Larq Shark Tank Update | Larq Net Worth

LARQ is a company that specializes in producing innovative self-cleaning water bottles that use UV-C LED technology to purify water and clean the inner surfaces of the bottle.

The company was founded in 2017 by Justin Wang and Charlie Warden to provide a sustainable and health-conscious alternative to single-use plastic water bottles.

The LARQ Bottle features a built-in UV-C LED light in the cap that emits ultraviolet light to eliminate harmful bacteria, viruses, and other microorganisms in the water and on the bottle’s inner surfaces.

The bottle is designed to activate the purification process automatically every two hours, or users can initiate it manually by pressing a button on the cap. The LARQ Bottle is rechargeable and can last up to a month on a single charge.

In addition to its self-cleaning capabilities, the LARQ Bottle is made from high-quality stainless steel and features double-wall vacuum insulation to keep beverages cold for up to 24 hours or hot for up to 12 hours.

LARQ’s products cater to those who prioritize health, hygiene, and environmental sustainability. The company has expanded its product line to include different sizes, colors, and accessories for its water bottles.

Company NameLarq
EntrepreneurJustin Wang
Product / BusinessPortable 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
SharkLori Greiner and Kevin O’Leary
Episode Season 12, Episode 21
Business StatusIn Business
WebsiteLarq Website

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.

Larq Shark Tank Update | Larq Net Worth

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 maximum. The LED light is located at the base of the screw-on cap of the bottle. 

Who Is The Founder Of Larq?

Justin Wang, CEO and co-founder of that company, founded LARQ. LARQ Bottle’s award-winning design and effective UV-C LED technology for on-the-go water purification were recognized. 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.

A passionate hiker and camper, Justin Wang are 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 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 breaking, 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 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 are 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.

As the television show Shark Tank aired, viewers were greeted with an unusual pitch from Justin Wang. He was asking for $500,000 for only 1% equity in his company, valued at a staggering $50 million.

The sharks were stunned by this outlandish valuation, and many laughed. However, Justin remained confident as he proceeded to explain his invention.

Using cutting-edge technology, Justin invented a bottle that purifies water in just 60 seconds. He explained how the bottle worked, but the sharks were still unconvinced about the company’s valuation.

Despite this, Robert still offered to invest $500,000 for 1% equity in the company, but Kevin quickly pointed out that this was the highest valuation ever requested on the show.

Justin continued to defend his valuation by citing the market size of his product, which he claimed was worth $300 billion worldwide. He explained that his product was the first of its kind and held ten patents for utility and design. Despite this, the sharks remained skeptical.

When Kevin asked about the company’s sales, Justin revealed that he had generated over $9 million in the last 12 months and was on track to make $14 million by the end of the year. In 2019, his sales had already reached $5.5 million, just one year after launching the product.

The company also received $6.7 million in funding at a $31.7 million valuation in January 2020 and currently had $6.5 million in cash. However, despite all these impressive figures, the sharks were still unconvinced.

Kevin made the first offer of $500,000 for 4% equity and a $12.5 million valuation. Lori offered $500,000 for 5% equity at a $10 million valuation, while Robert offered $500,000 for 3% equity and 2% in advisory shares at a $16.7 million valuation.

Mark, however, declined to invest, saying that he would consider investing in the company in 20 years when it is worth a billion dollars.

Justin countered with an offer of $1.5 million for 4.5% equity and 1% in advisory shares at a $33 million valuation to all three sharks. The sharks then made a counteroffer of $1.5 million for 6% equity at a $25 million valuation.

Justin then made another counteroffer of $1.5 million for 4.5% equity and 1.5% in advisory shares at a $33 million valuation, but Robert dropped out.

Justin’s final counteroffer was $1.5 million for 3% equity and 1% advisory shares to the remaining two sharks, Kevin and Lori. After some negotiation, Kevin and Lori agreed to invest $1 million for 4% equity. Justin accepted their offer, ending an intense and highly perplexing negotiation.

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.

The appearance of Larq inventor Justin Wang on Shark Tank was quite perplexing and bursty. He boldly asked for $500,000 for just 1% equity at a $50 million valuation, which left the Sharks laughing and surprised.

Despite explaining how his bottle technology works, the Sharks still felt that the valuation was too high. However, Robert was interested in the product and offered Justin $500k for a 1% equity, but Kevin pointed out that this was the highest valuation ever sought on Shark Tank.

Justin revealed that the market size for his product was $300 billion worldwide and that he had 10 patents on utility and design. Although his company had generated $9 million in revenue in the past 12 months, the Sharks were not convinced that the $50 million valuation was justified.

After some negotiation, Kevin and Lori eventually signed a deal with Larq at a $25 million valuation. The exposure on Shark Tank greatly increased the product’s popularity, especially since it is a premium problem-solving product trusted by consumers.

Currently, Larq only ships its product in Canada, the United Kingdom, Europe, and the United States, but it is also selling in Southeast Asia through Amazon. The company is growing rapidly and is projected to generate $30 million in revenue by 2022.

The Larq UV Purifying Pitcher has been named one of the best water filter pitchers by New York Magazine and featured in many other prominent publications. In November 2021, the company announced it was projected to do $20 million in sales that year.

With the success of its self-cleaning water bottle and the launch of its second product, the Larq Pitcher, Larq is on track to become a billion-dollar company in the coming years.

Larq had pre-sold 20,000 pitchers, which are now available for purchase. Larq have a total annual revenue of $4 million. T

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 delighted to accept.

Although we don’t have a sales figure to share with you, LARQ has only expanded 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 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.

Larq Shark Tank Update | Larq Net Worth

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, with over $30 million in lifetime revenue. LARQ, Inc. is a thriving company headquartered in the San Francisco Bay Area, Silicon Valley, and West Coast.

The current co-founders of the company are Justin Wang and Robert C. Walker, who have successfully grown the company to a million-dollar valuation.

As per the company’s LinkedIn profile, LARQ has 11 to 50 employees involved in various aspects of the business, from product manufacturing to packaging.

LARQ has implemented an effective marketing strategy by integrating its blog and product websites. They sell their products and provide useful information related to water purification, travel, health, and other topics through articles and videos.

The company also employs paid social media marketing to reach a wider audience. LARQ currently has 147,000 followers on their official Instagram account, which is a testament to its successful marketing efforts.

LARQ is still in operation and is projected to generate $30 million in revenue by 2023.

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 estimated to $50 million.

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