What is Curlmix, And what is its net worth in 2022? One such company is CurlMix, which produces a full line of hair products explicitly tailored to the needs of women with curly hair. The company started by offering a DIY kit with specific materials.
Still, it quickly grew to include a wide variety of high-quality, hand-made organic oils, gels, shampoos, and more. Tim, well-known for his knowledge of random facts and trivia, attended college and now works at Starbucks. At the same time, Kim earned a degree in logistics and marketing from the University of Illinois.
CurlMix: From “Shark Tank” to “Crowdfunding”
Kim and Tim Lewis made headlines across the country in 2019. The pair decided to pitch their idea on the ABC reality show Shark Tank to grow their cosmetics company. Robert Herjavec, an investor from Canada, was prepared to close a deal. His offer was $400,000 for a 20% share in the CurlMix company.
In 2015, CurlMix was established as a do-it-yourself (DIY) subscription box that later expanded into a range of natural hair care products. The pair altered their company’s strategy after several years of flat revenue. After that initial year, income had risen to $1 million.
Kim and Tim made a convincing argument to the Sharks, and Herjavec was ready to cash in on their future success. The pair, nevertheless, turned down the offer. It was decided that no more than 15% of the company would be sold.
Having a Shark on the side would have been friendly, but we’re confident in ourselves and our vision for the organization. To make ourselves more attractive to the Sharks, we had already lowered our value before discussions began.
Still, when Robert offered to cut that in half by saying he didn’t know anything about the industry, the choice was easy, Kim told Black Enterprise. The couple’s success demonstrates the benefits of having confidence in one’s business, knowing one’s worth, and focusing on the requirements of one’s clientele. After appearing on Shark Tank two years ago, the creators of CurlMix are now using equity crowdfunding to raise millions of dollars.
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The History & Future Of CurlMix
In 2015, CurlMix began as a subscription box for at-home hair treatment. Those interested in doing their hair care had the necessary supplies shipped to their homes. Kim and Tim decided to switch up the items in their boxes when they noticed their subscription was declining in variety.
Upon the recommendation of their investor and advisor from Backstage Capital, the pair took their top-selling hair care formula and rebranded it as CurlMix. The market had never seen a supplier of flaxseed gel before to them. It took until 2018 for sales of their new finished goods to hit $1 million.
In 2019, the Lewis family appeared on Shark Tank to promote CurlMix in exchange for $400,000 and a 10% equity stake. According to Afrotech, they demand no more than a 15% ownership stake.
They could not have continued running their business without additional capital, and the prospect of owning less than half of it after doing so was unthinkable for the entrepreneurial pair.
They turned down Herjavec’s $400,000 offer with a 20% stake. The Jam TV Show quoted Tim saying, “It’s tough turning down half a million dollars.” It’s not even close to what we’re worth, and we have plans to become a billion-dollar company.
Kim told SUBTA that subscriptions account for approximately 20% of CurlMix’s commercial revenue now that clients can choose between buying a single product or a recurring payment plan. She anticipates that CurlMix will generate $10 million in sales in 2018 and will increase to $40 million by 2024.
Kim suggests that any company thinking about a pitch on Shark Tank enter any free contests they can find. She had already presented CurlMix at 20 other competitions without success before appearing on the show. Kim stated this chance allowed her to “prepare until I was blue in the face” before making her business presentation.
Curlmix Net Worth 2022
After airing on Shark Tank, CurlMix got a $1.2 million investment from LinkedIn co-founder and Executive Chairman Jeff Weiner. The Black Enterprise estimates that this is worth $12 million to CurlMix.
The company claims it has provided services to more than 200k users of CurlMix. This corresponds to a lowball estimate of $12 million in sales over the past three years, or half of CurlMix’s valuations.
