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THEMAGIC5, featured on episode 3 of season 13 of Shark Tank, is a revolutionary product created by entrepreneurs Bo Haaber, Rasmus Barfred, and Nicholas Granet.
It is a pair of custom-made swimming goggles designed to address the common issue of leakage experienced by professional and enthusiastic swimmers with traditional goggles.
THEMAGIC5 stands out for its innovative approach of using an app to scan the customer’s face for a tailored fit, ensuring a comfortable and leak-free swimming experience.
Each pair of goggles is crafted to provide stability underwater, features an anti-fog coating, and has a unique curved design for improved hydrodynamics.
The company’s success on Shark Tank led to exponential sales growth, with accolades from publications like Men’s Health and The New York Times.
With a price range of $55 to $65 per pair and options for discounted bundles, THEMAGIC5 offers a premium solution for swimmers seeking top-quality, customized goggles for enhanced performance in the water.
| Company Name | TheMagic5 |
| Entrepreneur | Bo Haaber and Rasmus Barfred |
| Product | Swim goggles designed to your specifications |
| Investment Asking For | $500,000 for 2.5% equity in TheMagic5 |
| Final Deal | $500,000 for 6.5% equity in TheMagic5 |
| Shark | Robert Herjavec |
| TheMagic5 Episode | Season 13, Episode 4 |
| TheMagic5 Business Status | In Business |
| TheMagic5 Website | TheMagic5 Website |
| Net Worth | $15 Million |
What Is TheMagic5?
THEMAGIC5 is a company that creates custom-fit swimming goggles tailored to fit the unique contours of an individual’s face. Their goggles are designed to provide a comfortable swimming experience without the need for suction to keep them leak-proof.
TheMagic5 is a custom swimming goggles made using Optimal Fitting Technology. This technology involves scanning the user’s face to design a custom-fit swim goggle that eliminates water leakage and suction marks.
The company uses technology to ensure a precise fit based on the user’s facial features, offering a range of products, including swimming goggles, gift cards, an indoor-outdoor bundle, and swimming caps.
Trusted by professional athletes globally, THEMAGIC5 aims to provide high-quality swimming gear for swimmers of all levels.
Who Is The Founder Of TheMagic5?
Bo Haaber, Niklas Hedegaard, and Rasmus Barfred are the founders of THEMAGIC5. Haaber, with a background in software development, along with Barfred, a triathlete, and Hedegaard, a former professional swimmer for the Danish National Team, came together due to their dissatisfaction with available swim goggles. This led them to create personalized, custom-fit swimming goggles using Optimal Fitting Technology.
The idea for THEMAGIC5 was born out of the founders’ struggle to find swim goggles that met their needs and preferences.
Their combined expertise and experiences enabled them to develop goggles that provide a perfect fit, allowing swimmers to concentrate solely on their performance without being distracted.
Before appearing on Shark Tank, THEMAGIC5 had already gained recognition for its innovative approach to swim goggles.
The brand’s commitment to customization and quality had garnered a loyal customer base, with the goggles retailing for $55 onwards.
THEMAGIC5 also showcased its support for athletes worldwide through its journal, highlighting inspiring stories such as that of Christine and Claire Thompson’s challenging swimming journey.
How Was The Shark Tank Pitch Of TheMagic5?
Bo Haaber and Rasmus Barfred, the triathlete founders of THEMAGIC5, brought their custom swim goggles business to the Shark Tank with a compelling pitch.
They introduced a cutting-edge scanning algorithm designed to craft swimming goggles tailored precisely to the wearer’s face shape, addressing the common issues of discomfort and poor fit experienced with standard goggles.
Despite their initial ask of $500,000 for a modest 2.5% equity stake, the Sharks were intrigued by the company’s impressive growth trajectory, boasting $3 million in lifetime revenue and a substantial customer base of 40,000 individuals.
During the pitch, the Sharks, including Robert Herjavec, Kevin O’Leary, Nirav Tolia, Lori Greiner, and Mark Cuban, deliberated on the valuation of THEMAGIC5.
While recognizing the potential in the business model and the founders’ track record, they found the proposed valuation challenging.
Various offers were made, with Robert Herjavec ultimately sealing the deal with a substantial investment of $1 million for a 6.5% equity share in the company.
This marked a significant leap from the founders’ initial proposal and underscored the Sharks’ confidence in the future growth prospects of THEMAGIC5.
