LuminAID Shark Tank Update – What Happened To The Business?
It is not every day we get to see contestants on Shark Tank capture the attention of millions. However, this is exactly what happened with Andrea Sreshta and Anna Stock, the co-founders of LuminAID, when they appeared on the show.
But what is LuminAID, and what happened to it after Shark Tank? LuminAID is a startup that invented solar-powered inflatable lanterns in 2010. In 2015, the co-founders made an appearance on Shark Tank, seeking $200K for 10% equity. After the show, their sales multiplied, allowing them to enlarge their product range.
So, what is the company’s net value, and is it still profitable? In this guide, we will discuss everything you need to know about the LuminAID Shark Tank episode.
LuminAID Shark Tank Profile
Here is a summary table of LuminAID company profile and update.
| Company Name | LuminAID |
| Co-Founder (s) | Andrea Sreshta and Anna Stork |
| Founded in | 2010 |
| Product (s) | Rechargeable, solar-powered lanterns, solar garden lights, and phone chargers |
| Asked For | $200k for 10% equity |
| Final Deal | $200k for 15% equity with additional $300k funding |
| Shark | Mark Cuban |
| Episode Appearance | S06 E20 |
| Air Date | February 20th, 2015 |
| Business Status | In business |
| Headquarters | Chicago, United States |
| Acquired By | Adventure Ready Brands |
| Website | Visit Website |
| Sales (Lifetime Worth) | $7 million (estimated) |
| Watch On | Amazon Prime |
| Go To Amazon | Buy Now |
LuminAID Shark Tank Update
LuminAID is a Chicago-based company that makes solar-powered and rechargeable lanterns and other innovative products. The company was founded in 2010 by Andrea Sreshta and Anna Stork after a disastrous earthquake struck Haiti.
However, the two entrepreneurs launched their company for the first time with a Give Light, Get Light campaign in 2011 on Indiegogo. And during the campaign, they raised more than $50,000.
So, was LuminaAID on Shark Tank? In 2015, Anna and Andrea made an appearance on Shark Tank season 6, Episode 20, the famous reality show on the ABC TV network. They went there seeking $200,000 from the sharks for a 10% stake in their business.
And surprisingly, they got offers from all the 5 sharks, including:
- $300K for 20% from Daymond to license the business
- $200K for 20% from Lori
- $200K with a 4% royalty from Kevin O’Leary
- $200K for 15% from Robert with no contingencies
- $200K for 15% from Mark Cuban
But in the end, they took Mark’s offer. This is because Mark offered them an additional $300,000 in financial support in the next round.
What Happened to LuminAID After Shark Tank?
After appearing on the show, their sales shot from $1 million to $2 million, according to a LuminAID shark tank update. In addition, the business expanded its product range and retail presence. To start with, they introduced the LuminAID Pack Line solar lights consisting of:
- PackLite 16
- PackLite 12
- PackLite Spectra
The PackLite is the highest performing as it can produce over 65 lumens and last more than 30 hours. In addition, the dual entrepreneurs created:
- Solar lanterns with phone chargers
- Solar speaker
- Power outage bundle
- Camp-ready survival kit
Since its appearance on Shark Tank, LuminAID today has hosted many successful campaigns. These campaigns enabled them to raise more than $500,000 and distribute over 50,000 lanterns in more than 100 countries in the world.
Additionally, the company was featured in two other Shark Tank updates. For example, in 2020, the company was recognized in the Shark Tank Greatest of All Time Special. It was also featured in another update segment in episode 715.
In November 2021, Adventure Ready Brands, popularly known for making outdoor gear, acquired LuminAID.
LuminAID Net Worth
At the time Anna and Andrea appeared on Shark Tank, they valued their company at approximately $1.33 million. This explains why they sought $200K for $10 equity.
However, their sales doubled in the first year after their deal with Mark Cuban. So, from the LuminAID shark tank update, the business is estimated to have a net worth of $7 million as of 2023.
LuminAID Sales Data
The revenue for LuminAID in 2011 after its launch was slightly over $50,000. In 2014, the company had made sales worth $1 million. Similarly, LuminAID after Shark Tank made sales amounting to around $2 million in 2015.
However, since 2015, the company has not provided any information about its sales data. So, their revenue is estimated to be $1 million annually. But overall, LuminAID is estimated to have generated over $7.5 million in sales since appearing on Shark Tank.
With that said, check out this yearly LuminAID sales data to understand how the company has been performing.
| Year | Estimated Sales ($) |
|---|---|
| 2011 | Over $50,000 |
| 2012 – 2014 | $1 Million |
| 2015 | $2 million |
| From 2015 to 2023 | Over $7.5 million |
Is LuminAID Profitable Now?
Yes. The precise annual revenues for the company are not readily available for all the years. However, when you look at what happened to LuminAID after Shark Tank, it is undoubtedly profitable.
If it was not profitable, Adventure Ready Brands would not have acquired it in the first place. Also, the company would probably be out of business, but it is not.
Besides, it is estimated to have made over $7.5 million in sales since 2015. Yet, at the time it appeared on the show, it had only made slightly over $1 million in sales.
Discover more remarkable transformations on Shark Tank, like the Circadian Optics success story and the Naja journey. Delve into the evolution of these ventures, from their appearances on the show to their post-Shark Tank achievements, as they continue to make waves in their respective industries.Final Words
LuminAID is one of the few businesses that managed to get offers on Shark Tank from all 5 sharks. However, they only accepted Mark Cuban’s offer, allowing them to double their sales per the LuminAID update. And over the years, they concentrated on expanding their product line.
To date, LuminAID is still in business and profitable. However, the company is now wholly owned by Adventure Ready Brands. That said, if you are interested in any of their products, you can get them on LuminAID’s official site. The lanterns are also available in different retail and e-commerce stores.
