CurlMix is a well-known hair care brand that has done very well in the beauty business, especially in the field of natural hair care. CurlMix has cut out a place in the market itself by making high-quality, organic hair products. In this piece, we talk about CurlMix’s net worth and look at the money side of this successful company.
From when it started to where it is now in the industry, we’ll look at the things that have affected CurlMix’s net worth and how it has affected the founders’ journey as business owners. Find out how this brand has become a strong player in the market for hair care.
Curlmix 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 as a result.
The company claims that CurlMix has already provided service to more than 200,000 clients. Thus, a rather conservative estimate of at least $6 million in total sales over the previous three years is given, which is already half of CurlMix’s $12 million valuation.
What Happened to Curlmix After Shark Tank?
Herjavec offered them a $400,000 deal, but they refused it, maintaining interest in their company. This is another instance of the “Shark Tank effect,” whereby their involvement on the show aided in the growth of the company even if they were unable to 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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What Were the Sharks’ Offers for Curlmix?
Shark Robert Herjavec made CurlMix just one offer, but surprisingly, CurlMix turned it down and went away. Shark As was to be expected, Kevin O’Leary disagreed with CurlMix’s $4 million valuation and determined the company was overpriced and not worth the danger to his investment.
Following O’Leary, Lori Greiner declared she was unable to continue since she lacked experience in CurlMix’s industry. Shark Due to his inadequate understanding of the market, Mark Cuban was fired.
Guest Sandra Webb chimed in and stated that, based on her own experience in the beauty industry, there is a true desire for products that enhance curly hair, but that she is “in the business of making curly hair straight.”
Other sharks actually questioned Webb’s decision not to propose a deal to Kim and Tim when she declined to make them one despite the fact that it fit her speciality of beauty products.
With only one shark left, Robert Herjavec approached the couple with a transaction of $400,000 but demanded a 20% ownership rather than the 10% they requested. This was motivated by Webb’s insider knowledge of the product line’s demand.
Even if the other sharks said it was already a good deal, Tim and Kim chose to leave. Herjavec and the other sharks were perplexed as to why the couple had declined such a lucrative offer. They did compliment the couple’s assurance in their offering, though.
ABC has provided a YouTube video of the CurlMix discussions. Kim explained their choice in an interview with Chicago’s The Jam TV show: “Going into the tank, we’ve felt that our figures came in at a $7 million valuation. Robert’s offer was for $2 million, while our valuation was $4 million.
Robert’s offer, in Tim’s opinion, was “too big of a discount.” “We’re worth more than that, and we’re growing to a billion dollars one day, hopefully.”
Undoubtedly, Kim and Tim had different ideas for the company. They all agreed before appearing on the show that they would not sell more than 15% of their business, regardless of what the sharks would offer in exchange.
They took this action because they believed that when they conducted a second round of funding with new investors, more stakes would be available for grabs. They did not want to lose their majority ownership of the company as a result of numerous investment rounds. Their ability to get along so well is a result of their refusal to give in on a matter that is significant to them both.