Larq Has The Highest Valuation Ever On Shark Tank! | Shark Tank US | Shark Tank Global
Justin Wang is seeking $500,000 for 1% of his company Larq, which sells self-cleaning water bottles that use UV light to purify water.
From Season 12 Episode 21
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Larq Has The Highest Valuation Ever On Shark Tank! | Shark Tank US | Shark Tank Global
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I really appreciate his confidence after missing the bin two times in a row.
He needed a bigger bin
Because he wasn't focused on that goal, his goal was to get a Shark and instead he got two.
How much are their company worth now?
Missed two throws but got two sharks lol
confidence? 4:33 ya he is showing off his confidence
Justin knew exactly what he was doing. Gave the sharks the lowest value to work with and gave up 4% only. Well played.
That plus he got the free promotion of having his product on shark tank. Talk about a win
Lowballing 101
It’s just an verbal agreement. It not 100% final yet. Half of Lori deal don’t get finalize.
@@biggdogg33 really? Wow
A million doesn’t get him anywhere to take it global.
He missed the basket twice, got laughed at, could barely pour water his hands shaking so much, and he kept it together to negotiate a close on a super aggressive offer! Big brain move! He definitely fudged the valuation to get it where it landed, all planned out before walking into the tank! Bravo!
At 3:25 we have the switch. Mark cuban is laughing at him how with only 2 years he is valued at that price. Then, just 10 seconds later, Mark's face completely melts down after hearing the sales.
@@charlyrob7334MEATY KOK WHIPPED OUT AT YOGA CLASS. WOMAN WHIPS OUT A HUGE KOK AFTER SHOWING HER BULGE TO THE YOGA TEACHER😅😮😊
These deals aren't set and done once they say you have a deal 😅 it's pretty well documented
This company is big enough and has enough investors that he went in there knowing the exact amount he could give away and at what price and wouldn’t budge. He wasn’t going for anything less that $32m valuation.
He didn't "fudge the valuation" if he already had a round of fundraising... the valuation was already set by previous investors.
I really enjoyed Damon's reaction to finding out how much he paid for the bottle 🤣🤣 dude was caught off guard
So detached that he doesn’t buy anything himself and his a house manager do it haha
How he not know how much he pay for it
@@earthstronglifestyleesl4452 When I am in a position where I have a lot of money lying around, and then I see something I like, I usually buy it along with the other stuff I need and then look at the balance for a rough estimate of how much money I`m spending at the end of the month. He probably did check how much it cost him for a split second while throwing it in the cart for a simple yes or no answer and then his brain promptly deleted that information.
he realized he was scammed
@@user-xh3qg8yl7x nah larq is great.
I like how he looked them and continue his presentation after all the sharks laughed at his valuation.
Barbara: And for that reason, im out
U like it? I would laugh too if was asked for 500 k for what? 1 percent?
He’s a shady chesh
@@digibitonline9223 fax, barbara is the worst shark
@@stephennguyen6124 If their product really does what he says it does then it could be a game changer in the market
This guy is very smart. They laugh at him with that over the top evaluation but he almost got exactly what he wanted.
I mean he literally got 1/2 of the evaluation he came in with, that isnt almost exactly what he wanted.
@@maahir9 I feel like he intentionally came in with a crazy evaluation to make anything more attractive seem valuable for the sharks.
He got 50% of his original valuation
and better almost
@@maahir9 no no, he purposely gave an over the too evaluation. That way, when they “negotiate” to a higher equity, he actually gets what the company is really worth and loses nothing. Essentially, u give the highest pricepoint and anything lower seems like a good deal for the sharks
This guy is a sharp cat. His presentation and answers were precise and incredibly winsome. He went fishing in the Sharks and got what he wanted. Great job
He stopped few time He isn't flawless, but He did amazing I'll give it to him
@@mauriciosolano9342 true. Enterpreneurs give up negotiation after a counter or two but he was still very firm
His aim for that bin was nowhere near precise though😂
Chinese guy
First time I ever saw someone finesse the sharks like that. He walked in the room offering 1% and they all laughed at him. He walked out with $1mil of their money and still owns 96% of his company, well done.
