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Shark Tank: TheMagic5 Accepts $1,000,000 From Robert Herjavec

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Although swimming is a major form of fitness in the United States and the United Kingdom, there has always been a one-size-fits-most approach to goggles. Triathletes and family members from Denmark, Bo Haaber and Rasmus Barfred, have created the world’s first custom-fit goggles. Using advanced robotics technology, consumers can run a 13-second scan on their face through TheMagic5 app which will match them to the proper gasket and lens color to make their own custom pair of goggles. Because the US swimming market is bigger than that of the UK, Bo and Rasmus moved their families to the US to grow their business. Seeking $500,000 in exchange for 2.5% equity, TheMagic5 is hoping to partner with a Shark that can help them expand their business in the US.

The Sharks are very impressed to hear that they already have $1.5 million in sales year-to-date in 2021, however, they are most excited to learn about the underlying robotics company that comes with investing in TheMagic5. Mark Cuban is quick to extend an offer, citing the other robotics, AR, and technology companies in his portfolio. Nirav Tolia and Kevin O’Leary partnered together to combine their sales and technology experience and offered Bo and Rasmus an offer featuring both a royalty and an equity deal. Lori Greiner has offered to partner with Robert Herjavec if he would like to go together to combine her knowledge of product sales and marketing and his passion for the swimming market.

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    Because Robert’s daughter was a competitive swimmer and one of the top swimmers in the country, he feels that he knows the market very well and really wants to make a deal with TheMagic5–but without Lori. Although a bidding war begins with the Sharks, Robert decides to increase his investment amount to land a partnership deal with TheMagic5. Robert offers Bo and Rasmus $1,000,000 in exchange for 6.5% equity in the company which they ultimately take, citing that Robert is their favorite Shark.

    If you were a Shark would you have invested in TheMagic5? Do you think the company is worth the $1 million investment that Robert made? Start the conversation in the comments below!


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