Not every married couple makes a good business team. But there’s always an exception, as Kim and Tim Lewis, a husband-and-wife team who appeared on Shark Tank Season 10 to pitch their business CurlMix, a line of hair care products made especially for curly hair, showed.
One of the sharks on the show made the couple a good offer, but they turned it down because they wanted to grow their business in their own way. Even though the Sharks didn’t help, the business grew and is now curlmix net worth $12 million. Find out what happened to CurlMix after it was on Shark Tank and what the million-dollar business is doing now. In this article, we will read about curlmix net worth and many more things related to it.
How Did CurlMix Start?
Kim and Tim Lewis, who have been together for a long time, started their business with their own money. They turned a common hair care ingredient into a natural hair product, which led to a multimillion-dollar beauty business for women with naturally wavy or curly hair. Tim Lewis, one half of the couple, won $100,000 on the game show Who Wants to Be a Millionaire? Kim quit her job because of this windfall, and she used the prize money to build the “Natural Hair Academy.”
This first business, called “Natural Hair Academy,” was a social media network for women with curly hair that talked about how to care for natural hair. The business wasn’t very successful, but it had an interesting start that led to the creation of CurlMix. Kim began working on CurlMix soon after “Natural Hair Academy.” CurlMix started out as a box you could subscribe to that came with natural hair care products for curly hair.
But even after a few months in business, sales were still low and profit margins were going down in the subscription box business. When a venture capitalist asked them, “What’s your best-selling product?” they had a “light bulb” moment. Flaxseed gel was their answer. Tim and Kim had already noticed that people kept coming back to their pure flaxseed hair care product in the subscription box, which does wonders for people with curly or wavy hair.
When they changed the direction of their business in 2018, they chose to make “Pure Flaxseed Gel” their best-selling product. That was a smart move because they ended up getting $25,000 in funding from BackStage Capital, which helped sales reach record levels. At the end of 2018, the company made $1 million in sales. This is one of the reasons why they were finally allowed to pitch their idea on Shark Tank. curlmix net worth.
Did CurlMix Get A Deal On Shark Tank?
Short version: No, they turned down the $400,000 offer from Robert Herjavec that the Shark made. In Season 10 of the TV show Shark Tank, the people who started CurlMix showed up and impressed the sharks in the tank. Alli Webb, the CEO of the Drybar chain of blowout salons, came in as a guest shark for that episode. Tim and Kim’s first request was for $400,000 in exchange for 10% of CurlMix.
This gives their business a value of $4 million, which they said was based on their plan to make more than $1 million in sales in 2019. They knew how much their business was worth when they went into the tank. “We have a positive cash flow, and in a month or two we’ll be making money,” Tim said. This year, we expect to make about $180,000. curlmix net worth.
What Were The Sharks’ Offers For CurlMix?
CurlMix only got one offer from Shark Robert Herjavec, but it was interesting that the company turned down the offer and walked away. As expected, Shark Kevin O’Leary didn’t like CurlMix’s $4 million price tag and thought the business was overpriced and not worth the risk for his investment. Lori Greiner came next and said that, like O’Leary, she doesn’t know anything about CurlMix’s business, so she’s out.
Mark Cuban was kicked off because he doesn’t know enough about the market space. Webb, a guest shark, said that she knows from her own beauty business that there is a big market for products that make curly hair look better, but that she is “in the business of making curly hair straight.” She didn’t make a deal with Kim and Tim, which made some of the other sharks wonder why Webb didn’t, since beauty products are her area of expertise. curlmix net worth.
Robert Herjavec was the only shark left, and Webb’s insider information about the demand for the product line gave him the confidence to offer the couple a $400,000 deal, but he wanted a 20% stake instead of the 10% they wanted. Even though the other sharks said it was a fair deal, Tim and Kim decided to leave. Herjavec and the other sharks were shocked and couldn’t understand why the couple didn’t take such a good deal.
They did, however, praise the couple for having faith in their product. In an interview with the Chicago TV show The Jam, Kim said, “Going into the tank, we felt like our numbers came in at a $7 million valuation. But we gave a value of $4 million, and Robert gave a value of $2 million. curlmix net worth.
Don’t miss out! ✨ On July 19th, Supply + Demand hosted by Stimulus is back with @kimlewisceo and LaRitta Webb. Hear how Lewis grew her customer base and brand, @CurlMix. LaRitta Webb, will share her expertise as a #supplychain consultant. Register here – https://t.co/gRDj7cMSsE pic.twitter.com/X8SrCWZ6s2
— Stimulus (@getstimulus) July 18, 2022
What Happened To CurlMix After Shark Tank?
Even though they turned down Herjavec’s $400,000 offer, he continued to be interested in their business. This is another example of the “Shark Tank effect,” which means that their appearance on the show helped their business grow even though they didn’t get a deal with the Sharks.
In March 2019, a few days after the Shark Tank episode aired, a venture capital firm called Next Play Ventures put in an amount that was not made public. CurlMix was also chosen as a finalist in the “Pitch to Win” contest for a $100,000 grant.
How Much Is CurlMix Net Worth Now?
After the Shark Tank episode aired, CurlMix was able to get $1.2 million from Jeff Weiner, who started LinkedIn and is now the Executive Chairman of the company. The Black Enterprise says that this means CurlMix is worth a total of $12 million because of this. The company says that CurlMix has already worked with more than 200,000 customers. This means that CurlMix probably made at least $6 million in sales over the last three years, which is already half of its $12 million value. curlmix net worth.
First shoot of the year with @4conly ✨ pic.twitter.com/C29g0fvXXO
— Nesha😌❤️ (@Nesha_iam) January 24, 2022
Lessons from CurlMix On Shark Tank
What’s interesting about Kim and Tim Lewis’s story of success is that they were able to keep going in their business and change directions when something wasn’t working. In 2018, they only made $3,000, which was almost enough to put the business out of business before the $25,000 in seed money came in. When the seed funding came in, they were also able to change their strategy.
They stopped focusing on beauty subscription boxes and instead made flaxseed gel items that could be sold separately. Kim tried 50 different flaxseed gel mixtures while she was 7 months pregnant until they found the right one. They didn’t give up until it was right, and they didn’t need a degree in chemistry to do it. Unlike some of the other people in Shark Tank, they were well-prepared and didn’t get nervous during the show. curlmix net worth.
They spent months getting ready for their pitch. They watched old episodes of Shark Tank and made flashcards of possible questions that could be asked. It paid off because they didn’t give up when things got tough. Because they were ready and sure of their product and numbers, they were able to answer all of the sharks’ questions, and they can do the same for any other potential investor.
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