Why “CurlMix” Founders Declined Shark Tank Investor’s $400K Offer
High school sweethearts Kim and Tim Lewis are the founders of “CurlMix”, a natural hair beauty brand that uses flaxseed gel to create safe, curly hair products that deliver results.
Last night, the Chicago couple appeared on Shark Tank seeking a $400K investment for a 10% stake in their company.
“CurlMix” started as a DIY subscription box about five years ago when the couple, fresh out of college, invested their $100K winnings from Who Wants to Be A Millionaire to start a monthly kit for natural hair women to make their own products at home with fresh ingredients.
Since then, the company has evolved into its own product line that features a key ingredient to help natural hair women feel comfortable wearing their hair.
“Using Flaxseed gel is the best organic ingredient for styling curly hair… [it] gives you moisturized, voluminous curls that last but you can’t quite get it in stores you have to make it yourself…We revolutionized the way people get flaxseed gel by creating the best, pure flaxseed gel on the market…[that] smooths away frizz, adds tons of shine, and enhances their natural curl pattern,” said Kim and Tim during their pitch.
Their products start at $25 a bottle and will maintain your style for a week without the need for additional styling products.
Many of the Sharks dropped out early warning of the difficulties entering beauty retail or from not knowing the space well enough to compete. Kevin O’Leary felt there was nothing propriety about the product and believed a larger beauty brand could easily stamp the budding business out.
While Drybar founder, Alli Webb, a curly girl herself, understood the market and big need for such a product–she’s in the business of making curly hair straight–and ultimately it was Robert Herjavec who made an offer of $400K for 20%.
But Kim and Tim had bigger dreams, seeing the brand as the next billion dollar beauty company with plans to expand outside of their flaxseed product line and curly hair products all together. They declined the offer shocking all the Shark Tank judges.
“CurlMix is going to have a massive launch in retail and be the next billion dollar hair care company. The Sharks absolutely missed out on a huge deal, we could have 10x their money in a year, could have 100x their money in two years. They’re really, really going to hate missing out on that deal.”
We love a good success story and this sounds like it’s going to be one!
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