All Five Sharks Fight For Deal With TheMagic5
THEMAGIC5 is a Danish-based company that specializes in creating custom-made swimming goggles using 3D scanning and their proprietary swimming goggle fitting technology. The company was founded in 2016 by Rasmus Barfred, Bo Haaber and Niklas Hedegaard, who are avid swimmers, triathletes and entrepreneurs. Their goal was to create a better-fitting and more comfortable swimming goggle that would enhance the swimming experience of athletes of all levels.
Disrupting the swimming goggle market and much more!
In 2021, Themagic5 appeared on Shark Tank to pitch their innovative product to the sharks. The company was seeking an investment of $500,000 in exchange for 2.5% equity. The sharks were impressed by the company’s unique technology and the potential market for custom-fit swimming goggles and eventually other custom-fit products.
During the pitch, Barfred and Haaber explained that traditional swimming goggles are mass-produced and do not account for the unique facial features of individual swimmers. This often leads to discomfort, leakage, and reduced performance. To solve this problem, Themagic5 uses 3D scanning technology to capture the exact measurements of a swimmer’s face and then creates a custom-fit goggle using robotics technologies. This ensures a perfect fit and maximum comfort for the user.
A technology company not a goggle company.
The sharks were impressed by the company’s technology and its potential to disrupt the swimming goggles market. They were also intrigued by the company’s plans to expand into other product categories – this has recently been exemplified by Themagic5’s technology partnership with Canyon Bikes.
In the end, Themagic5 struck a deal with Robert Herjavec who offered the company $1.000.000 in exchange for 6.5% of the company. Later, Mark Cuban and Robert split the deal so both sharks ended up investing in the company as Mark Cuban couldn’t let this deal go.
Since appearing on Shark Tank, Themagic5 has continued to grow and expand. The company has received positive feedback from customers who appreciate the comfort and quality of the custom-fit goggles. Today Themagic5 has more than 6,000 5-star reviews.