You can say 65% because he said he got 6.7M for 31% of company in his recent investment rounds
Owns 96& of this company? Can't believe people don't listen what the guy said. Doesn't own that because he raised money like Muneeb said. And that comment has 40 likes now.
@@MultiJejje it’s not that people don’t listen, but just because someone watches Shark Tank doesn’t mean that they understand the ins and outs of shares and businesses
No and no. That guy is extremely smart tho, yes. He didnt finesse them. His offer was legitimate, his valuation is not insane at all if it's been proven to work because they have the technologies patented. This is quite likely worth billions down the line just with licencing and patent usage. And Mark knew it instantly but did not want to discuss such a deal on a tv show. He did THEM a favor by giving up this much equity, and expected also a lot in return thus why he proposed advisory shares. He values their expertise, network and time much more than their money, rightfully so. And no he doesnt own 96% of the company, this is not a small business. He has co founders, he has VCs inboard. I'd be extremely impressed if he even still owned more than 55% after this deal.
@@iDrraaaK smart but has an actually decent product so he has some leverage Personally don’t see too much value in the product but I could be mistaken! The alternative is washing your bottle and pouring in clean water everyday
4:35 look at him shaking when pouring that. He was so nervous but yet he stayed calm and achieved what he wanted. Smart man!
didn't seem to care that he was missing his shots with the water bottle lol
Yep, you could hear his voice trembling
Wouldn’t you be nervous in a room with them hahah
Do we have the same name?
he seemed very nervous and at the same time he didn't seem nervous lol
This guy is smart and knows investing, numbers, and negotiates like a pro. His company is gonna have a bright future
Or a watery grave
@@josec439 currently valued at over 50 million dollars with anually revenue of 30 million. I think he ia doing pretty good. Plus in this episode he said he legit had 6.5 mil in the bank and didnt have to spend a lot of it.
A bright future you think, at $95 a bottle??? 🙄🤪
@@SweetChicagoGator then his product is not for u. his product is doing well.
@@afrizal8275 Don't believe u would pay $95 per bottle? Barbara Corcoran is spot on with this guy's BS story, 100% !! Very smart shark ! Few consumers would bother maintaining, cleaning a single bottle everywhere they go?! Nonsense !!
His response to Daymond John going out was the most professional comeback I've seen. I love that guy
He made every percentage point look so valuable, didnt lower the valuation, and kept the trust with it, best strategy is to maintain the trust, no discounts just little room for back and fort. I really think he set the bottom line for 2% for each 500k
Barbara: I love your product. I think you're fantastic, your business is phenomenal, and your valuation is perfect. I've been waiting for years for someone like you to come into the tank; in fact, I dare say you are the single greatest entrepreneur we've ever seen, with the greatest business we've ever seen. This product will change hundreds of millions of lives for the better, and generate hundreds of billions in revenue. I think you're beautiful, and I love you. For those reasons, I'm out.
LOL!!!!!! I knew how this was gonna end and it still has me crying laughing 😂😂😂😂😂😂😂😂😂😂😂😂😂😂 Barbara jokes are top tier comedy!
That's so apt!
🤣😂🤯☠
Kate your awesome
Barbara wasn’t even on this episode, and for those reasons, you’re out.
If this thing not only cleans the water but also purifies harmful water, that’s amazing.
Yes it does, the UV remove also harmful minerals, impurities and poisons from the water....yes yes...believe it.
No, Jenni Turtle Burger, it is YOU that are amazing.
@@greasyguido simp
Could change lives forever if that was the case, have you seen those other products like the straws you can just drink from straight from a dirty river? Looks crazy
I’ve had it for a while, maybe around 18-20 months now. Battery life is insane and I’ve never had to clean it once. They have cheaper options which is what I got, idk how the base model works
This guy knows the ins & outs of a sale pitch, and knows his product worth the investment. Despite the sharks laughed at him, he maintained his cool and carry on. Very solid pitch.
Guy was a great negotiator. He did his homework on the Sharks, and I think he ended up with the right 2.
Barbara: When I was a little girl we had to boil our water to cleanse it and I think you’re looking for shortcuts. Let me tell you something my friend, there is the right way to do things and then there’s the easy way to do things. I think this product shows that you are a slacker and for those reasons I’m out.
