Larq Shark Tank Update

Larq Shark Tank Update

Larq is a reusable water purification bottle that utilizes ultraviolet light to sterilize water every 2 hours. It is self-purifying and is designed to eliminate 99% of the bio-pollutants from the water. 

Justin Wang launched the initiative in 2017 and his goal was to create a sustainable and healthy alternative to one-time-use plastic water bottles. 

On April 16, 2021, he came to pitch at Shark Tank S12E21 and requested $500,000 for 1% capital from Shark at a $50m estimate. Shark felt the estimate wasn’t good. However, Justin was still able to finalize a deal with them.

Read further to know about the Larq Shark Tank update since Justin pitched his idea to a group of successful business executives named “Shark.”

Larq Company Profile

Larq Company Profile

Here is a quick overview of Larq’s company profile. 

Company nameLARQ
FounderJustin Wang
Founded2017
Product A self-purifying water bottle that uses ultraviolet light to purify water every 2 hours.
Technology PureVis UV-C technology.
Purification TechniqueAutomatic self-purifier.
Bottle ModelInsulation and Non-insulation.
Shark Tank EpisodeS12E21.
Asked for$500k for 1% capital at a $50 million valuation.
Air dateApril 16, 2021.
Record brokeCompany with the highest-ever valuation to pitch in Shark Tank.
Final deal$1.5m for 4% equity.
UpdateSigned a deal with 2 Sharks.
Two SharksLori Greiner and Kevin O’Leary
Current business statusActive
Websitelivelarq.com
HeadquartersSan Francisco Bay Area, California, USA.
Net worth$18 million.
Lifetime sales worth$66 million estimated.
Buy productAmazon
Pitch videoWatch the video

About LARQ

LARQ was founded by Justin Wang in 2017. The product uses PureVis technology to eliminate toxic microorganisms from drinking water. One fantastic thing about the technology is that every 2 hours, it switches on spontaneously till the water is sterilized. 

LARQ

The LARQ water bottle has dual-wall vacuum insulation which helps to retain its hotness for 12 hours and chilliness for 1 day. Furthermore, the water bottles come in two models—Insulation and Non-insulation.  The award-winning water bottle is manufactured from premium stainless steel and is durable and reusable. 

Larq Shark Tank Update

Justin was featured on the LARQ Shark Tank episode 21 business pitch in 2021. At his pitching, Justin Wang requested for Shark Tank to grant him $500,000 for 1% capital at a $50m estimation. The team was astounded as that was the most massive valuation solicited in Shark Tank since its inception.

Although they laughed at him including his viewers, Justin persisted and proceeded to further clarify his innovation. He included the details of how the product works. However, the Sharks felt the estimate was too outlandish.

Justin went ahead to present that the market size of his product was worth up to $300 billion globally. He mentioned that LARQ was the first of its kind and that for utility and design, it held about 10 patents. Still, the sharks weren’t convinced about the deal.

Later, Kelvin, one of the Sharks, asked about the details of the company’s sales. Justin told them that he had made more than $9m in the previous 1 year and that he was on his way to making $14m by year-end. He went further to explain that just after 1 year of launching the product, his sales were already $5.5m.

Furthermore, he mentioned the business getting $6.7m in grants at a $31.7m estimate in 2020 and currently had $6.5m in cash. But, the Sharks were still hesitant. Well, later on, Kevin made a bid of $500,000 for 4% capital estimated at $12.5m. 

Lori requested $500k for 5% capital at a $10m estimate. While Robert requested $500k for 3% capital plus advisory shares of 2% at a $16.7m estimate. Justin countered them and requested $1.5m for 4.5% capital and 1% at a $33m estimation in advisory shares.

The Sharks countered him again and proposed $1.5m for 6% capital at a $25m estimation. Justin countered again and requested $1.5m for 4.5% capital and 1.5%  at a $33m estimation in shares. But at this point, one of the Sharks named Robert dropped out.

Finally, Justin made another offer of $1.5m for 3% capital and 1% shares to Kevin and Lori, the last two Sharks. They agreed to invest $1.5m for 4% capital after some negotiations. Justin agreed with the offer and they ended their negotiation.

LARQ After Shark Tank

Are you wondering what happened to LARQ after Shark Tank? Well, after Shark Tank, their product received a further boost adding to its previous popularity. The product is also growing very rapidly.

LARQ After Shark Tank

The idea is a problem-solving one and the Shark Tank episode helped to improve people’s trust. The product is now such that many people around the world would not hesitate to drink from this pristine bottle.

Furthermore, the company has been featured in several big magazines like Times, New York Magazine, etc. It has also gotten honest reviews from Forbes. There is also a provision for online purchases from their website and via online business platforms.

LARQ’s Net Worth

Currently, LARQ’s net worth is around $18m as of 2023.

LARQ’s Sales Data

This is LARQ Shark Tank’s current sales data.

Net worth$18 Million
Annual revenue 2022$2.6 million 
Profits$20,000
Unsold stock15,000 bottles
Lifetime sales$66 million 
Total capital raised$25 million 
Cash in bank$2 million
Revenue per employee ratio$92,857
Daily Revenue$7,123
Monthly Revenue $216,667
Price of LARQ bottle$99

Is LARQ Profitable Now?

Yes, LARQ, Shark Tank is still a profitable company today. Their headquarters is located in San Francisco. They market their products and still provide health-related information. Also, they create content about water purifiers, travel, etc.

Is LARQ Profitable Now

Furthermore, they do social media paid marketing and LARQs official Instagram account has over 130k subscribers. In 2022, they were recorded to have generated over $30m in revenue.

If you’re interested in more Shark Tank updates, be sure to check out our articles on Dirty Cookie and Cactus Jack. Our Dirty Cookie Shark Tank update showcases the unique and delicious cookie shots that impressed the Sharks, just like the success story of Larq. Additionally, our Cactus Jack Shark Tank update highlights the innovative portable drink cooler that caught the attention of the investors. Discover the fascinating journeys of these entrepreneurs and their memorable Shark Tank experiences.

Conclusion 

After the 2021 business pitch in Shark Tank, the LARQ company has been more successful. Their products are now available on various e-commerce sites and they have a thriving online presence. 

LARQ products are BPA-free and eco-friendly. This ensures that no toxic chemicals enter your water. Furthermore, by eliminating the need for one-time-use plastic bottles, LARQ reduces environmental waste and fosters sustainability.

In addition, the water bottle has an inbuilt rechargeable battery that powers the UV-C light. It can be charged using a USB cord. A full charge can stay for about 1-2 months depending on the usage level.

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