Most swimming goggles leak and are uncomfortable as a result of they’ve a one-dimension-suits-all design, despite the fact that everybody has a special face. The Magic 5 gives an answer for this with their customized 3D-printed goggles. Founders Bo Haaber and Rasmus Barfred pitched the product on Shark Tank and obtained a take care of Robert Herjavec. As of 2024, The Magic 5 is value $15 million.
About the Founders
Bo Haaber is initially from Denmark however presently resides in North Carolina, United States. He is an engineering graduate from the Technical University of Denmark. He has expertise working at IBM, EG Citizen Solutions, and NrgX.
His nephew earned a grasp’s diploma in enterprise at Copenhagen Business School. Afterward, he labored at a few corporations in Denmark, together with Haldor Topsoe, Bilia, Berlingske Media, and BTMX.
He relocated to New York City alongside along with his spouse. Bo and Rasmus had been the one ones who confirmed up within the Tank, however they’ve a 3rd companion, Niklas Hedegaard. Niklas is the pinnacle of paid advertising and marketing.
Founding the Company
Bo and Rasmus liked taking part in triathlons. During certainly one of Bo’s competitions, he forgot to convey his personal goggles. He bought a number of goggles however none of them match his face. This gave him the thought of discovering an answer for the plenty.
He recruited his nephew and Nicholas Granet to assist run the enterprise. They created an app that makes use of AI know-how to scan the faces of shoppers. Based on the date, they 3D print a novel pair of Google to your face!
The Magic 5 launched in 2018 after a Kickstarter marketing campaign and raised over $100,000. In three years, they made $3 million in gross sales and raised $1.5 million in funding at a $9 million valuation.
Shark Tank (*5*)
Bo and Rasmus moved to the US as a result of it has a much bigger market. By 2021, their sacrifices had been paying off, however they needed to broaden extra. They appeared on season 13 of Shark Tank, in search of $500,000 for two.5%
The Sharks liked the product and the AI face-scanning know-how obtained them excited. They shortly realized they had been way more than an organization that simply offered swimming goggles. Bo did an incredible job explaining how the know-how labored and answered questions with confidence.
A bidding warfare quickly broke out with all of the Sharks seeking to make investments. Cuban was the primary to make a suggestion however needed an excessive amount of fairness. Kevin teamed up with Nirav however they needed a royalty deal.
Lori needed to crew up however Robert or Mark didn’t want her. So many presents had been made it obtained complicated. In the tip, Robert Herjavec obtained bored with negation and agreed to speculate $1 million for six.5%. In a uncommon incidence, Robert beat Cuban to get a deal.
After Shark Tank
According to Swimming World, Cuban approached Robert when the cameras stopped rolling and requested him to separate the deal. The two agreed to speculate $500,000 individually for 3.25% every. The one time Robert will get a deal over Cuban after which agrees to share it later.
The Magic 5 noticed a surge in new orders and media protection after the episode aired. You can order a pair of customized-fitted goggles on Amazon and TheMagic5.com. They have raised their costs with a few of their goggles now promoting for over $100!
Their web site exhibits that their merchandise common a 4.89-star ranking from over 2,500 opinions. The founders want to introduce new customized merchandise like gasoline and diving masks. Their final annual gross sales report was $2.6 million, and the corporate is valued at $15 million.