Hahaha
So accurate 😂
Barbara is that You 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
😂😂🤣🤣🤣
I read this in her voice
I really like Mark's insight here. He's right. Shark Tank is not about further growing multi-million companies, but providing a platform to help those who are just starting and need some help. On another more elite platform, I'd invest in this, but not on Shark Tank.
True, he's the only one with enough money to have that type on integrity. The others saw a legitimate safe bet here
WAIT AN OMANI DUDE ?!!
Damien literally said the exact same thing before Mark…
@@chrisc1926 no that’s not true daymond often dismisses these pitches and even gets upset with them, there’s a reason daymond and Mark hang out the most with each other outside the tank
I agree with Mark's idea, but it makes no difference for investors where you invest in this show or the other. SharkTank doesn't get a % off anything successful deals.
This has got to be one of the smartest guys they have had one the show. He really understands deal structure and his product is awesome!
"I've done a lot of hardwork don't interview me 🤓"
Barbara: my body is 70% water, so for those reasons I'm out. Jokes aside good episode love Mark Cuban
LOL
I am dying 😭😭😭
He never makes deals
@@PikachuODST He's made the most deals of any shark though.
Dead 🤣
Lori really does try to get behind the product and understand it. She was asking so many questions, it’s great to see that she’s genuinely interested and try to understand the product before investing her money, very smart shark.
She’s the best one up there
@@nickphillips664 and I don’t think it’s even close
What you said is correct, however, that's not the main intention. The main intention was to see how well educated the guy is about his product, and how clearly he can pass the information through.
@@nickphillips664 simp
She ain't a PhD students so that understandable
Bro is actually a hidden genius. Left with exactly what he wanted. Make the first offer absurd, but then get a good offer from the sharks.
Notice how he wasn’t faced and kept going. Nerves of steel. Great confidence and was focused on the end result.
Barbara: I don't ever drink water, I drink soda for those reasons I am out.
🤣🤣🤣🤣🤣
Pop* 😏
😂
Lol
🤣😂🤣😂
Him continuing with his pitch while they cracked up made it even funnier.
I think it was a badass moment from him. He knew his valuation would be controversial. But only when Lori asked he revealed his Sales and his Valuation was actually good when u keep in mind that the sharks always negotiate down.
He had to lol
he played the shark tank. the tank didn't play him! he was in control of the entire time! well done!
Thank you Damien! Thats real reason shark tank should work. These guys can find any good business to invest in without shark tank. Help the little man without the resources. 👏👏👏
New to shark tank but I am living for this Barbara slander and it’s well deserved 🤣
She’s not actually bad. It’s just fun to go along with the joke.
She’s very funny herself. They’re all funny sibling rivalry type characters. But I agree, the Shark Tank community is hilarious!! I’m about a week in myself 😂
Kevin buying brooms for her is my favorite.
@@BitterComments I used to see her that way too until the Wanna Date episode. She's pretty bad.
why?
Barbara: You missed the bin twice, for that reason I’m out !!!
😭😭😭😭😭😭
🤣🤣🤣
I love this😹😹
I guess that's why I don't play for the mavs
😆😆😆😆
Great business man. Came prepared and didnt overhype his numbers. Great negotiator, was humble and secured it. Great pitch
I've had this pitcher for roughly 4 months, it is great. I don't like Brita water, so I've been using plastic bottles for years, at least a case a week. I still but plastic bottles for when the pitcher runs out, but I buy waaay fewer of them. The Larq pitcher has the best tasting water, hands down.
He didn’t even get 5 words in and they were already laughing like the devil!!! Lol 😭😂
500k for 1% I would be laughing too.
Lol
@@loganswalk8621 but they did it for 2% lol
@@noyapp9852 2% each
I would totally do the same thing. Investors always want a chunk of the company, but that evaluation was laughable.
He was transparent, said exactly what he wanted and was willing to get nearly that but kept it cool under pressure. Glad 2 sharks picked him up on the offer. Plus the product is great for the world. I'd be on too on this product.
“Great for the world”? This is not a UNICEF product. Only middle to upper class germaphobes will buy this. Like one of the sharks mentioned already.
