LARQ Net Worth: What Happened After Shark Tank?

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Did you know that 1 million single-use plastic bottles are used and dumped in a landfill or the ocean each minute? Also, you can not reuse the bottle multiple times because it can not be washed properly and accumulates bacteria and mold leaving a bad smell and impure water. 

To tackle this problem, Justin Wang, a hiker and environmentalist created LARQ. With LARQ, he tried to solve the problem of the availability of pure and tasty water and also reduce plastic waste. 

LARQ has many patented technologies using which it filters the water of elements like lead, mercury, bacteria, etc also the bottle is self-cleaned with just a push of a button. 

The company was doing very well in sales but got mass recognition after it was featured on Shark Tank US. 

The episode went viral because of the great pitch and also the founder asking for the highest-ever valuation on Shark Tank. He asked $500K for 1% equity. In the end, he closed a deal at $1 million for 4%. 

After the Shark Tank episode, many people had the same questions. What is the LARQ net worth now, what happened to it after the Shark Tank? 

If you have the same questions, then we have got you covered. We will tell you all about LARQ, its net worth, its vision, etc. So read till the end if you want answers to your questions.

What is LARQ?

LARQ is an American company that focuses on providing pure water to everyone and reducing the use of single-use plastic bottles.

What is LARQ

LARQ achieves this by making bottles that can be cleaned at the push of a single button and won't have any odor. 

LARQ bottles are made of stainless steel. They can be used when you are outside and need pure water to drink. They make use of UV-C LED technology. 

When the UV light is turned on in the bottle, the inside of the bottle reflects all the light properly and kills all the bacteria present in your water as well as your bottle. 

The LARQ bottles are also double-walled keeping the water cold for up to 24 hours and hot for up to 12 hours. 

Recently in 2024, they were acquired by the BRITA group, however, the founding team is still in the company. 

Vision of LARQ

LARQ began with a simple vision where innovative technology can be combined with inspirational design to help people access pristine drinking water easily and sustainably.

Here is a look at the vision of the company:

Reduced usage of plastic bottles 

When the founder of the company LARQ, Justin Wang found out that more than 1 million plastic bottles are used each minute, which won't be reused, he decided to go plastic-free. 

He then found out that he cant use the plastic bottles for a long time because they accumulated bacteria which made the bottle smell bad. 

So to reduce the dependence on single-use plastic bottles, Justin, with the help of his co-founder, Robert Walker, created a bottle that will kill all the bacteria and will be easy to clean. 

Pollutant-free water for everyone

According to a study, 1 in 3 people don't get pure water to drink. The water is full of lead, mercury, copper, etc from the corrosion of pipes. This leads to a lot of diseases. 

Hence, LARQ uses Nano Zero Technology. With this technology, the contamination of your water will be filtered and you will have pollutant-free water which will also taste good. 

Helping less privileged nations

A staggering 844 million people live without access to clean water. To bring safe drinking water to billions of people worldwide, LARQ will be donating 1% of proceeds to benefit various charities that strive to make clean drinking water more accessible and omit plastic pollution, through its partnership with 1% for the Planet.

Who founded LARQ? 

LARQ was founded by Justin Wang and Dr. Robert Walker in July 2017. 

Who founded LARQ

Justin Wang had the idea of starting LARQ when he realized the amount of plastic bottles he uses which are never reused and end up in Landfills or oceans.

He graduated from the University of California doing a BA in economics. Before starting LARQ, he had worked as an Investment Banker, and also as president of Foreo, a skincare brand. 

He was always concerned about the environment. Once when hiking, he thought of starting the LARQ with his co-founder Dr Robert Walker. 

Dr. Robert Walker has a Ph.D. in Physics from Caltech. He has been the CEO of different companies for the last 10 years. He helped Justin and his team develop the first self-cleaning steel bottles with the help of UV-C LED technology.

He helped to design the bottle in such a way that it reflects completely purifies all the water and also tastes good. 

He has also helped create 10+ patented technologies for LARQ. 

LARQ before Shark Tank

LARQ was known to many people who were interested in water hygiene and wanted to use a bottle that looked good and could be used again and again. 

Before coming on Shark Tank, LARQ had raised $6.7 million in funding at a valuation of $31.7 million valuation in January 2020.

LARQ was getting support from the public as well. Justin started a Kickstarter campaign in the year 2017 which got over $1.4 million which is the highest for a water-based company

They were also doing good in sales. In the Shark Tank Pitch, Justin revealed that the company did over $5 million in the first year of the launch. The next year, the company generated over $9 million in revenue. In 2020, the year they appeared on Shark Tank, they were estimating revenue of $14 million.

