Kim and Tim Lewis had the opportunity to pitch CurlMix on the hit ABC show “Shark Tank” in March of 2019, during the show’s tenth season. They entered the Shark Tank stage seeking $400,000 for 10% equity in their company. Their main issue was keeping up with inventory, so they wanted the money to invest in inventory and new equipment to create larger batches of their products. The sharks were impressed by their sales margins, but ultimately, they began to drop out for a few reasons. Mark Cuban didn’t know enough about the hair care industry, Kevin O’Leary was concerned about their growth and competition, and even beauty expert Lori Greiner dropped out because of concerns with competition and lack of knowledge in that specific space. Guest shark Alli Webb also backed out due to the competitive nature of the hair care industry.
Surprisingly, Robert Herjavec was the only shark to make an offer, willing to invest $400,000 for 20%. Though nearly half a million dollars and a shark investor is enticing, they turned the offer down. It’s rare that entrepreneurs will decline a “Shark Tank” deal, but for Kim and Tim Lewis, it felt like the right decision for them.