Not for 1 percent
HD g pop 0
Well played! He knew if he offered a Higher percentage then the sharkdf would go higher than what he offered. He actually won instead the other way around lol he's a Shark aswell 🤣
Yep some good old reverse psychology.
Damn, this guy came in with the highest valuation ever, he was laughed by it but he ended getting a major deal at the end. It shows when you are confident in something, nothing can go wrong.
LOVE to see professionals negotiating on Shark Tank!!! Much respect! My favourite product so far!
Did you buy??
Robert's line at the end was classic: "I don't need you to interview me". But in the end that pride lost him
Mega ego trip
Look into his business it’s doing amazing
they never closed the deal.
@@DayquanDamas yea they did
@@superior2219 I didn't research it. Just saw a previous comment
I have the 17oz, and 32oz both single wall non-insulated versions for greater internal volume (plus I like my water room temperature). I have the standard cap, uv-c cap, and the filtration cap. I must say that this versatile, scalable system is a game changer when it comes to hydration on the go. I may even switch over to their water pitcher from Zero Water after a bit more research.
The Sun emits uv light at a much stronger rate than any small bottle cap ever could...and still the planet is full of bacteria and germs. You have been scammed
Will you reply to this?
I could feel his anxiety and nervousness but he stuck with it and finished strong.
That's what she said
@@Scott-got-caught 😂
One of the first products I have purchased not even knowing its was featured on Shark Tank and it has worked flawlessly
I was in the very first group of kickstarter backers. They took forever to deliver, but it's still an absolute staple of my daily life, and the battery seems to have not yet missed a step. Stoked to see them doing so well.
I like the fact that Daymond always remembers about the core purpose of Shark Tank. The show is not for the wealthy.
I know he was like I came from a poor background but you already made it out dude
Doesnt matter
@@ehsanhuq4605 what do you mean? It doesn't matter if a wealthy person walks into the tank? well, I think you missing the point of the program.
This guy came in blazing. The quiet confidence made me root for him.
Larq didn't come for the money, he came for the Value and he got it at a fair price.. Well Played
He came to advertise his product
@@ihavenoname6724 Yeah, heard the deal with Lori and Kevin never even closed. Wonder who pulled out? Could be because he raised about $10 mil some weeks after this was filmed, and then another $11 mil some time later. So those % he would have had to give up in his company for "just" $1 mil feels quite unnecessary, if you ever could say that about $1 million. I'm not 100% sure in these numbers - it's something I just heard from people I know who follow things like this and live in the US (I'm Swedish and live in Norway), so don't cuss me out if I'm wrong :) But I think you're right, he went on there to maximize the visibility of his company, and it was and still is a *great* strategy.
I have three of these bottles and very happy using them since 2020. No more plastic bottles wasted. Great for the environment.
do you need to wash the bottles with water and soap ever?
Where do you buy them?
I love how the judges are crying laughing, and he's just ignoring them, and continuing to talk
We backed this project during the kickstarter. Best purchase we made all year. The white pitcher farthest left is a phenomenal product.
what do u get from it? shares in return?
@@jokerrhe we get a ….. pitcher that filters water. ??? I think this is implied.
@@thomasjones3277 oh ok never did a kickstarter. I thought it involved some ownership of company not just a sample
@@jokerrhe no…not at all. You commit/invest $$ to a product/idea. They send you a product later. Normally an alpha or beta.
@@thomasjones3277 ok thx basically a smart way to get pre orders for an idea.
You can see his hands shaking while he is pouring the water. It's not easy! Brave dude
Man love the confidence at some point of time i felt that sharks were a bit uncomfortable.... Even Mr. Wonderful was so nice with him power of numbers and money 😊
LOL I just watched this man single handedly play with the sharks 😂 GOOD FOR HIM
Robert is a great partner but I think Kevin and Lori excluding Robert was actually WAY better for this guy, he even gave up less equity.
Barbara: “the aliens in the movie Signs didn’t like water, for that reason I’m out.”
Best one I have read yet
Using the Maggie Simpson voice
Would love to see the uncut version of this pitch. I know pitches last 1.5-2 hours usually the sharks have said. The guy clearly knows financials. Either banker or has had prior exits.
when he was pouring the water into the cup i saw his hand was shaking.. but he did amazing! great job!
