What Is Larq?
Larq is a stainless steel water bottle with a self-cleaning system offered by ultraviolet-C LED technology that eliminates bacteria, viruses, and mold that cause odors and provides a clean, fresh bottle. A container can be cleaned and cleansed of the water contained within it.
The UV-C technology ensures that 99.999 percent of germs and 99.999 percent of viruses can be removed when the UV-C rays are set to their maximum. The LED light is located at the base of the screw-on cap of the bottle.
|Product / Business||Portable UV water purifier bottle that automatically cleans itself|
|Investment Asking For||$500,000 for 1% equity in Larq|
|Final Deal||$1.5 million for 4% equity in Larq|
|Shark||Lori Greiner and Kevin O’Leary|
|Episode||Season 12, Episode 21|
|Business Status||In Business|
Who Is The Founder Of Larq?
LARQ was founded by Justin Wang, CEO and co-founder of that company. LARQ Bottle was recognized for its award-winning design and effective UV-C LED technology for on-the-go water purification. This bottle offers pure water that goes beyond filtration.
The PurVisTM UV-C LED technology eliminates bacteria by starting a photochemical reaction that destroys their DNA using 280 nanometres of ultraviolet light, exclusive and patent-protected.
“By eliminating odor-causing germs and viruses,” according to the manufacturer, the UV-C LED technology used in the device disinfects water and cleans the inside of the bottle. Justin entered the Tank in search of a $500,000 investment in exchange for a one percent stake in the company.
Larq Before Shark Tank
A passionate hiker and camper, Justin Wang is well aware of the need to access clean drinking water when participating in physical exercise. Additionally, he is concerned about environmental issues and acutely aware of the huge amount of plastic waste generated annually.
While Wang did purchase reusable water bottles, he encountered difficulties with them. They are readily soiled and are frequently difficult to clean.
It is especially true since most of them cannot be washed in a dishwasher because of their shape or because they cannot be cleaned in a dishwasher in a way that will work.
He was frustrated by previous water bottles that did not self-clean while also purifying the water and the environment, and his concern for the environment led him to develop reusable, self-cleaning, reusable, and self-purifying water bottles.
It is common for hospitals to use ultraviolet light to disinfect patient room surfaces today, an excellent method of eliminating germs. As ultraviolet light penetrates a cell’s DNA, it causes its chemical links to break, resulting in bacteria and viruses dying.
The PureVisTM UV-C LED technology is exclusive and patented, but it is also described on the company’s website as “the most advanced technology in the industry.” UV-C LED technology is featured on the bottle cap, which has been shown to have nearly 100 percent effectiveness against viruses and bacteria.
The battery lasts approximately one month when fully charged using a USB charger cable. A double-walled vacuum insulation system is inside the bottle and food-grade stainless steel.
It does not contain BPA or phthalates. It does not need a filter since the bottle and the USB port is waterproof. There are many different colors and designs to choose from.
How Was The Shark Tank Pitch Of Larq?
Justin appeared on Shark Tank seeking an investment of $500,000 in exchange for a 1 percent stake in Larq.
Final Deal: Kevin O’Leary and Lori Greiner agreed to invest $1.5 million for 4% equity in Larq.
What Happened To Larq After Shark Tank?
Larq raised an additional $10 million just a few weeks after the show was taped. Kevin and Lori never closed their deal. The LARQ team raised $11 million in Series A funding to improve their pitch in September 2020.
Larq had pre-sold 20,000 pitchers, which are now available for purchase. As of 2023, they have a total annual revenue of $4 million.
The annual revenue of Larq is $30 million as of 2023, according to their financial reports.
Larq Shark Tank Update
To our great relief, both Lori and Kevin were willing to cooperate on this project. The result was an investment of $1.5 million in exchange for a 4% stake in LARQ, which Justin was more than delighted to accept.
Although we don’t have a sales figure to share with you, we know that LARQ has only continued to expand since landing a deal on Shark Tank. This is something that we can discuss with you.
Since then, LARQ has been covered by a few different news publications and is now widely regarded as one of the most superior water bottles available on the market.
On LARQ’s website, the LARQ Bottle PureVis has earned 2,093 5-star ratings from satisfied customers, while the LARQ Bottle Movement PureVis has received 737 5-star reviews, and the LARQ Pitcher PureVis has also been selling fairly well. LARQ Pitcher PureVis
We wouldn’t be surprised if, in the next LARQ update, we heard that the firm was worth $1 billion. This is because the LARQ has been receiving a lot of favorable media lately, so this wouldn’t be surprising.
Larq has raised an additional $10 million since the first Shark Tank episode aired in the Spring of 2021.
Moreover, Draymond Green, a three-time NBA champion, partnered with Larq for a new venture in July.
Is Larq Still In Business?
Larq is still in business as of 2023, with over $30 million in annual revenue.
What Is the Net Worth Of Larq?
The valuation of Larq was $37.5 million when it appeared on Shark Tank after accepting the offer from Lori Greiner and Kevin O’Leary of $1.5 million for a 4% stake in Larq. The net worth of Larq is around $50 million as of 2023.