Illumibowl Shark Tank Update

Illumibowl Shark Tank Update: Shedding Light on Their Post-Shark Tank Journey

Appearing on Shark Tank is one of the best things to happen to a startup. It allows them to get funding and mentorship that will push their company to success. One of the few privileged companies on the show was Illumibowl.

So, what is the latest Illumibowl Shark Tank update? Well, the company is now making millions in its annual sales. Despite competing products in the market, they have adopted a strategy to drive more sales. Also, they reduced the price of their product.

You now know the answer to, was IllumiBowl on Shark Tank? But do you know what happened to them after the show? Well, read on. 

IllumiBowl Shark Tank Profile

Here are the details about this company:

Company NameIllumiBowl
FoundersMatt Alexander and Michael Kannely
Founded2014
ProductLED toilet nightlight
Asked Investment for$100k for 15% equity
Final Deal$100k for 25% equity 
SharksKevin O’Leary
EpisodeSeason 7, Episode 21
Air DateMarch 11, 2016,
Business StatusIn Business
WebsiteIllumibowl
HeadquartersOnline Business
Lifetime WorthEstimated to be worth over $1.4 million (as of 2021)
Buy ProductBuy on Amazon
Watch onAmazon Prime

IllumiBowl Before Shark Tank

Before appearing on Shark Tank, IllumiBowl had humble beginnings. It was the brainchild of Matt Alexander and Michael Kennely back in 2014.

IllumiBowl Before Shark Tank

This company’s core idea was simple and brilliant: to tackle the inconvenience of stumbling through dark bathrooms during late-night visits. Their creation? An LED light that clips on the toilet bowl. It is motion-activated and casts a gentle, colorful glow, eliminating the need for blinding lights at night. 

To turn this concept into a reality, they turned to Kickstarter for funding. The two had a goal of raising just $20,000. However, their campaign soared, and they raised close to $100,000. This money enabled them to improve their product and hit the market. 

IllumiBowl on Shark Tank

The company appeared on Shark Tank during season 7, Episode 21 in 2016. They entered the tank seeking $100,000 in exchange for a 15% stake in their venture.  Matt and Michael introduced the sharks to their concept of illuminating bathrooms. 

IllumiBowl on Shark Tank

The demonstration was nothing short of dazzling. They showcased its motion detection abilities as well as its eight different colors. This impressed the shark, but still, they had questions about their creation. 

On this IllumiBowl Shark Tank episode, Daymond wanted to know about the light’s lifespan, which was answered to be 10,000 hours. Robert questioned the need for such a product. However, the margins were enticing to the sharks. The product cost only $3.98 to make and retailed at $19.99. 

In the end, Kevin O’Leary saw potential in this idea. He offered $100,000 for a 25% share in the company. Mat and Michael accepted this offer, sealing the deal with a handshake. This marked the start of their journey to success with Kevin O’Leary as their guiding light.

What Happened to IllumiBowl After Shark Tank?

After striking a deal with O’Leary, IllumiBowl embarked on its illuminating journey to new heights. First, they ensured their product was available in major online retail stores like Amazon. They also expanded to smaller local stores and individual franchises like True Value. Their goal was to make the product available to everyone in the country. 

The company also did a price transformation. Originally, their product was retailing at $19.99. They dropped it to $14.99 on Amazon and other stores. This strategy aimed at making the product more accessible to a broader audience and further fueling their growth. 

What Happened to IllumiBowl After Shark Tank

Their Shark and mentor, Kevin O’Leary, was very involved in their post-Shark Tank journey. He linked them with various retailers like Bed Bath and Beyond. Also, his industry contacts and expertise helped expand the product reach. 

But IllumiBowl was not alone in the world of illuminated bathroom products. Post-Shark Tank, there were other similar products released to the market. However, they have maintained an edge over their competitors by improving their design and customer satisfaction. 

IllumiBowl today continues to light up bathrooms across the nation. Spark Innovations, LLC now owns it. This parent company acquired the venture in October 2017. The acquisition gave them further funding and a platform to grow their sales. 

In 2019, they returned to Kickstarter to raise an additional $10,000 for new products. They got an additional $226,870 pledge from over 7000 supporters. This has further pushed their ambitions to succeed post-Shark Tank.

IllumiBowl Net Worth

When this company first appeared on Shark Tank, its initial valuation was a modest $666,667. Since then, IllumiBowl update shows they have grown and expanded. As of 2021, reports suggested that they were worth $1.4 million. This increase can be attributed to their ongoing commitment to innovation.

IllumiBowl Net Worth

However, you should not assume that the $1.4 million valuation is just speculation and not the definitive value of the company. This firm was even acquired by Spark Innovations in 2017. 

The Acquisitions significantly affect company valuation. Therefore, the reported figures as of 2021 are a glimpse into their financial journey rather than the precise value at the time. 

IllumiBowl Sales Data

Specific financial details for this company are not available online. However, it is reported that they have been shining brightly, with sales of over $2 million per year. This is speculative as the company’s financials are not publicly disclosed. 

Is IllumiBowl Profitable Now?

Based on the available information, it is reasonable to speculate that they are likely profitable. They sell their product at $14.99 and have a production cost of $3.98. This is a substantial margin to be profitable. 

While production costs have risen since their appearance on the show, the fact that their price has remained the same over the years shows they still profit. But without access to their financials, their profitability remains speculative. 

There are various things to be considered before determining if they are profitable. For instance, their operational costs, distribution costs, and so on. 

Is IllumiBowl Profitable Now
As we shed light on innovative bathroom solutions and delicious snacks, let’s delve into the updates on Pipcorn in our Pipcorn Shark Tank update. Discover how this company is reimagining snack time. Additionally, for those with a sweet tooth, don’t miss our Wicked Good Cupcakes Shark Tank update, where we share insights into the latest developments in this delectable venture.

Conclusion

The above IllumiBowl Shark Tank update sheds light on the whereabouts of the company currently. The venture is still in business and doing well. Their appearance on the show was pivotal to opening new doors for expansion and growth. 

Although their specific financial details remain unknown, it is evident that they have had a bright time in their niche. With reported sales of over $ 2 million a year, they continue to shine, offering people a guiding light to late-night bathroom visits. 

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