Business Owners Bo Haaber and also Rasmus Barfred presented their item, The Magic 5, hoping for a life-altering investment on period 13 episode 3 of ABC’s ‘Shark Tank.’ The Magic 5 is a set of tailor-made swimming goggles aimed primarily at enthusiastic as well as specialist swimmers who are tired of regular leaky goggles. Although the item seemed to have a niche client base, it appeared to be rather interesting, and also we decided to enter as well as discover even more regarding the company.
The Magic 5: Who Are They as well as What Do They Do?
Initially from Denmark, Interestingly, Bo Haaber finished his DIA from the DTU– Technical University of Denmark in 1993 prior to finishing his MBA in Economics from Henley Business School. Even his professional job has actually been quite renowned as Bo was involved with IBM from 1989 to 2007, throughout which he held different articles inside the business, consisting of Project Manager as well as Systems Analyst, Sales Representative, Marketing Manager, as well as Public Sector Director.
In 2007, Bo co-founded TouchDiva Europe A/S, an internet service that used on-demand songs, prior to going on to come to be a member of the board at EG Kommuneinformation A/S in 2011. After that, Bo has actually been a board member at numerous reputed companies like EG Team Online, Silkeborg Data, and Immediad A/S. In October 2010, Bo signed up with EG A/S as a director and also was soon made the Executive Vice President of the company. He left EG A/S in April 2017, as well as in the following month, he co-founded The Magic 5.
Rasmus Barfred completed his Bachelor of Science and Master of Science in International Business and also Politics from the Copenhagen Business School. While at university, Rasmus got in Haldor Topsoe A/S as a Financial Planner and also was advertised to the placement of a Financial Business Partner in 2015. In August 2016, he signed up with Berlingske Media as a Strategy Consultant before ending up being the Executive Assistant to the CEO of BTMX P/S in 2017. At some point, Rasmus located himself as one of the founding members of The Magic 5 in May 2017, and also in 2019 established his very own business, Custom Fit Technologies.
The Magic 5 is a set of specially made expert swimming glasses that are specially tailored in the direction of combating leakage. While Bo and also Rasmus are originally from Denmark and are rather enthusiastic regarding swimming, they stated that they were irritated by the normal swimming safety glasses, which leak water and commonly use an awkward fit. They even asked around as well as understood that specialist swimmers take care of such a hassle each day.
Hence, choosing to do something concerning this issue, Bo as well as Rasmus joined their third co-founded, Nicholas Granet, that swims for the Denmark National Team, and wound up with the suggestion of The Magic 5. Incidentally, using the item is fairly basic as The Magic 5 has an app that checks the consumer’s face while taking orders so that each individual can be provided with a set of custom-made swimming goggles. Moreover, each pair of safety glasses are made to really feel steady underwater, while the glass is covered in an anti-fogging finishing. While the owners assure zero leak, the goggles are likewise curved in a special method to help with hydrodynamics.
Where Is The Magic 5 Now?
Co-founders Bo Haaber, Rasmus Barfred, and also Nicholas Granet introduced The Magic 5 in May 2017 and quickly began a Kickstarter campaign that assisted elevate around $100,000. They after that asked their early backers to get their faces scanned, as well as the very first products were delivered in February 2018.
While on ‘Shark Tank,’ Bo as well as Rasmus requested $500,000 for a 2.5% stake in their firm. Normally, the Sharks were fairly impressed with their numbers, and after some to and fro, Robert Herjavec ended up providing them $1 million for 6.5%, which the owners gladly approved. Nevertheless, much to everyone’s surprise, Mark Cuban also wanted to belong of the deal and inevitably shared the $1 million investment with Robert for 3.25% of the company each.
You would rejoice to understand that the ‘Shark Tank’ pitch provided The Magic 5 some much-needed exposure, and it did not take long for sales to enhance exponentially. Apart from reporting sales of about $2.6 million in 2021, the business valued itself at $15 million as well as was additionally included in distinguished publications, consisting of Men’s Health, The New York Times, as well as Today, among others. Because of the customized nature of the product, clients can just purchase The Magic 5 from its official business, which takes about five days from scanning to delivery.
Furthermore, while the goggles can be found in various colors as well as designs, a solitary pair will certainly cost anything between $55 to $65. The company uses affordable packages for consumers that desire to purchase several systems. Seeing The Magic 5’s unbelievable success has actually been rather inspiring, and we make sure that the company is going to further greatness in the years to come.