The Magic 5 is a custom scanning app. It was created by Rasmus Barfred and Bo Haabeer and it uses technology to manufacture swimming goggles that will ideally fit anybody’s face. The two investors appeared on Season 13, Episode 4 of the ABC hit reality show, Shark Tank.
Rasmus and Bo came to the show with high hopes of impressing the investors and scoring a deal of $500,000 in exchange for 2.5% equity of the business. What happened? Did they get the offer that they were looking for? What is their net worth in June 2022?
As of June 2022, The Magic 5 is estimated to have a net worth of $21 million and is expected to grow further as more athletes and sports fanatics continue buying their products.
What Does The Magic 5 Company Do?
The Magic 5 firm sells and manufactures custom-fitted swimming goggles for swimmers. Their goggles are not every day swimming goggles. They are well-designed with an app and 3D printing software. Notably, The Magic 5 is a successful startup firm that has adopted a unique business model. You can watch this video to learn more about the company and what they make and their prime target audience.
Rasmus Barfred and Bo Haaber are triathletes and they knew that if they manage to resolve the issue of leaking swimming goggles, they might be on to something big. They came up with the idea to develop a scanning algorithm that would enable them to manufacture custom swimming goggles to fit different faces perfectly.
What Did They Walk Away With From The Shark Tank Show?
The Magic 5 team came on the Shark Tank show hoping to secure a deal of at least $500,000 in exchange for 2.5% of the company. To their surprise, the sharks were so impressed with their business concept that they walked away with a deal of $1 Million in exchange for 6.5% of the company. They struck this deal with investor Robert Herjavec.
From the start, Robert Herjavec saw that The Magic 5 firm can become a highly successful brand. The company’s glasses have already been recognized by FINA and are currently used by many athletes throughout the world. Incredibly, they had athletes use their glasses during The Olympics and World Championships.
The firm now offers five types of swimming goggles – Blue Magic Mirror Gold and Blue Magic Mirror Silver, Smoke Magic, Clear Magic, Blue Magic, and Black Magic Mirror Silver – together with a cap. They have many products available on their products on their website.
Furthermore, you may also shop their products on Amazon and have them delivered to your doorstep.