California entrepreneur Justin Wang was looking to make a splash with his water bottle invention, LARQ. The product is a step up from typical filtered water bottles, as it purifies your water and cleans the bottle through a patented UV-C LED light that kills up to 99.99% of all leftover bacteria. After launching successful crowdfunding campaigns, LARQ caught the eye of the “Shark Tank” investors, leading to a record-breaking deal. But just how much is this innovative company worth?
Who is Larq?
LARQ is a brand committed to revolutionizing the world of hydration. Founded in 2017 by Justin Wang, the company’s mission is to offer people an innovative and sustainable way of consuming water that also contributes to reducing plastic waste worldwide. Unlike conventional water bottles, LARQ’s products come equipped with UV-C LED technology, eradicating up to 99.9999% of harmful bacteria from your beverage within minutes – no need for harsh chemicals or constant manual washing.
Who Is The Founder Of Larq?
LARQ was co-founded by Justin Wang, an entrepreneur who was inspired to find a solution for single-use plastic bottles after noticing the sheer amount of plastic waste during a trip. He teamed up with a dedicated team that shares the same vision for sustainability and innovation, and together, they’ve grown LARQ into a significant player in the eco-friendly product industry.
How Was The Shark Tank Pitch Larq?
LARQ broke a Shark Tank record when Justin Wang appeared on Season 12, asking for a $500,000 investment for only 1% equity in the company. This massive valuation of $50 million left the sharks in disbelief, but Wang justified it by citing the $300 billion water bottle market and LARQ’s impressive sales figures.
While Daymond John and Mark Cuban were skeptical of the high price tag, Kevin O’Leary, Lori Greiner, and Robert Herjavec were willing to invest. Ultimately, Wang struck a deal with O’Leary and Grenier for $1 million in return for 4% of the company.
| Revenue Source | Description |
|---|---|
| Product Sales | The main source of income includes sales of LARQ water bottles and other products. |
| Affiliate Marketing | Revenue from affiliate links where websites earn commission on sales referrals. |
| Partnerships | Collaborative ventures with other companies for joint promotions and events. |
| Licensing Revenues | Income generated from licensing LARQ’s patented technology to other companies. |
Larq Shark Tank Update:
LARQ’s appearance on “Shark Tank” generated a lot of buzz, with Daymond John calling it “The valuation of the century!!” The deal with O’Leary and Grenier gave the company the extra boost it needed, especially as the world was emerging from the COVID-19 pandemic. LARQ closed a $10 million Series A funding round in 2020, bringing on new investors like Draymond Green, and by 2022, the company was planning to bring in $30 million in revenue.
What Happened To Larq After Shark Tank?
After the “Shark Tank” episode aired, LARQ saw a significant increase in visibility and sales. The company was already experiencing rampant success, but the show “just accelerated the journey we already were on,” according to Justin Wang. LARQ has since expanded its product line, introducing the LARQ Pitcher, Bottle Flip Top, and Twist Top while earning prestigious awards like TIME’s 200 Best Inventions of the Year.
Larq Net Worth:
While the details of LARQ’s financials are not publicly available, experts estimate the company’s net worth to be anywhere from $30 million to $50 million or more. This impressive valuation is a testament to the brand’s rapid growth and success since its launch in 2018. In just a few short years, LARQ has found its success and has become a rising force in the water bottle industry.
| Year | Estimated Net Worth ($ Million) |
|---|---|
| 2018 | 1 |
| 2019 | 3 |
| 2020 | 5 |
Larq Growth and Operations:
LARQ’s financial growth has been nothing short of remarkable. 2018, the company reported $1 million in revenue, which skyrocketed to $10 million the following year and $20 million in 2020. This rapid expansion has allowed LARQ to invest in new product development, international expansion, and strategic partnerships. The company is headquartered in California but has successfully marketed its products globally through e-commerce and retail.
Larq Marketing and Sales:
LARQ has implemented a multifaceted marketing strategy to drive sales and brand awareness. In addition to its strong online presence and social media channels, the company has leveraged partnerships with influencers, celebrities, and other brands to reach new audiences. Its products are also available through various retail outlets, further expanding its customer base. This integrated approach has been vital to LARQ’s success in a crowded market.
Larq Social Media Presence:
LARQ has a robust social media presence, particularly on Instagram, with over 100,000 followers. The company uses this platform to showcase its products, share sustainability-focused content, and engage with its community of eco-conscious consumers. LARQ’s social media strategy has been instrumental in building brand loyalty and driving sales through user-generated content and targeted advertising.
Larq Interesting Facts:
- LARQ’s UV-C LED technology is the first in the water bottle industry, setting the brand apart from competitors.
- The company’s Kickstarter campaign in 2018 raised a staggering $1.4 million, making it one of the most significant crowdfunded clean water initiatives.
- LARQ has won multiple design awards, including three “Best of the Best” Red Dot Design Awards.
- NBA star Draymond Green has invested in LARQ and is a brand spokesperson.
What’s Next For Larq?
As LARQ continues to grow and expand, its most significant challenge is making its products more accessible to the average consumer. With the flagship bottle currently costing $99, it’s a significant investment for many people. LARQ’s co-founder, Justin Wang, has expressed the desire to introduce more affordable versions of their technology over time, which could significantly broaden their customer base and drive even more significant growth.
Final Words:
LARQ’s journey from a crowdfunded startup to a multi-million dollar brand is a testament to the power of innovation and sustainability. By addressing the problem of plastic waste and offering a cutting-edge solution, the company has carved out a lucrative niche in the water bottle industry. With impressive sales figures, strategic partnerships, and a commitment to continuous improvement, LARQ’s net worth is expected to continue its upward trajectory, solidifying its brand as a leader in eco-friendly products.
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