LuminAid makes a light that uses a built-in solar panel that contains an LED light and floats. Their light works perfectly for First Responders in disasters.
LuminAID is a Solar Powered LED Light
$250,000 in the first six months and the previous year is just under a million dollars.
They have NGO's that purchase from them at $8.75, and the cost to manufacture $4.75, and they retail at $19.95. Andrea and Anna each put in $7,500 and did a crowdfunding campaign. They raised $50,000 and won an additional $190,000 through business plan competitions and put $140,000 back into the business.
LuminAid has two utility patents filed through Columbia University. They have 2% of the company and 2% royalties on retail sales.
Entrepreneurs: Andrea Sreshta and Anna Stork
Ask: $200,000 for 10% equity
Companies in this episode: Taaluma Totes, Scholly, Keen Home
Season: Season 6 Episode 620
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 02/20/15
Deal: Mark Cuban for $200,000 for 15% equity and the right to lead the next round for $300,000.
What do the Shark Tank Investors say about LuminAID
Mark Cuban wants to know how big they can make the inflatables. Andrea says that they can go into other products and Mark is making an offer of $200,000 for 15%, and he wants to lead the next round for $300,000.
Daymond John offers $300,000 for 20% equity, and he wants to license the product.
Kevin O'Leary offers $200,000 and attaching to the Columbia University Royalty Deal at 4% that goes away until $800,000 is recouped, and then he disappears. Then Mr. Wonderful goes away.
Lori Greiner says this product can change the world, and she offers $200,00 for 20%. She thinks both ladies are great. Andrea counters Lori, asking her to come down in her equity.
Robert Herjavec offers $200,000 for 15%
LuminAID after Shark Tank
LuminAID sealed the deal with Mark Cuban, and they are benefiting from his team and his expertise. The sales are great, and more importantly, Andrea and Anna go to Puerto Rico to help people after the hurricane. They are providing LuminAID to help people have light where no electricity is available.
They also introduced their solar phone charger which is coming in handy in Puerto Rico and featured in a Shark Tank Update.