Most swimming goggles leak and are uncomfortable because they have a one-size-fits-all design, even though everyone has a different face. The Magic 5 provides a solution for this with their custom 3D-printed goggles. Founders Bo Haaber and Rasmus Barfred pitched the product on Shark Tank and got a deal with Robert Herjavec. As of 2023, The Magic 5 is worth $15 million.
About the Founders
Bo Haaber is originally from Denmark but currently resides in North Carolina, United States. He is an engineering graduate from the Technical University of Denmark. He has experience working at IBM, EG Citizen Solutions, and NrgX.
His nephew earned a master’s degree in business at Copenhagen Business School. Afterward, he worked at a couple of firms in Denmark, including Haldor Topsoe, Bilia, Berlingske Media, and BTMX.
He relocated to New York City along with his wife. Bo and Rasmus were the only ones who showed up in the Tank, but they have a third partner, Niklas Hedegaard. Niklas is the head of paid marketing.
Founding the Company
Bo and Rasmus loved participating in triathlons. During one of Bo’s competitions, he forgot to bring his own goggles. He purchased several goggles but none of them fit his face. This gave him the idea of finding a solution for the masses.
He recruited his nephew and Nicholas Granet to help run the business. They created an app that uses AI technology to scan the faces of customers. Based on the date, they 3D print a unique pair of Google for your face!
The Magic 5 launched in 2018 after a Kickstarter campaign and raised over $100,000. In three years, they made $3 million in sales and raised $1.5 million in funding at a $9 million valuation.
Shark Tank Appearance
Bo and Rasmus moved to the US because it has a bigger market. By 2021, their sacrifices were paying off, but they wanted to expand more. They appeared on season 13 of Shark Tank, seeking $500,000 for 2.5%
The Sharks loved the product and the AI face-scanning technology got them excited. They quickly realized they were much more than a company that just sold swimming goggles. Bo did a great job explaining how the technology worked and answered questions with confidence.
A bidding war soon broke out with all the Sharks looking to invest. Cuban was the first to make an offer but wanted too much equity. Kevin teamed up with Nirav but they wanted a royalty deal.
Lori wanted to team up but Robert or Mark didn’t need her. So many offers were made it got confusing. In the end, Robert Herjavec got tired of negation and agreed to invest $1 million for 6.5%. In a rare occurrence, Robert beat Cuban to get a deal.
After Shark Tank
According to Swimming World, Cuban approached Robert when the cameras stopped rolling and asked him to split the deal. The two agreed to invest $500,000 individually for 3.25% each. The one time Robert gets a deal over Cuban and then agrees to share it later.
The Magic 5 saw a surge in new orders and media coverage after the episode aired. You can order a pair of custom-fitted goggles on Amazon and TheMagic5.com. They have raised their prices with some of their goggles now selling for over $100!
Their website shows that their products average a 4.89-star rating from over 2,500 reviews. The founders are looking to introduce new custom products like gas and diving masks. Their last annual sales report was $2.6 million, and the company is valued at $15 million.