TheMagic5 update: What happened to Mark Cuban and Robert Herjavec-invested business after Shark Tank?

Shark Tank features innovative start-up ideas and dreams that are brought to life by a panel of entrepreneurial sharks on the show. One such startup was TheMagic5, which reinvented swimming goggles to fit a person’s face perfectly.

According to the company founders, their aim is "to eliminate any and all distractions that a person might face once they enter the water." The product was featured on the show during season 13 which led to sharks Mark Cuban and Robert Herjavec making a $1,000,000 dollar deal with the company.

The ABC show is currently airing its 14th season, and the upcoming episode (episode 5) will feature an update about the company.

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More details about Shark Tank company TheMagic5 explored

Rasmus Barfred and Bo Haaber made their way to one of Shark Tank’s previous seasons to try and make their dream come true. The swimmers came up with the innovative idea due to their personal frustration as athletes with uncomfortable swimming goggles.

The company had managed to raise $100,589 as of November 2017 and came to Shark Tank season 13 hoping to raise $500,000 for an equity of 2.5% in their business. Barfred and Habber's product sent the sharks into a bidding war and Robert Herjavec came on top by offering them $1 million for a share of 6.5% in the company. Another shark who ultimately also invested in TheMagic5 was entrepreneur Mark Cuban.

Since appearing on the show, the company has appeared in various publications including Men’s Health, Triathlete Magazine, The New York Times, Today, and Women’s Health. TheMagic5 goggles are FINA approved, having been used by athletes during the Olympics and World Championships.

TheMagic5’s current net worth stands at $15 million. The company uses a custom scanning app that uses technology to map an individual’s face to 3D print custom made swimming goggles for them. They offer five different types of swimming goggles: blue Magic, Blue Magic Mirror Gold, Blue Magic Mirror Silver, Clear Magic, Smoke Magic, Black Magic Mirror Silver, as well as a cap.

Founder Bo Haaber, who is originally from Denmark, lives in North Carolina. He has a degree in engineering from the Technical University of Denmark. His nephew Rasmus Barfred, the second partner, has a master’s degree in business studies from Copenhagen Business School. While only Haaber and Barfred appeared on Shark Tank season 13, they have another partner, Nicholas Granet, who is a pro swimmer for the Danish National Team.

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Exploring TheMagic5 investors’ net worth

The two sharks from Shark Tank who invested in TheMagic5 were Robert Herjavec and Mark Cuban. Herjavec is one of North America’s most famous business leaders, having a net worth of nearly $200 million.The self-made Canadian businessman, investor, and TV personality started his empire based on internet security.

Before becoming the billionaire that he is today, the shark worked as a minimum wage worker after college. Additionally, before starting his own company, BRAK Systems, in 1990, he worked as a third AD followed by selling computer equipment for Logiquest.

Mark Cuban, the owner of the Dallas Mavericks, has an estimated net worth of $4.6 Billion, making him the 549 richest person in the world. He founded broadcast.com with Todd Wagner in 1995 and later sold it to Yahoo! for $5.7 billion in 1999. The 64-year-old billionaire was inspired to start his own venture after being fired from a software store for making a $15,000 sale instead of closing the store.