LARQ Shark Tank Net Worth, Salary, its Founder, and other details. LARQ's net worth is $21 million. Since appearing on Shark Tank, LARQ has experienced a sales increase followed by a decline in revenue. During the episode, Lori and Kevin agreed to invest $1 million, but due diligence complications prevented the deal. LARQ is a self-cleaning water bottle with one of the highest valuations ever quoted on Shark Tank. Must See Gameface Shark Tank Net Worth.
LARQ Shark Tank Net Worth
Net Worth
$21 Million
Annual Sales
$8 Million
Profits
$24,000
Unsold Stock
17,000 bottles
Lifetime Sales
$43 Million
Total Capital Raised
$27 Million
Cash in Bank
$3 Million
Founder of LARQ
Justin Wang is the founder of LAQRQ. Wang loves nature and found that regular water bottles develop a foul odor over time. It happens because bacteria grow inside them, making them unpleasant for users.
In 2017, he launched the self-cleaning LARQ water bottle. The bottle cap uses ultraviolet-C LED technology to eliminate 99.99% of odor-causing particles inside.
A Kickstarter campaign helped LARQ earn $1.4 million in a month, leading to $6.5 million in earnings in the first year and subsequent growth of up to $16 million by the third year. The company raised an additional $10 million through Series A funding led by DCM and Seventure in 2020.
LARQ Net Worth Growth
LARQ Shark Tank Net Worth in 2023
$ 21 Million
LARQ Shark Tank Net Worth in 2022
$ 15 Million
LARQ Shark Tank Net Worth in 2021
$ 9 Million
LARQ Shark Tank Net Worth in 2020
$ 5 Million
LARQ Shark Tank Net Worth in 2019
$ 2 Million
LARQ Shark Tank Pitch
In 2021, Justin Wang's company was doing well. He accepted the invitation to appear on season 12 of Shark Tank and offered the Sharks a 1% stake in his company for $500,000 - the highest valuation ever pitched on the show.
The Sharks couldn't believe the valuation for the first minute of his presentation, but Justin remained calm. The room's atmosphere changed when the businessman shared LARQ's sales performance.
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Kevin O'Leary, Lori Greiner, and Robert Herjavec each offered $500,000 at varying equity stakes. Wang inquired if the three could combine for $1.5 million, but Robert declined. Kevin and Lori accepted the offer resulting in a final deal of $1.5 million for 4%. Check out Ootbox Shark Tank Net Worth.
Success After Shark Tank
After an impressive pitch, Justin Wang's water bottle was featured in numerous online publications. SharkTankBlog.com reported that the deal with Lori and Kevin never closed, but the business still received a lot of publicity from the show. With $6.5 million in the bank, the company had ample capital to expand.
The business sells three products: the LARQ Bottle PureVis, LARQ Pitcher PureVis, and LARQ Bottle Filtered. Customers highly regard the LARQ Bottle PureVis with a rating of 4.6 out of 5 from 5288 reviews on their official website.
In addition to their website, LARQ products are available on Amazon, Best Buy, and other popular e-commerce platforms. In a Forbes interview, Justin stated he anticipates earning $30 million in revenue for 2022. At present, LARQ is valued at approximately $50 million.
LARQ Sales and Revenues
When LARQ pitched their bottle on Shark Tank, they projected $14 million in sales for the year. While they did reach that target, it was mainly due to the exposure from Shark Tank. However, sales have significantly slumped since then. Check out Squatty Potty's net worth.
LARQ's sales revenues have plummeted from $14 million to $6 million, leading to reduced profitability and a lack of cash reserves.
Is it still in Business: LARQ
LARQ secured $11 million in funding through a successful Series A round from Seventure and DCM investors in September 2020, despite their deal with Lori and Kevin not coming to fruition. The funding will be used for further development of their innovative pitcher.
LARQ has pre-sold 20,000 pitchers ahead of production through a successful fundraising effort, and the products are now available for purchase by consumers who want clean drinking water on the go.
LARQ started earning $8 million in annual revenue due to its dedication to producing quality products for modern consumers. They plan on continuing to innovate and work with investors such as Seventure and DCM to remain a prominent player in the industry. You may also like Swimply Shark Tank Net Worth.
