Not every married couple makes a good business team. But there’s always an exception, as Kim and Tim Lewis, a husband-and-wife team who appeared on Shark Tank Season 10 to pitch their business CurlMix, a line of hair care products made especially for curly hair, showed.
One of the sharks on the show made the couple a good offer, but they turned it down because they wanted to grow their business their way. The business has grown even without the help of the Sharks.
Find out what happened to CurlMix after it was on Shark Tank and what the million-dollar business is doing now.
How Much Is Curlmix Worth Now?
CurlMix successfully secured and received a $1.2 million investment from LinkedIn’s founder and Executive Chairman, Jeff Weiner, after the Shark Tank episode aired. According to the Black Enterprise, this values CurlMix’s total net worth at $12 million.
CurlMix has already served over 200,000 customers, according to the company. This amounts to a conservative estimate of at least $6 million in total sales over the last three years, which is already half of CurlMix’s $12 million valuations.
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How Was CurlMix Started?
Kim and Tim Lewis, who have been together for a long time, started their business with their own money. They turned a common hair care ingredient into a natural hair product, which led to a multimillion-dollar beauty business for women with naturally wavy or curly hair.
Tim Lewis, one-half of the couple, won $100,000 on the game show Who Wants to Be a Millionaire? Kim quit her job because of this windfall, and she used the prize money to build the “Natural Hair Academy.”
This first business, called “Natural Hair Academy,” was a social media network for women with curly hair that talked about how to care for natural hair. The business wasn’t very successful, but it had an interesting start that led to the creation of CurlMix.
Kim began working on CurlMix soon after “Natural Hair Academy.” CurlMix started as a box you could subscribe to that came with natural hair care products for curly hair. But even after a few months in business, sales were still low and profit margins were going down in the subscription box business.
When a venture capitalist asked them, “What’s your best-selling product?” they had a “light bulb” moment.
Flaxseed gel was their answer.
Tim and Kim had already noticed that people kept coming back to their pure flaxseed hair care product in the subscription box, which does wonders for people with curly or wavy hair.
When they changed the direction of their business in 2018, they chose to make “Pure Flaxseed Gel” their best-selling product. That was a smart move because they ended up getting $25,000 in funding from Backstage Capital, which helped sales reach record levels.
At the end of 2018, the company made $1 million in sales. This is one of the reasons why they were finally allowed to pitch their idea on Shark Tank.
Did CurlMix Get A Deal From Shark Tank?
Long story short, they didn’t take the deal that Robert Herjavec and the Shark offered them for $400,000.
In Season 10 of the TV show Shark Tank, the people who started CurlMix showed up and impressed the sharks in the tank. Alli Webb, the CEO of the Drybar chain of blowout salons, came in as a guest shark for that episode.
Tim and Kim’s first offer for 10 percent of their business, CurlMix, was $400,000. This gives their business a value of $4 million, which they said was based on their plan to make more than $1 million in sales in 2019. They knew how much their business was worth when they went into the tank.
“We have a positive cash flow, and in a month or two we’ll be making money,” Tim said. This year, we expect to make about $180,000.
What Was CurlMix’s Offer From The Sharks?
CurlMix only got one offer from Shark Robert Herjavec, but it was interesting that the company turned down the offer and walked away.
Shark As expected, Kevin O’Leary didn’t like CurlMix’s $4 million price tag and decided that the business was overpriced and not worth the risk of his investment. Lori Greiner came next and said that, like O’Leary, she doesn’t know anything about CurlMix’s business, so she’s out. Shark Mark Cuban was kicked out because he doesn’t know enough about the market space.
Webb, a guest shark, said that she knows from her own beauty business that there is a big market for products that make curly hair look better, but that she is “in the business of making curly hair straight.”
She didn’t make a deal with Kim and Tim, which made some of the other sharks wonder why Webb didn’t, since beauty products are her area of expertise.
Robert Herjavec was the only shark left, and Webb’s insider information about the demand for the product line gave him confidence. He offered the couple a $400,000 deal, but he wanted a 20% stake instead of the 10% they asked for.
Even though the other sharks said it was a fair deal, Tim and Kim decided to leave. Herjavec and the other sharks were shocked and couldn’t understand why the couple didn’t take such a good deal. They did, however, praise the couple for having faith in their product.
Here’s an ABC-made video on YouTube about the CurlMix talks.
In an interview with the Chicago TV show The Jam, Kim said, “Going into the tank, we felt like our numbers came in at a $7 million valuation. But we gave a value of $4 million, and Robert gave a value of $2 million.
Tim also said that Robert’s discount was “too big.”
“We’re worth more than that, and one day, we hope to be worth a billion dollars.”
Kim and Tim had other ideas for the business, for sure. Before they went on the show, they all agreed that no matter how much the sharks offered, they would not give away more than 15% of their business.
They did this because they thought that when they did another round of funding with other investors, there would be more shares to go around. They didn’t want to lose most of their stake in the company because there were too many fund rounds. Because they won’t give in on something so important to both of them, they make a great team.
What Happened To CurlMix Ater Shark Tank?
Even though they turned down Herjavec’s $400,000 offer, he continued to be interested in their business. This is another example of the “Shark Tank effect,” which means that their appearance on the show helped their business grow even though they didn’t get a deal with the Sharks.
In March 2019, a few days after the Shark Tank episode aired, a venture capital firm called Next Play Ventures put in an amount that was not made public. CurlMix was also chosen as a finalist in the “Pitch to Win” contest for a $100,000 grant.
Does CurlMix Still Have A Business?
They are still in business and doing well, for sure. According to the company, CurlMix now has more than thirty employees and has served more than 200,000 customers in the last three years.
Aside from being on Shark Tank, they were also featured in Forbes 30 Under 30 and Crain’s 20 in their 20s, both of which are well-known lists.
They are still active on social media and post about how to care for natural hair, news about the business, and a look at how their products are made. As part of their support for the #BlackLivesMatter campaign against racism, they just took part in an online campaign to promote businesses that were started by people of color.
Where Can I Find CurlMix?
Curlmix Inc. is a company in the United States that makes soap, cleaning products, and toilet preparations. It is based in Chicago, Illinois.