Kim and Tim Lewis are a husband-and-wife duo. They are demonstrated, successful business partners. During Season 10, they made a Shark Tank pitch for CurlMix. A line of hair care products created exclusively for curly hair.
CurlMix Net Worth In 2022! Where Is Curlmix Located? And More About CurlMix
The pair rejected a lucrative offer from one of the sharks on the show. Because they preferred to expand their company independently. Hence even without the assistance of the sharks, the company has expanded.
Net Worth Of CurlMix 2022
After the Shark Tank show aired, CurlMix successfully negotiated and acquired a $1.2 million investment from Jeff Weiner. Jeff is the founder and executive chairman of LinkedIn. The Black Enterprise estimates CurlMix’s overall net worth to be $12 million based on this. The company claims that CurlMix has already assisted over 200,000 consumers.
This amounts to at least $6 million in total revenues over the preceding three years. It is already less than CurlMix’s $12 million projection. This is realistic to anticipate.
How Did CurlMix Begin?
Kim and Tim Lewis, invested their own funds to launch their company. They were longtime partners. They created a natural hair product using a popular hair care ingredient. It creates a multimillion-dollar beauty industry for ladies with naturally curly or wavy hair.
One half of the pair, Tim Lewis, took home $100,000 from the game show. Due to this unexpected windfall, Kim resigned from her work. They founded the Natural Hair Academy with the award money.
The first company, Natural Hair Academy, offered curly-haired ladies a social media platform. They could learn how to take care of their natural hair. Although the company wasn’t extremely successful. It had a unique beginning that inspired the development of CurlMix.
Soon after Natural Hair Academy, Kim started working at CurlMix. The subscription box with natural hair care items for curly hair was the origin of CurlMix. However, even after a few months in operation, subscription box sales were still weak. Also, profit margins were declining.
When a venture financier questioned them about their best-selling product, they had a lightbulb moment. Their reply was flaxseed gel. For those with curly or wavy hair, Tim and Kim’s pure flaxseed hair care product in the subscription box works wonders. They had already observed that clients kept going back.
They decided to make Pure Flaxseed Gel their best-selling product. They decided to change the course of their business in 2018. It was a wise decision as it led to them receiving $25,000 in funding from Backstage Capital. It aided in breaking sales records. The company will have $1 million in sales by the end of 2018. One of the factors that led to their idea finally being accepted for a Shark Tank pitch was this:
Did Shark Tank Make A Deal With CurlMix?
To cut a long story short, they declined the offer of $400,000 made by Robert Herjavec and the Shark. The founders of CurlMix appeared on Shark Tank in Season 10 and won over the sharks in the tank. In that episode, Alli Webb appeared as a guest shark. Alli Webb is the CEO of the Drybar brand of blowout salons.
They expect to generate more than $1 million in sales in 2019. This values their company at $4 million. When they entered the tank, they were aware of the value of their company. This year, they expect to earn around $180,000.
What Did The Sharks Offer CurlMix Contain?
Shark Robert Herjavec only made one offer to CurlMix. It was intriguing to see the company reject it and walk away. The risk of his investment is because of its $4 million price tag. The next speaker was Lori Greiner. Lori declared that she was out because, like O’Leary. She knew nothing about CurlMix’s operations. Shark lacked sufficient commercial knowledge. Mark Cuban was fired.
Guest shark Webb claimed that although she is in the business of making curly hair straight, She is aware from her own beauty business that there is a sizable demand for products. It improves the appearance of curly hair. It is given that her specialty is in beauty products and several of the other sharks were perplexed as to why Webb didn’t strike a deal with Kim and Tim.
The only remaining shark was Robert Herjavec. He was confident because of Webb’s inside knowledge of the market for the product line. Tim and Kim chose to depart, despite the fact that the other sharks thought the bargain was reasonable. Herjavec and the other sharks were startled and perplexed as to why the couple had rejected such an attractive offer. They did commend the couple for having confidence in their offer.
A YouTube video was created for the CurlMix seminars. Kim stated it in an appearance on the Chicago television program The Jam. They felt like their figures came in at a $7 million valuation. Robert provided a value of $2 million while they provided a value of $4 million.
Robert’s discount, according to Tim, was too big. The speaker said we’re worth more than that, and we want to be worth a billion dollars one day. Undoubtedly, Kim and Tim had other plans for the company. They all agreed prior to appearing on the show. They would not give more than 15% of their company to the sharks, regardless of what percentage they offered.
They did this because they believed there would be more shares available. If they conducted a second round of funding with additional investors. Due to the excessive number of financing rounds, they didn’t want to lose the majority of their company equity. They work well together because they won’t back down from something that is so essential to them both.
Why Did CurlMix Ater’s Shark Tank Disappear?
Herjavec remained interested in their company even after they rejected his offer. This is yet another instance of the Shark Tank effect. It means that, despite not concluding a deal with the Sharks. Their involvement in the show contributed to the expansion of their company.
A venture capital company called Next Play Ventures invested an amount in March 2019. Several days after the Shark Tank episode aired, for an unspecified sum. Additionally, CurlMix was selected as a finalist in the Pitch to Win competition for an award of $100,000.
Which city Is Curlmix in?
A company in the US called Curlmix Inc. produces soap, cleaning supplies, and toilet paper. It is based in Chicago, Illinois.
Susan Lucia is a Post Graduate, working as a staff writer in a leading media outlet and is even a freelancer. She is one of the leading entertainment reporters who cover a wide range of entertainment news from across the United States and beyond. She has worked both as a journalist and a television host.