Entrepreneurs Rasmus Barfred and Bo Haaber took their company TheMagic5 and its product to the sharks on “Shark Tank” to see if they could get one of the sharks to invest in their company during the October 29, 2021 episode of the hit ABC show.
The episode synopsis revealed that the first group to go before the sharks is a pair of “entrepreneurs from Brooklyn, New York, and Charlotte, North Carolina, whose experience as triathletes led to the creation of their custom reinvention for a solution to a problem for swimmers.”
The entrepreneurs pitched their company to sharks Mark Cuban, Kevin O’Leary, Lori Greiner, Robert Herjavec and guest Shark Nirav Tolia, founder of Nextdoor.
Here’s what you need to know about TheMagic5 on “Shark Tank:”
1. TheMagic5 Created Custom Fit Swim Goggles Using AI Technology
When founders Rasmus Barfred, Bo Haaber, and Niklas Hedegaard met in 2016, they discovered they had a few things in common. They were all from Denmark, they all enjoyed swimming and none of them had ever found a pair of swim goggles that they liked, the company’s website revealed. So they set out to create those goggles by developing technology that map’s the face to create a perfect fit. With TheMagic5’s goggles, there’s no leakage, there’s no slippage, there’s no fogging up. The goggles are so comfortable and so perfectly fit to the customer’s face that, Rasmus said, it is like not wearing any goggles at all.
Heavy spoke to founder Rasmus Barfred. He spoke about how before TheMagic5, there hadn’t been any innovation in the field of swim goggles in many years. So he and his fellow founders set out to create an app that uses proprietary AI technology and robotic manufacturing to make the world’s first and only custom-fitted swimming goggles. How do they do it? The company uses advanced facial scanning and 3D printing to make goggles that fit the contours of the swimmer’s face perfectly.
TheMagic5’s goggles offer improved peripheral vision, anti-fog lenses and UV protection. And, there’s one more feature of TheMagic5’s goggles that users love — it doesn’t leave red marks around the eyes.
2. TheMagic5 Launched With a Kickstarter Campaign
In 2017, TheMagic5’s founders launched a Kickstarter campaign to gauge interest in their idea. In the end, 1,183 backers pledged $100,589 to help TheMagic5 get off the ground. The founders posted a thank you note saying, “Thanks to the amazing Kickstarter community we have successfully introduced the world’s first custom-fit goggles. We have built our production plant in Charlotte, NC from where we deliver goggles worldwide every day!”
Once the Kickstarter campaign reached its conclusion, founder Rasmus Barfred revealed to Heavy that it took three months to go from concept to prototype. The complicated piece of the puzzle was creating the technology to scan faces via a downloadable app. The technology for this didn’t exist in a widely used manner when Rasmus Barfred, Bo Haaber and Niklas Hedegaard set out to build their company. And the thing is, this is just a starting point, the technology behind TheMagic5 is only going to get better.
Six months after the completion of their Kickstarted campaign, the company had fulfilled more than 2,000 orders in more than 50 countries, the website revealed.
Before long, the founders were trying to get their goggles approved by FINA so that Olympic athletes could compete in them. Niklas is a former swimmer for Denmark’s national team, TheMagic5’s website revealed. That process proved to be pretty simple and involved calls, paperwork, sending them samples and meeting their safety protocols, Rasmus revealed. By 2019, FINA had approved TheMagic5’s googles for use in the Olympics. Today, a number of Olympic athletes in swimming and the triathlon wear TheMagic5’s goggles including Matt Greaves of the U.S., Jan Frodeno of Germany, Jeanette Ottesen of Denmark and Laura Siddel of the U.K, per the company’s website.
3. What Does the TheMagic5 Mean?
TheMagic5 means many things to the company founders. For them, avid swimmers and triathletes, it signifies that 5% that separates winners from losers and good from great, founder Rasmus Barfred revealed to Heavy. The same theory applies to their goggles — it’s the last 5% of the production process that sets them apart. TheMagic5 swim goggles use the same glass for the lenses and the same straps as other goggles. It’s the gaskets — the last 5% of the product that makes them different.
That last 5% makes TheMagic5 not just different, but better. While most of the pieces and parts of the company’s goggles are mass-produced, it’s that last bit that makes them special. Each and every pair of goggles is custom fit to the swimmer’s face using technology developed by the company.
TheMagic5 embodies the theory of the 5% that separates good from great in another way too — the app they developed to scan a swimmer’s face and map out the parameters the company then uses to create their custom-fit goggles.
4. Heavy Spoke With Founder Rasmus Barfred
Heavy interviewed Rasmus Barfred who recounted his experience going into the “Shark Tank” to pitch his company to the sharks. He said it was “crazy” and “overwhelming” and “very good.” The show is shot in a huge hangar and the pitches all happen in one shot — once they start rolling the cameras that’s it — the people pitching the sharks get one take. Rasmus said they went in feeling “confident and proud of how far we’d come.”
TheMagic5 was looking for $500,000 for a 2.5% stake in their company, which would give it a valuation of $20 million. Once they pitched their idea, Rasmus said things got “very intense very quickly.”
He’s also looking forward to catching the show on October 29, 2021 because he hasn’t seen any of the footage of it, and it is all one crazy blurry memory at this point. That said, he’s grateful for the experience, humbled by the result and very much looking forward to the future of TheMagic5.
5. TheMagic5 Got the Interest of All the Sharks
Once Rasmus Barfred and Bo Haaber finished their pitch the “Shark Tank” erupted. The sharks immediately picked up on the potential the technology they had developed had, Rasmus revealed to Heavy. The sharks could see how the AI technology could be adapted to other sporting products and other industries. While the goggles are revolutionary, its the technology that blew the sharks away, Rasmus said.
The first offer came from Mark Cuban about five minutes into their segment. By the time they were 12 minutes in, the dynamic changed. It was a feeding frenzy between the sharks, and instead of Rasmus and Bo selling the sharks on their company, the sharks were selling themselves to Rasmus and Bo, explaining why they were the right person to partner with, Rasmus said.
By the time they were 15-20 minutes into their pitch, Rasmus and Bo were told to go discuss the offers amongst themselves and offer a counter offer when they returned. At that point, Robert Herjavec leapt forward and said “I can’t let you go. I want this deal.” He offered Rasmus and Bo $1 million for a 6.5 stake in the company. “We accepted that offer immediately as it was within the outer parameters of what we’d discussed before going into ‘Shark Tank,'” Rasmus said.
Once the cameras stopped rolling, things got even more interesting, Rasmus said. Mark Cuban approached Herjavec to get in on the deal. As of right now, TheMagic5 is in negotiations to do a deal with both sharks. Each will invest $500,000 and received a 3.25% stake in the company.
Rasmus said they are very happy with the results for many reasons, but going into the tank, Cuban and Herjavec were their preferred sharks they wanted to work with because they both understand startups and technology.