Spouses are not always successful business partners. However, there is always an exception, as demonstrated by Kim and Tim Lewis, a husband and wife duo who presented their curly hair care products, CurlMix, on Shark Tank in Season 10.
One of the sharks on the show made the couple a hefty offer, but they chose to turn it down to grow their business independently. Even without the Sharks’ assistance, the company has expanded and is now worth $12 million! Please continue reading to learn what happened to CurlMix after it appeared on Shark Tank and what the million-dollar firm is doing today.
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CurlMix’s Net Worth?
Following the airing of the Shark Tank show, Jeff Weiner, the founder and executive chairman of LinkedIn, invested $1.2 million in CurlMix. The Black Enterprise estimates CurlMix’s overall net worth at $12 million. The company claims that CurlMix has already served more than 200,000 clients. Thus, a conservative estimate of at least $6 million in total sales over the previous three years is given, already half of CurlMix’s $12 million valuation.
How did CurlMix start?
Kim and Tim Lewis, longtime lovers, bootstrapped the company by transforming a common hair care ingredient into a natural product that opened the door for a multimillion-dollar beauty industry serving women with naturally curly or wavy hair. The couple’s husband, Tim Lewis, took home $100,000 from the Who Wants to Be a Millionaire competition.
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Kim quit her work in response to this windfall to concentrate on creating “Natural Hair Academy” with the money from the prize. This initial business, “Natural Hair Academy,” was a social media platform that catered to ladies with curly hair and talked about natural hair care. Sadly, the business did not fare well, but it had intriguing beginnings and served as CurlMix’s forerunner.
Kim started working on CurlMix shortly after “Natural Hair Academy”. Initial versions of CurlMix were natural hair care subscription boxes for curly hair. Months into the business, however, sales were still weak, and subscription box margins were shrinking.
Did CurlMix get a deal on Shark Tank?
In conclusion: No, they declined the $400,000 offer from the Shark made by Robert Herjavec. The CurlMix founders debuted in Season 10 of the Shark Tank TV show and won over the sharks there. For that specific episode, Alli Webb, CEO of the network of Drybar hair salons, was a particular guest shark.
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The first demand from Tim and Kim for 10% ownership of the company CurlMix was $400,000. This results in a $4 million valuation for their company, which they claimed was based on their sales projection of over $1 million for 2019. They entered the tank fully aware of the value of their company. Tim stated, “We’re cash flow positive and will be profitable in one to two months.” “This year, we anticipate making $180,000 in profits.”
What happened to CurlMix after Shark Tank?
Herjavec offered them a $400,000 deal, but they refused, maintaining interest in their company. This is another instance of the “Shark Tank effect,” their involvement on the show aided the company’s growth even if they could not close any deals with the Sharks.
The venture capital firm Next Play Ventures made an undisclosed investment a few days after the Shark Tank episode aired in March 2019. As a finalist for a $100,000 funding grant in the “Pitch to Win” competition, CurlMix was also named.
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