He also revealed that they had not burnt much of the investment. Out of a $6.7 million investment, they had $6.5 million in the bank. 

LARQ Shark Tank pitch 

LARQ came into the limelight when it was featured in Season 12 of Shark Tank US. Justin Wang came to the Shark Tank to present his product. He was full of confidence when pitching his idea. 

LARQ Shark Tank pitch

Justin shocked all the sharks when after introducing his company, he asked for $500K against 1% of equity. This was the highest valuation deal in the history of Shark Tank valuing the company at $50 million.

In the episode, Justin told all the sharks that his bottles were using UV-C LED technology using which the bottles wouldn't have any bad smell even after multiple uses. The bottles self-clean themselves at the push of one single button.

He also told them that he has also developed Nano Zero tech. With this technology, the contaminants will be filtered and the consumer will have lead, mercury, copper, and other toxic element-free water. 

When asked about the purity, he said that the bottle self-cleans the water and itself in just 60 seconds. This happens after every 2 hours. He goes on to explain that the water from LARQ bottles is equivalent to the water that is boiled for 20 minutes. 

When asked about the cost, Justin said that he sells the bottles on Amazon, BestBuy, and his site for $95. On this, Daymond said that he already has 2 LARQ bottles that he uses. The cost of each bottle was around $40. 

The financials were good too. Justin told the sharks that the company had raised $6.7 million before coming on Shark Tank at a valuation of $31.7 million. Of this investment, they had only used $200K. 

Then the sharks asked him about the revenue of the company. Justin told them that the company generated $5 million in its first year of operations, in the second year, they generated $9 million, and in 2020, they were expecting to generate a revenue of $14 million. 

During the pitch, Robert asks Justin why such high valuations to which Justin tells him that this is a $300 billion market. Hence they had such high valuations and also they were doing something unique with more than 10 patented technologies. 

Now comes the deal negotiation part. Firstly, Daymond got out of the deal because he thought there are so many people who don't have access to clean water, so he didn't see people buying this in masses. 

Next, Kevin counters Justin’s offer asking for 4% equity for a $500K investment. The next offer came from Lori which was a setback. She offered $500K for 5% equity. Robert also offered $500K for 5%. Of this 5%, he wanted 2% as advisory shares. 

After listening to this, Mark Cuban got out saying that the company is not big yet and also the equity offered is not that much. 

Justin asked for more negotiations. Kevin, Lori, and Robert discussed a little and said they would settle at $500K each with 2% shares for each shark. When Justin, negotiated further, Robert got out of the deal, and in the end, Lori and Kevin, closed the deal at $1 million for 4% equity divided between them equally. 

LARQ after Shark Tank

After closing the deal with Lori and Kevin, Justin raised another $10 million just a few weeks after the Shark Tank episode. 

LARQ after Shark Tank

Also, the deal with Tori and Kevin was never closed because of some difficulties in the contract. 

The company reached its sales target of $14 million in 2020 however saw a decline in sales in 2021. The company generated a revenue of $6 million only. However, this did not stop them from working. 

LARQ launched its new products in the market as well. They launched the LARQ pitcher which is used in homes mainly. It purifies the water and also enhances its taste. 

After the Shark Tank episode, they launched another Kickstarter campaign which generated $770,000 from different customers. 

All their products receive the maximum rating from the users. They are also quick in helping the customer queries.

However, the sales have gone down recently and they have more than 15,000 LARQ bottles present in the store. 

In the future, we hope that the sales of LARQ products increase because it helps in reducing the usage of plastic bottles when you are outside of your home.

LARQ net worth

As of now, the net worth of LARQ is $28 million. However, this is just an estimated figure. It has decreased from the previous net worth because of a reduction in revenue. 

However, the net worth of LARQ is estimated to grow a lot since the company was acquired by BRITA in 2024 which is already a big corporation in water filtration. 

They will use the LARQ technology to implement in their existing product and market LARQ products using their brand value. 

Conclusion

LARQ is a one-of-a-kind initiative started by Justin Wang. They were the first to create self-cleaning bottles using UV-C LED technology. 

The UV-C LED technology helps kill all the bacteria present in the bottle resulting in no smell despite reusing the bottle several times. 

LARQ also sells pitchers that will filter your tap water and get rid of all the excess contamination that might lead to diseases. 

Things started to change when LARQ appeared in Shark Tank and asked for $500K for `% stakes. In the end, the deal was closed at $1M for 4%. 

The net worth of LARQ at present is $28 million. It was recently acquired by BRITA, a filter company from Germany. We hope that the future is good for LARQ.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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