"I don't think you're worth $20 million"— Shark Tank's Kevin O'Leary backs out of investing in Firefly Recovery

Shark Tank season 16 aired a new episode on Friday, March 21, 2025, on ABC. The episode featured several businesses and products, including Firefly Recovery, founded by Anthony Kjenstad and Lauren Campbell. They presented their product to the investors as they came seeking $500,000 for 2 and a half percent of their company.

Their pitch included telling the sharks about the importance of post-workout care and included a renowned athlete, American beach volleyball player, and Olympian Kerri Walsh Jennings. As the pitch progressed, Kevin O'Leary questioned their valuation and asked if they thought they were worth $20 million.

The entrepreneurs explained that their lifetime sales were $7.5 million and they did $ million in the last 12 months. Lauren further said they were on track to do $5.5 million this year and said they were growing at a fast pace.

While Rashaun William showed interest, Kevin was unconvinced. He vocalized his thoughts and told the Shark Tank season 16 participants:

"Guys, I love the product. I like you guys. Kerri, congratulations on your success honoring the country this way. I love it all. Valuation is a real sticking point for me on this one. I don't think you're worth $20 million. I wish you the best of luck. I'm out."

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Lori Greiner and Raushan Williams join hands to offer Firefly Recovery a deal in Shark Tank season 16 episode 14

The first business to take the stage in Shark Tank season 16 episode 14 was Lauren Campbell and Anthony Kjenstad's Firefly Recovery. The two emphasized the importance of post-workout tools as they introduced their product.

The entrepreneurs noted that recovery had become just as important as workouts itself and stated that recovery "modalities" had not kept up with the times. They showcased a typical compression boot and called it "clunky" and time-consuming. They said it didn't fit the active lifestyle of athletes.

Lauren said that with Firefly Recovery, athletes had a better, easier, and portable recovery solution. They invited five-time Olympian Kerri Walsh Jennings to join them on stage so the Shark Tank investors could hear from her how the product had helped her.

Anthony explained how the device worked, while Lauren explained that their product was able to circulate three times more blood flow than compression. They revealed their ask and noted they wanted $500K for a 2.5% stake in their company, however, the investors were uncomfortable with the low percentage.

Raushan Williams told the participants he was a "huge investor" in Therabody and stated they were a percussion recovery company with massage guns. He told the Shark Tank season 16 cast members that he used compression boots because he was getting older and asked whether their device would replace the compression boots.

Daymond John wanted to hear more about the product from Kerri, who said that she started using the product before she retired and noticed that her legs were "lighter" and she felt "fresher."

The Shark Tank investor asked if the device could only be used on legs. The entrepreneurs explained that 70% of the blood was in the body's lower extremities, they used the user's nervous system to pump it back to the heart faster.

Lauren stated the technology they used was called OnPulse which was the nerve stimulation. Lori Greiner asked the founders if they had a patent for their technology.

"So, nine families of patents. 47 patents in total. They are utility patents. And this product is very, very patent-protected," Adam said.

Kevin O'Leary asked about the company's valuation and noted that 2.5% for $500,000 was a $20 million valuation. He asked the Shark Tank season 16 stars why they thought they were worth that much. The founders explained their lifetime sales, and their upcoming predictions and revealed they were growing at a fast rate.

Lauren added that in the first few years, their technology was focused on teams and not direct business with consumers. Kevin further told them they were not worth the money while Rashuan Williams recalled the first thing he learned at Goldman Sachs 25 years ago.

"There's no such thing as a bad deal, there's just bad prices. And right now, this smells like a good deal but at a bad price. So let me ask you a couple questions. What was the total amount you raised in the past?" he added.

He added it seemed like they were "jacking" the valuation to appease old investors.

Lauren said they did an "athlete-led seed round" in 2022 and raised a million dollars. She added that was at a $10 million pre-money valuation. Mark Cuban asked if that was all they ever had to raise and the Shark Tank season 16 cast member said yes.

After much discussion, as various sharks began to back out, Rashaun Williams and Lori Greiner offered them a combined deal. Their counteroffer included $500,000 for a 5% stake plus $1,50 royalty till they got their money back followed by 50 cents in perpetuity.

The entrepreneurs noted they were since they were already investing back into the business they didn't want to add royalty to the equation. However, they were willing to up the offered stakes from 2.5% to 3.5% for the $500,000.

Rashuan noted that if he and Lori agreed to remove the royalty clause, they would need the 5% and the entrepreneurs agreed.

Shark Tank season 16 episode 14 is available for streaming on Hulu, where fans can watch Firefly Recovery's pitch.