I agree with Robert. That deal structure was so convoluted that *I* was saying “I’m out.”
Robert is a fool. Everyone has done their work to be where they're, no need to bring I'm bigger than you everytime. Glad he didn't take Robert on the journey. No need of egoistic partners.
@@testuser2505 “No need for egotistic partners.” *Partners with Kevin O’Leary.*
@@BitterComments Kevin has the least ego on the show, he knows he isn't their first choice, yet makes offer to almost all pitches.
@@testuser2505 dude was making it so complicated though, a lot of the times on the show the audience watching the show isn’t confused but this guy straight up just made it confusing. Yes it’s still a business but the fact that even the investors said it was complicating, u know it’s complicating.
That’s ridiculous. Taking a lower valuation then he already has is terrible strategy. It makes the company look weak
Kudos to him for staying the course and not freaking out while they laughed.
I loved hearing the financial intricacies, but Mark is totally correct
This guy really like his advisory shares.
"I have my reasons and for those reasons I'm out" - Barbara
This guy played the Sharks like a seasoned Professional. He used the simplest negotiating tactic ever; offer something of value, ask for A WHOLE LOT MORE than you need, then settle more than you really wanted.............
Yep, I was super surprised they took his offer at 2%. Basically he way overvalued it, then cut the evaluation by half. Also I thought there was some rule where you have to get the evaluation you asked for. Recently Cuban was saying something about how Richard Branson must have never seen the show because he didn’t know that (or something very similar, I’m still not entirely sure how that works) but the interview was about when Branson threw a glass of water on Cuban. You can look up the video where he talks about Branson throwing water on him. I think it’s a flip from the Impaulsive podcast Cuban did.
@@jenniturtleburger3708 the rule is to not offer less than what they asked. They can change the % of shares or offer more money
@@jenniturtleburger3708 it’s worth 50M now so I don’t think it was “way overvalued”
@@goldenboatcaptain yeah well it also could have crashed.
@@gaetanbouthors The sharks can’t offer less? So they can offer less money, it can ask for a higher percentage right?
I purchased one of these water filter pitchers after watching this. And I love it. The water has a taste to it where I am at. The place is a little older. We use this for our water. And the taste is completely gone. Taste better than Bottled water.
I love how he hit the rim the first shot and it went out. Then, I thought he was gonna nail the second shot and wiffed it but both times didn't acknowledge it at all haha
This is the definition of being a shrewd negotiator. Price high, to get talked down to your asking point. You get your asking point; they feel like they got better than the original offer so both parties go home happy unknowing of what just happened in the sale. Not that any of the Sharks are dumb by any means, but there was definitely a game of Yahtzee going on.
Bro really wanted the sharks and not just the publicity like you would expect from someone coming in with that valuation. Respect to this guy, he kept his composure, they even laughed at him but kept going.
Love it when the respectful guy laughs last
I love when the Sharks laugh at the valuation. LOL
Then they buy in at a better one
This guy was brilliant. Loved his counter offers :)
The Sharks laughing when he said he was offering 1 percent was hilarious 😅
I bought this bottle and it’s incredible. Very expensive but it gets the job done and is very easy to use.
Love how Ms wonderful is strictly business 🤣🤣 4:11 to 4:15 while everyone else is laughing he is “it costs you what, to make it?” with the straightest face ever
The laughing is cut short, it's edited for youtube. They all might have laughed and then became serious
"Ms" 😂
This guy knew what he was doing, I enjoyed this conversation
How he handled them was pure class❤️
Damon acts like he's for the people, while he's running a scam 😂
Which scam is that, exactly?
First time I've seen something I want on Shark tank.. glad they made the deal..the water filtration system was a good design too.
Daymonds statistics are WAY off. 1 million people without clean drinking water? I think its closer to 1.5 billion
I think he meant to say one billion.
He talked about ppl who can afford this product , They are business mans , they dont care about ppl who cant pay for the service/products
FUBU 😂
@@fullfradi95No, he just made a mistake my guy
Yes he obviously miss spoke on that.
Really love this dude's confidence
Haha Robert couldn’t handle the heat lol
i love how the comments are about Barbara being out XD and she is not even in this episode.
