Larq Net Worth: The water and the air of your Larq home purify themselves. Founder Justin Wang participated in the 21st episode of Season 12 of Shark Tank and pitched the show’s namesake investor, Mark Cuban, for $500,000 in exchange for 1% ownership. The $50,000,000 price tag puts a significant value on this request from the firm.
To clean itself, Larq is a self-cleaning water purifier based on cutting-edge PureVis technology. This system is so effective that it can purify water by 99% against biological pollutants.
This container has a double-wall vacuum insulation system that can keep your drink piping hot for 12 hours or ice-cold for 24. Toss out your plastic bottles in favor of this reusable option that won’t compromise on cleanliness.
What Is Larq?
Water can be purified with the use of UV light in the Larq, a self-cleaning water bottle. This enterprise first opened its doors in 2017. This bottle uses PureVisTM technology, which filters out 99% of bio-contaminants like E. coli from the water.
This bottle technology acts on its own after every two puffs to eliminate microorganisms. This bottle is superior in every way, including being reusable and easy to clean. Shame Technology is used to disinfect operating rooms at the hospital. This USB-rechargeable light can be used for up to one hundred thousand hours before needing a recharge.
The double-wall vacuum insulation of the LARQ Bottle PureVis keeps beverages warm for up to 12 hours and cold for up to 24 hours. The LARQ Bottle PureVis is available in two sizes and two insulation modes: 17 oz and 25 oz.
Both the insulated and non-insulated versions of the 17-ounce and 25-ounce sizes may be purchased for $99 and $118, respectively.
Bottle Filtered and Pitcher PureVis are two additional recent additions to the company’s lineup. These utilize PureVis, Nano Zero, and Smart Hydration Technologies. The water is purified using cutting-edge technology.
Founder Of Larq
Justin Wang, CEO & Co-Founder of Larq Company, is a UC Berkeley economics and political economy alum. After finishing school, he got a job as an Investment Banking Associate with Merriman Curhan Ford & Co. and stayed there for three years. Join L Catterton as an investor. He led FOREO, a product development company, for three years as president.
Due in large part to the education he received from this job, Justin launched Larq Company in 2017. Douglas Collins is the company’s, Chief Technology Officer. Also, read about Kevin Liles Net Worth
Larq Before Shark Tank
Larq Bottle was designed by Justin Wang due to his frustrations. A major environmental issue that Justin was witnessing was the widespread use of single-use plastic water bottles.
The vast majority of consumers utilize a “single-use plastic bottle,” which has serious consequences for the natural world. Inspired by this thought, Wang went out and bought a reusable water bottle, only to run into a number of issues.
Unfortunately, this bottle is not suitable for use in a dishwasher, and it is quite difficult to clean. You need to wash the bottle every day if you want to keep using it since otherwise, bacteria will grow within. Wang created the reusable, self-cleaning, and purified Larq bottle to address this issue. In 2017, when Wang was still in the very early phases of developing this invention, he successfully crowdfunded $30,000 using the Kickstarter platform.
Nonetheless, the campaign was a huge success, garnering $1,374,021 from 12,758 backers. According to Crunchbase, Wang has secured $10.7 million in funding between the 2019 venture fundraising round and the 2020 Series A round.
Shark Tank Pitch Of Larq
Justin Wang, the creator of the Larq, appears on “Shark Tank” and requests $500,000 in exchange for 1% equity at a $50,000,000 valuation. When Justin told Shark his company was worth that much, Shark couldn’t contain his laughter.
All the information you need to know about this bottle and how it functions was provided by Justin. Still, Shark was not convinced that the price was fair for this business.
In just 60 seconds, this innovation can sterilize the water within the bottle. Robert offered Justing Wang $500,000 in exchange for 1% of the company. Kevin stated that this request for investment was the highest valuation made on Shark Tank
Justin discussed the magnitude of the market, estimating it at $300 billion. According to Wang, he holds ten patents total (five utility and five design) and his device is the first of its kind in this market.
This firm’s valuation continues to hover around $50 million. Kevin questioned Justin’s estimate. According to Justin, he introduced this product to the market in 2018, and by 2019, he had made $5.5 million in sales. With this product, he has made over $9 million in the past year and expects to make $14 million by 2020’s conclusion.
The company was valued at $31.7 million after receiving $6.7 million in the capital as of January 2020. They have $6.5 million in the bank at the moment. Their $95 bottle of UV light comes with a $40 shipping and handling fee.
For this product, Kevin made the first offer of $500,000 for 4% equity and a $12.5 million valuation. Lori made an offer to the business in the amount of $500,000 for 5% ownership at a valuation of $10,000,000.
Robert also proposed a price of $500,000 for a 3% Equity + 2% in advisory shares, based on a valuation of $16.7 million. Mark stated he couldn’t afford to invest in it now, but promised to return when it was worth $1 billion. At a $33 million valuation, Justin countered with $1.5 million for 4.5 percent equity and 1 percent advisory shares (Kevin, Lori & Robert).
These three sharks countered with a $1.5 million offer in exchange for 6% equity at a $25 million valuation. At a valuation of $33 million, Justin countered with $1.5 million for 4.5 percent equity and 1.5 percent advisory shares (Kevin, Lori & Robert). It looks like Robert has to leave. Thirdly, Justin counteroffered both of the Sharks, offering $1.5 million in exchange for 3% equity and 1% advisory shares (Kevin & Lori). Kevin and Lori countered $1,000,000 for 4% equity. This was an offer that Justin couldn’t refuse.
Larq After Shark Tank
At a worth of $25 million, Kevin and Lori inked an agreement with Larq. Before Shark Tank, this product had a large fan base; after the show, it exploded.
This is a high-end solution to an existing problem, and the confidence ratings it received on “Shark Tank” were crucial. Many individuals all across the world would gladly purchase this item.
Until August 2022, this corporation will only transport its product to the United States, Canada, the United Kingdom, and Europe. But it’s also selling the item on Amazon’s Southeast Asian website. Also, read about Nikki Sixx Net Worth
There isn’t a lot of competition for this business, so it’s been able to expand rapidly and attract plenty of customers. The potential for this firm’s value to reach a billion dollars in the next few years is enormous.
The LARQ UV Purifying Pitcher was named one of the best water filter pitchers by New York Magazine. Many prominent recent periodicals have profiled this firm.
This startup, which appeared on Shark Tank and promised annual sales of $20 million in November 2021, has already met that goal. This company expects to make $30 million in revenue by 2022, with the release of its second product, the Larq Pitcher.
Larq Net Worth
The company was valued at $25 million when the deal was signed on Shark Tank. Series A funding was the final round of finance for this private corporation. There have been rumors that Larq Net Worth is $50 million.
LinkedIn reports that between 11 and 50 people are currently engaged in this field throughout all stages, from research and development to final packaging. A brilliant approach to advertising the goods has been implemented. It has merged its product website with its blog site.
Through articles and videos, he not only sells the product but also provides useful information about water purifiers, international travel, health, and similar topics. As for compensated social media promotion, Larq’s Instagram account has over 114,000 followers.