Investment Offers: Several Sharks made offers:
- Robert Herjavec: $500,000 for 5%
- Kevin O’Leary and Nirav Tolia: $500,000 for 5% + $3/unit royalty
- Lori Greiner: $500,000 for 6%
- Mark Cuban: $500,000 for 7.5%
Counter Offers and Final Deal:
- Founders countered with $500,000 for 2.5%.
- The final deal accepted was from Robert Herjavec: $1 million for 6.5% equity.
| Shark’s Name | Investment Offered | Counter Offer by Founders | Final Deal Accepted |
| Robert Herjavec | $500,000 for 5% | $500,000 for 2.5% | $1 million for 6.5% |
TheMagic5 secured an investment of $1 million for 6.5% equity in the company from Robert Herjavec.
Did THEMAGIC5 Get a Deal on Shark Tank?
Yes, TheMagic5 did get a deal on Shark Tank. Co-founders Bo Habber and Rasmus Barfred received an investment from Robert Herjavec. The deal was finalized, with Robert investing $1 million for a 6.5% equity stake in the company.
Mark Cuban also joined the deal, collectively investing $1 million for a 6.5% equity share. This successful deal propelled TheMagic5’s growth and expansion into new product categories like customizing VR headsets and bicycles.
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What Happened To TheMagic5 After Shark Tank?
After their appearance on Shark Tank, TheMagic5 experienced a remarkable surge in both sales and brand recognition. In 2021 alone, the company saw a substantial increase, generating $2.6 million in sales and achieving a valuation of $15 million.
This success led to features in prestigious publications such as Today, The New York Times, and Men’s Health, further solidifying their position in the market.
The company’s sales saw a substantial increase post-Shark Tank, with revenues reaching $4.1 million from selling 85,000 goggles.
Following the success of Shark Tank, TheMagic5 experienced a surge in website traffic, leading to further expansion into customizing VR headsets and bicycles for enhanced comfort.
Building on their momentum, TheMagic5 diversified their product offerings beyond custom-fit swim goggles to include glasses, face masks, dive masks, and gas masks.
Following the show, they secured investments from prominent Sharks like Mark Cuban and Robert Herjavec, enhancing their financial stability and industry credibility.
Moreover, TheMagic5 entered into a technology partnership with Canyon Bicycles to enhance the rider experience. The company plans to utilize its technology to diversify its product range, including gas masks, diving masks, face masks, and glasses.
Their innovation was also acknowledged by FINA, with athletes worldwide using TheMagic5 glasses during high-profile events like the Olympics and World Championships.
Today, their product range includes popular models like Smoke Magic, Clear Magic, Blue Magic Mirror Gold, and more, available exclusively through their official website, catering to a global audience of sports enthusiasts and professionals.
As of now, TheMagic5 continues to operate successfully and its till in business, manufacturing its products in the United States and shipping globally.
The company remains focused on innovation and expanding its product line to cater to various customer needs.
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TheMagic5 Shark Tank Update
After appearing on Shark Tank, TheMagic5 experienced a significant boost in their business. The exposure from the show led to a surge in new orders and increased media coverage.
They capitalized on this momentum by expanding their sales channels to platforms like Amazon and their website, TheMagic5.com. As a result, they saw a notable increase in sales volume.
The company’s decision to raise its prices, with some goggles now selling for over $100, indicates confidence in its product quality and a willingness to position itself in a higher market segment. This strategy has paid off, considering the positive average rating of 4.89 stars from over 2,500 reviews on their website.
Furthermore, TheMagic5 founders are actively looking to innovate and introduce new custom products like gas and diving masks. This shows a commitment to diversifying their product range and catering to a wider audience within the swimming and water sports industry.
In terms of financial performance, TheMagic5 has shown steady growth since its inception. Their last annual sales report was $2.6 million, and the company is currently valued at $15 million. This indicates that the business is not only thriving but also has a solid foundation for future expansion and success.
TheMagic5 has continued to thrive and grow after their appearance on Shark Tank. They have successfully leveraged the exposure and investment from the show to enhance their brand visibility, increase sales, and expand their product offerings.
With a strong financial standing and a clear growth trajectory, TheMagic5 is undoubtedly a player to watch in the custom swimming goggles market.
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What Is the Net Worth Of TheMagic5?
According to our research, THEMAGIC5’s net worth is estimated to be $15 million. The valuation of THEMAGIC5 was $7.69 million after securing an investment from Robert Herjavec on season 13 of Shark Tank.
