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Fans of Shark Tank remember TheMagic5 because it was a company that amazed the Sharks so much that they fought to invest in it. Bo Haaber and Rasmus Barfred appeared on the coveted show in episode 4 of season 13, which premiered on 29 October 2021. TheMagic5 sold swimming goggles and used a face scanning technology to determine the size of the user's head online.
For the product and the robotic technology that enhanced the user experience, Bo and Rasmus were seeking $500k for a 2.5% stake. Kevin and Nirav, Mark, Lori, and Robert all had their individual offers. Robert then decided to revise his offer.
"I'll give you $1M for 6.5%. It's a crazy offer for me. Right now," he said.
Bo and Rasmus said they would take it, after which Robert got up, praised them, hugged them, and shook hands with them for the deal.
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How did Robert take the TheMagic5 deal on Shark Tank season 13 episode 4?
Mark was the first one to give an offer to Bo and Rasmus on Shark Tank, he acknowledged that it was a robotics company that was now making goggles and offered them $500k for a 7.5% stake in their company.
He stated that he didn't want them to negotiate with the other sharks, and if they did, he would be out. He also argued that he was an investor in other robotic and machine learning companies, so he would be a good fit for TheMagic5.
Nirav and Kevin gave them an offer of $500K for a 5% stake and 3% royalty till $1.5M is recouped. Nirav told them that they both came with their own areas of expertise— sales and technology.
"My daughter was a world-class swimmer. In fact, she was ranked in the top 10 in the world in the butterfly when she was 12 years old," Robert stated.
He said he had spent 18 years at swimming pools, so he understood the market for their product. He then gave them an offer of $500K for a 5% stake without any royalty. Nirav argued that with Mr. Wonderful, aka Kevin O'Leary, they knew what they were getting. He also stated that he had built three large companies in the Silicon Valley, so he knew how to get large audiences.
Lastly, Lori jumped in on the Shark Tank deal. She stated that they needed someone who would blast their product in the market, like herself. She asked Mark and Robert if either of them wanted to pair up with her so that they could bring their technology and she would bring in the sales. Robert said he would be happy to pair up with Lori, but he showed uncertainty on how they would split the stake.
Kevin and Nirav revised their joint offer, and instead of a 5% stake, they asked for 4%. Lori and Robert revised their offer to them doing a joint deal for 6%, no royalty. This made Kevin and Nirav lower their ask even more to a stake of 3%.
"I gotta get this deal, I'm gonna change my offer," Robert finally stated.
He then made his final offer at $1M for a 6.5% stake. Boo and Rasmus took it. In a confessional after the pitch ended, Bo and Rasmus said that Robert was their favorite Shark Tank investor, and that they knew he would help them take the business to the next level.
Shark Tank fans can follow the official Instagram page of TheMagic5 for more updates on the company at @themagic5.
