haaber and Rasmus Barfred delivered an impressive presentation on Shark Tank, highlighting that the market value of swim goggles is $2.2 billion in the United States and Europe. Before appearing on the show, the company had raised $1.5 million, giving a 16.5% stake in the company at a $9 million valuation.
Robert Herjavec signed a deal with TheMagic5 at a valuation of $15 million. After the episode aired, Mark Cuban approached Robert to join the deal. According to the company’s website, Mark Cuban and Robert Herjavec jointly invested $1 million in TheMagic5 for 6.5% equity (each contributing $500,000 for a 3.25% stake).
On October 19, 2022, the company launched a campaign on Kickstarter for the “World’s Only Custom-fit Oculus Interface.” The campaign, which ran for 36 days, aimed to raise $35,000 but was unsuccessful; as of November 25, 2022, the company had raised only $12,448 from 240 backers.
So far, numerous swimming athletes from various countries have used these goggles, including Matthew Grevers, Kasia Wasick, Jan Frodeno, Rudy Von Berg, Jeanette Ottesen, Daniel Bækkegård, Matt Hanson, Zane Grothe, Ben Kanute, Laura Siddall, and Lauren Brandon.
The THEMAGIC5 team also includes Maja Stage, Miki Taagholt, Matt Russell, Likith Prema, and Ekaterina Avramova, all involved in swimming athletics.
The company’s success after appearing on Shark Tank was highlighted in Season 14, Episode 5. Following the episode’s airing, TheMagic5 reported $45,000 in revenue within just 24 hours.
After finalizing the deal with TheMagic5, Robert invited Mark to join the investment. Together, they invested $1 million in exchange for 6.5% equity, with each taking a 3.25% stake.
The update on TheMagic5 aired in Shark Tank Season 14, Episode 5 on October 21, 2022, revealing that the company had achieved sales of $4.1 million by selling 85,000 goggles.
The company’s website experienced a significant surge in traffic, increasing more than 1000-fold, and is now expanding into customizing VR headsets and bicycles for enhanced comfort.
Additionally, TheMagic5 has entered into a technology partnership with Canyon Bicycles to improve the rider experience. The company’s future plans include using its technology to develop gas masks, diving masks, face masks, and eyewear.
We will continue to follow Bo Løje Haaber, Nicholas Granet, and Rasmus Barfred for further updates on their journey with TheMagic5.
What Is TheMagic5 Net Worth?
TheMagic5 is a successful company that appeared on Shark Tank and is gradually expanding its product offerings across different categories.
According to the sales report shared on Shark Tank, the company generated revenue of $4.1 million. After estimating its assets and liabilities, we value TheMagic5 at approximately $1.9 million.
While the company initially sought a $20 million valuation during its pitch on Shark Tank, the deal was ultimately finalized at $15 million.
Yes, TheMagic5 is still in business as of December 2022.
