LARQ Shark Tank net worth is $21 million in 2023. For the unversed, let me inform you that LARQ is a self-cleaning water bottle and it became famous after it was showcased on Shark Tank. In fact, this product boasts the highest quoted valuation ever in the history of Shark Tank.
The product succeeded in gaining the interest of Kevin and Lori on Shark Tank and they agreed to invest a sum of $1 million for this product. However, as bad luck would have it, some complications prevented the deal. After appearing on Shark Tank, the product experienced a rise in sales but it was followed by a decline in revenue. Therefore, if you wish to know more about the net worth and other economic details of LARQ, then this article would be the perfect place for you to be.
LARQ Shark Tank Net Worth Overview
LARQ, the self-cleaning water bottle has been one of the most prominent products ever to appear on Shark Tank. It even drew the interest of Kevin and Lori for a $1 million investment. A look at the economic stats of the product will show how well it has performed in the market. It has an annual sales of $8 million and a $24,000 profit.
The lifetime sales of this product stand at $43 million, with total raised capital worth $27 million. At present, the product has an unsold stock of 17,000 bottles and cash worth $3 million in the bank. Therefore, taking all these into account, the net worth of LARQ, in 2023 stands at $21 million.
LARQ Shark Tank Net Worth Trend
| Net Worth in 2023 | $ 21 Million |
| Net Worth in 2022 | $ 15 Million |
| Net Worth in 2021 | $ 9 Million |
| Net Worth in 2020 | $ 5 Million |
| Net Worth in 2019 | $ 2 Million |
Who Founded LARQ?
If you have not watched the episode of Shark Tank, then let me inform you that the name of the founder of LARQ is Justin Wang. He launched the product in 2017. According to Justin, he is a lover of nature. He stated that he noticed the bad smell which is produced by normal water bottles after initial usage. The cause behind this is the development of bacteria inside the bottles. This led him to launch this self-cleaning bottle.
The bottle makes use of ultraviolet-C LED technology for doing away with 99.99% of the bacteria inside the bottle. In the initial month of its launch, the product recorded an earning of $1.4 million, thereby taking the first annual income of the product to $6.5 million. At the end of the third year, this annual income rose to $16 million.
The Shark Tank Pitch
The great performance of LARQ in 2021 earned it an invitation to attend Season 12 of Shark Tank. Justin agreed to the invitation. On his appearance on stage, he offered the Sharks a 1% stake in his company for $500,000. This is in fact, the highest valuation in the history of the show and naturally the Sharks were surprised.
However, when Justin shared the sales performance of the product, that worked in his favour. Lori Greiner, Kevin O’Leary and Robert Herjavec each offered to invest $500,000 at different equity stakes. At this, Justin asked if the three would combine their investment to $1.5 million to which Robert pulled out. But Kevin and Lori agreed to this joint investment and finalised the deal at $1.5 million for 4% equity.
Sales And Revenue
While pitching on Shark Tank, Justin projected a sale of $14 in a year. Interestingly, they fulfilled the target. But since then, there has been a sharp drop in their sales. Their revenue has also dropped significantly. They earlier earned a revenue of $14 million after appearing on Shark Tank. But the revenue has dropped to $ 6 million.
Though the deal with Kevin and Lori was never finalised, the company raised $11 million in funding, in September 2020 through a Series A round from Seventure and DCM investors. Though their revenue has dropped sharply, they are looking to keep working for further development.
FAQs
1. What is the net worth of LARQ?
The net worth of LARQ is $21 million, as of 2023.
2. Who is the founder of LARQ?
Justin Wang is the founder of LARQ.
3. What is the valuation which LARQ pitched at Shark Tank?
On Shark Tank, Justin offered the Sharks a 1% stake in his company for $500,000. This in itself is a record valuation in the history of the show.
Also read: NBA Finals on a Roll: Upcoming Games to be Vigorous
