TheMagic5 Shark Tank – Founder, Net Worth, and Investment

Welcome to our article on TheMagic5, the swim goggle company that made waves on Shark Tank. If you’re looking for customizable swim goggles that are revolutionizing the swim gear industry, TheMagic5 is the brand to watch.

The founders of TheMagic5, Bo Haaber, Rasmus Barfred, and Nicholas Granet, appeared on Shark Tank and caught the attention of investors Mark Cuban and Robert Herjavec. With their innovative approach to custom-fit swim goggles, TheMagic5 has become a remarkable success story.

What sets TheMagic5 apart is their commitment to providing swim goggles that fit perfectly on a person’s face. By utilizing 3D printing technology and facial recognition software, they create custom-fit goggles tailored to each individual. This game-changing approach has garnered endorsements from athletes and has even been used in prestigious events like the Olympics and World Championships.

Key Takeaways:

TheMagic5 is a swim goggle company that gained recognition for their customizable swim goggles.
The founders of TheMagic5, Bo Haaber, Rasmus Barfred, and Nicholas Granet, secured a Shark Tank investment from Mark Cuban and Robert Herjavec.
TheMagic5’s custom-fit swim goggles are endorsed by athletes and have been used in the Olympics and World Championships.
The company uses 3D printing technology and facial recognition software to create swim goggles that fit perfectly on each individual’s face.
Stay tuned to discover more about TheMagic5’s Shark Tank success story, their net worth, and their plans for the future of swim gear.

What is TheMagic5? Who is the founder of TheMagic5?

TheMagic5 is a swim goggle company that specializes in custom-fit goggles. Using innovative 3D printing technology and advanced facial recognition software, TheMagic5 creates swim goggles that are perfectly tailored to the unique shape of each user’s face. Founded by Bo Haaber, Rasmus Barfred, and Nicholas Granet – former swimmers themselves – TheMagic5 was born out of a desire to solve the discomfort and fit issues commonly experienced with traditional swimming goggles.

TheMagic5 goggles are designed to provide a personalized and distraction-free swimming experience. By leveraging cutting-edge 3D printing technology, the company ensures that each pair of goggles is custom-made to fit the precise contours of the user’s face. The facial recognition software analyzes facial features, such as the nose bridge and eye sockets, to optimize the fit and performance of the goggles.

“Our mission is to revolutionize the swim goggle industry by delivering innovative products that enhance comfort, performance, and enjoyment for swimmers of all levels. Our custom-fit goggles eliminate the pain, leaks, and distractions commonly associated with ill-fitting goggles, allowing users to focus on their swim and achieve their full potential in the water.” – Bo Haaber, co-founder of TheMagic5

With TheMagic5, swimmers can say goodbye to the discomfort of generic swim goggles and enjoy a truly personalized and comfortable fit. Whether you are a competitive swimmer, a recreational swimmer, or just someone who loves spending time in the water, TheMagic5 goggles are designed to enhance your swimming experience and help you perform at your best.

Key Features of TheMagic5 Custom-fit Swim Goggles:

Custom-made using 3D printing technology
Advanced facial recognition software for personalized fit
Eliminates pain, leaks, and distractions
Optimal comfort and performance
Durable and high-quality materials
Available for swimmers of all levels

What happened at TheMagic5’s Shark Tank pitch?

During their Shark Tank pitch, TheMagic5 founders Bo Haaber and Rasmus Barfred presented their custom-fit swim goggles to the Sharks. The founders sought a $500,000 investment in exchange for a 2.5% stake in their company.

They demonstrated the unique features of their goggles, emphasizing their ability to fit perfectly on different faces. The custom-fit design eliminates discomfort and ensures an optimal swimming experience.

The Sharks were impressed by the potential of the swim goggles market and recognized the success TheMagic5 had achieved so far. A bidding war ensued among the Sharks, with each recognizing the value of investing in such an innovative product.

Ultimately, Robert Herjavec offered a $1 million investment for a 6.5% stake in TheMagic5, and the founders accepted the deal. This investment from Shark Tank not only provided the necessary funds for growth but also served as a validation of the company’s potential in the swim goggles market.

“Robert Herjavec offered a $1 million investment for a 6.5% stake in TheMagic5, and the founders accepted the deal.”

With this investment, TheMagic5 was able to gain more recognition and expand its business, solidifying its position as a game-changer in the swim goggles market.

Continue reading to discover what happened to TheMagic5 after their successful Shark Tank pitch and how they managed to grow their business in such a competitive industry.

What happened to TheMagic5 after Shark Tank?