Update : they are on way to generate a revenue of over $30million for the year of 2022.
Thanks for the update, its always nice to see updates
@@Diderito their net worth is about 50 million dollars
@@wealth.mindset-_- 😮
Their net worth is 50 million BECAUSE of this deal. That was the entire point of this pitch. Larq didn’t need the money. They wanted to use the sharks to increase the valuation of the company to 50m. This is also why they did 2% upfront and 2% non-contingent advisory shares: so that he could ensure a 50m valuation.
i love how ehen robert went out he gave them an even better deal i hope it was personal
“I don’t need you to interview me” I would never work with a guy like that.
Barbara: "Barbara isnt here right now. And for those reasons im out."
Barbara: I don't drink much water so for that reason I'm out 💀
🤣🤣🤣🤣🤣🤣🤣🤣🤣
Still less than gopal 56😂😂
Damien was on point by saying those people don't have $90....spot on
Barbara: I am a shark and i already am in a water tank and i have plenty of water around me, so for that reason I'm out!
to be honest it is worth around 50 mil rn so he wasnt wrong
But it wasn’t then
It was not worth that when he pitched. He wasn’t even profitable yet
@@matthewtobkin7535 a lot of people pitch on what they will be and he knew he was going to hit that valuation and his sales pointed to it
Time Value Money fundamentals say “a deal is only worth what it is worth >Today
@@jdrodrigues7 mmm actually no tvm is used to calculate present value which in fundamental valuation theory is the sum of all future cash flows. But I’ve always just thought it was simpler to say something is worth what another person will pay for it haha
Thank you very much for this very helpful informative video!
@Andrea Schütz All you need is a professional trader to avoid making losses
That is true, you need an expert broker and account manager to make good profit from Bitcoin trade.
There is no data to back up the claims or show exactly the before and after. This sounds great but without actual data showing how my reusable bottle is dirty. I clean mine daily and it will never break or wear out. This device is not a long term solution.
Update after Shark Tank (spring 2021) - Kevin and Lori never closed the deal, but they made great gains from the publicity after the show was aired. It is a booming company for sure.
Worth $50mil rn
@@justosmif909 its close to 80m they just a liscensing private deal with a large store in australia
I guess he was after the publicity from the start then
@@matthewthacker3683 where can I buy it in aus?
Who wants to pay 100 bucks for this?
AMAZING product! I've always hated water bottles for the reasons he stated.
Be thankful you have access to water. Instead of complaining. You ghav.
Did you buy??
@@focalwater9591 Not available in my country.
I got the pitcher and its amazing, water tastes so much better and cleaner
@@focalwater9591 i bought it like 4 months ago . I don’t know if it works , but i like the idea
this guy is like a dolphin in front of the sharks, he is really smart
Somebody stepped on Robert's ego
This guy actually knows business, but if Robert is suchhhh a great investor why are advisory shares too complicated for him 🤣🤣
He was upset over having to be interviewed like he's some teenager
@@ookdagrax3407 I think that’s where the guy messed up because I don’t think the sharks need to be tested for their business competence, just give them the advisory shares no questions asked
@@caydenbarrison1597 nah he didn't mess up, he did well. They aren't any better then him. He can ask what he wants.
one thing the people pitching their products shouldn't do is say how much it costs to make and how much do they sell their products for on t.v. , if the sharks wanna know , have the info on a piece of paper for them.
I think he just doesn’t like advisory shares in general. It doesn’t seem like any of them do
This guy is slick. He's been in these negotiations many times over. I wonder what he thought of the deal afterwards.
This guy's awesome. I saw him shaking when he was pouring water 😅😂
Lol at Robert getting out because it was "too complicated". Lori and Kevin didn't blink ONCE at staying in. Good for them!
the way they all laughed at his evaluation lmaooo
Now it's valued at $50 million.
Yeah they laughed but still got in for 2%, greedy mfs 😂😂
@@vaibhavverma9785 500k for 1%, do the math.
@@peroh3408 yes I did. 500k for 1% means 50m valuation. Now in 2022 it's valued at $50m
*valuation
Barbara : water is great,I love water,I love filtered water,you earn my respect,water is healthy and for that reason I'm out