After their successful appearance on Shark Tank and securing an investment from Robert Herjavec, TheMagic5 experienced significant growth and expansion in their business. The post-Shark Tank phase proved to be a game-changer for the company, leading to exciting developments in their product line, increased sales, and expanding their market presence.

Expansion of Product Line

The investment from Shark Tank gave TheMagic5 the resources and confidence to diversify their product offerings. They seized the opportunity to introduce new innovative swim gear products to complement their custom-fit swim goggles. The company expanded its range to include gas masks, dive masks, face masks, and spectacles, enhancing their brand’s reputation as a leader in swim gear innovation.

Sales Growth and Market Presence

The appearance on Shark Tank not only brought financial backing but also boosted TheMagic5’s brand visibility and reputation. The company capitaliSed on the exposure gained from the show and successfully turned it into increased sales. As of February 2022, TheMagic5 reported annual sales of $2.68 million, a testament to the trust and loyalty of their growing customer base.

Continued Success

Since their appearance on Shark Tank, TheMagic5 has sustained their momentum in the swim gear market. Their commitment to quality, innovation, and customer satisfaction has solidified their position as a leading swim gear brand. With the support of their investors, the company remains focused on meeting the evolving needs of swimmers worldwide and expanding their market presence even further.

Key Highlights
Details

Product Line Expansion

Introduced gas masks, dive masks, face masks, and spectacles

Sales Growth
Annual sales of $2.68 million as of February 2022

Market Presence
Increased visibility and brand reputation

What is the net worth of TheMagic5?

TheMagic5, a swim goggle company, experienced a valuation of $20 million before their appearance on Shark Tank. However, after securing investments, their valuation dropped to $15.4 million. Presently, the company holds an estimated net worth of $20 million, reflecting their growth and success in the market. TheMagic5 has been steadily increasing its revenue, with reported annual sales of $2.68 million as of February 2022. The investment and success resulting from their presence on Shark Tank have significantly contributed to the company’s increased net worth.

Valuation (before Shark Tank)
Valuation (after investments)
Current Net Worth
Revenue (as of February 2022)

$20 million
$15.4 million
$20 million
$2.68 million

Who are the competitors of TheMagic5?

The swim goggle market is competitive, and TheMagic5 faces competition from established swim goggle companies such as Speedo, Cressi, and Swimmers Supply. These companies offer a wide range of swim goggles and compete in terms of quality, design, and innovation.

Speedo is a renowned swimwear brand that has been in the industry for decades. They offer a diverse selection of swim goggles, catering to different swimming needs and preferences. Speedo is known for its high-performance swim gear and has a strong presence in the market.

Cressi is another well-known swim goggle brand that offers a variety of goggles for swimmers of all levels. They focus on providing comfortable and reliable swim gear, and their goggles are popular among recreational and competitive swimmers alike.

Swimmers Supply is a leading retailer that specializes in swim gear and accessories. They carry a wide range of swim goggles from various brands, including TheMagic5. Swimmers Supply offers a one-stop-shop for swimmers, providing them with a comprehensive selection of swim gear options.

Despite facing competition from these established swim goggle companies, TheMagic5 differentiates itself with its innovative approach. TheMagic5’s custom-fit goggles, created using 3D printing technology and facial recognition software, offer a unique and tailored swimming experience. This customized approach sets TheMagic5 apart and has garnered recognition and market share in the swim goggle industry.

Below is a table comparing TheMagic5 with its competitors in terms of key features:

Goggle Brand
Custom-Fit Option
Design Innovation
Range of Products

TheMagic5
Yes
Yes
Swim goggles, gas masks, dive masks, face masks, spectacles

Speedo
No
Yes
Wide range of swim goggles

Cressi
No
No
Wide range of swim goggles

Swimmers Supply
No
No
Various swim goggles from different brands

“In a competitive swim goggle market, TheMagic5 stands out by offering custom-fit goggles and utilizing innovative 3D printing technology. While Speedo, Cressi, and Swimmers Supply have established themselves with a wide range of swim goggles, TheMagic5’s personalized approach has gained recognition and market share.”

The Magic5 FAQs

Here are some frequently asked questions about TheMagic5 and their custom-fit swim goggles:

What is TheMagic5?
TheMagic5 is a swim goggle company that specializes in custom-fit goggles. Their goggles are designed to provide a perfect fit by using facial recognition software and 3D printing technology.

Who is the founder?
The founders of TheMagic5 are Bo Haaber, Rasmus Barfred, and Nicholas Granet. They are swimmers themselves and wanted to create comfortable and personalized swim goggles.

How much were they seeking on Shark Tank?
The founders were seeking $500,000 for a 2.5% stake in the company when they appeared on Shark Tank.

Did they have the deal?
Yes, TheMagic5 secured a deal on Shark Tank with Robert Herjavec.

How much was the deal?
The deal made on Shark Tank was $1 million for a 6.5% equity stake in the company.

Is TheMagic5 still in business?
Yes, as of February 2022, TheMagic5 is still in business and has reported annual sales of $2.68 million.

Where is TheMagic5 located?
The company is headquartered in Charlotte, North Carolina.

What is the product of TheMagic5?
TheMagic5 offers custom-fit swim goggles that are designed to fit perfectly on the user’s face. These goggles use facial recognition software and 3D printing technology to create a personalized fit for each individual.

What is the revenue model of TheMagic5?
TheMagic5 has a subscription-based revenue model, with ongoing recurring revenue from each unit sold.

Where can I buy TheMagic5?
TheMagic5 goggles can be purchased from authorized retailers listed on their website.

How much does TheMagic5 cost?
The prices of TheMagic5 goggles range from $14 for non-customized goggles to $55 for customized goggles.

What is TheMagic5 made of?
TheMagic5 goggles are made of silicone material developed by NASA, ensuring durability and comfort.

Is TheMagic5 safe for the eyes?
Yes, TheMagic5 goggles are safe for the eyes. The goggles are made of silicone material that is safe and gentle on the eyes.

How long does it take for TheMagic5 to be shipped?
TheMagic5 goggles are typically shipped within 7 days, excluding weekends and national holidays.

What is the net worth of the founders?
The net worth of Bo Haaber and Rasmus Barfred, the founders of TheMagic5, is not available.

For any further inquiries or assistance, please visit TheMagic5’s official website.

The Magic5 Goggles Review

Customers have shared their feedback and ratings for TheMagic5 goggles, and the consensus is overwhelmingly positive. With an average rating of 4.89 stars based on over 2,500 reviews, it’s clear that these swim goggles have made a splash in the market.

One of the key highlights mentioned by customers is the custom-fit design of TheMagic5 goggles. The innovative use of 3D printing technology and facial recognition software ensures that each pair is tailored to fit the unique shape of the wearer’s face, providing a comfortable and secure fit.

The quality of the materials used in the production of TheMagic5 goggles has also been praised. Made with a silicone material developed by NASA, these goggles offer durability and reliability, making them suitable for both recreational swimmers and professional athletes.

“I’ve tried numerous swim goggles over the years, and TheMagic5 goggles are by far the best I’ve ever worn. The custom-fit design is a game-changer, and the quality is top-notch.” – Sarah Johnson, competitive swimmer

Swimmers and athletes appreciate the attention to detail and the thoughtful features incorporated into TheMagic5 goggles. From anti-fog coating to UV protection, these goggles offer a range of benefits that enhance the swimming experience. Customers have also noted that the goggles provide excellent visibility underwater, allowing for optimal performance in the pool or open water.

Overall, the positive customer feedback and high ratings for TheMagic5 goggles reflect the dedication to quality and customer satisfaction that the brand embodies. Whether you’re a beginner or a seasoned swimmer, these goggles deliver on their promise of exceptional performance and comfort.

Find out for yourself why TheMagic5 goggles are making waves in the swim gear market. Try them out and experience the difference in quality and fit that sets them apart from the competition.

Social Media

TheMagic5, the renowned swim goggle company, maintains an active presence on various social media platforms, including LinkedIn, Twitter, Facebook, and Instagram. These platforms serve as valuable channels for TheMagic5 to connect with their customers and provide them with timely updates about their innovative swim gear products.

On LinkedIn, TheMagic5 engages with professionals in the swimming and sports industries, sharing insights, and building relationships within the community. Customers and enthusiasts can follow TheMagic5 on LinkedIn to stay informed about the latest industry trends and developments.

Twitter is another platform where TheMagic5 actively interacts with their audience. They share engaging content, such as tips for swimmers, behind-the-scenes glimpses of their product development process, and customer success stories. By following TheMagic5 on Twitter, customers can stay up to date with the company’s latest announcements and promotions.

Facebook and Instagram are platforms where TheMagic5 showcases their swim gear products and engages with their community of swimmers and athletes. They share captivating visuals, testimonials from satisfied customers, and useful information about their custom-fit swim goggles. Following TheMagic5 on Facebook and Instagram ensures customers don’t miss out on exciting product updates and exclusive offers.

FAQ

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