What Happened to Luma Soda After the Shark Tank Pitch?
What is Luma Soda?
Luma Soda is a carbonated beverage that attempts to replace traditional soda by containing less calories.
Luma Soda is different from regular soda in that it is sugar-free. The sweetness of Luma Soda is generated from natural ingredients.
Luma Soda is available in a wide selection of flavors, including Blood Orange, Cherry, Lemon Lime, Cola, and many more. Preservatives and other possibly dangerous additives are likewise absent from Luma Soda.
Who Founded Luma Soda?
Luma Soda was created in 2017 by Jim Otteson. Otteson graduated from Brigham Young University with a Bachelor of Science in Microbiology and attended Yale Law School from 1988 to 1991, where he worked as a Judicial Clerk for the Idaho Supreme Court until 1992.
He then worked as a Partner for a number of law firms until founding Luma Soda, where he will continue to serve as CEO until 2020.
While preparing for trials as a trial attorney, Otteson had a habit of drinking a lot of diet Coke.
He began looking for a healthier option after learning about the harmful additives and chemicals included in diet soda.
He didn’t like what he found, so he became an entrepreneur, creating what he wanted on his own.
He quit his job as an attorney to concentrate on developing a healthy soda drink.
After honing his method, Otteson took out a home equity loan and risked it all – with astounding results.
Luma Soda is now available in stores around the country as well as on Amazon.
What Happened to Luma Soda at the Shark Tank Pitch?
Jim sells his drink in cans in the United States under the brand name Agility Beverages.
It’s currently available for $19.99 per case online and at unnamed “selected partners.”
There is also the option of signing up for a monthly membership. Luma Soda isn’t yet accessible in big-name grocery stores, but that’s presumably what he’s hoping for a Shark’s assistance with.
Jim arrives on Shark Tank and offers $500,000 for a 20% ownership in his firm, suggesting a $2.5 million valuation.
He tells his story and gives out samples.
Some of the flavors are well-liked by the Sharks, but their opinions are mixed.
He claims to have put $1.75 million of his own money into the business. The Sharks are concerned when this is combined with only $180,000 in sales and a re-order rate of less than 10%.
Jim feels that people aren’t replenishing since they are accustomed to purchasing Coke from a store. Regardless of Jim’s enthusiasm, the Sharks are concerned about his $600,000 inventory and $30,000 cash account.
Barbara Corcoran offered $250,000 if show guest Rohan Oza invested in Luma Soda.
Rohan rejected to invest in Luma Soda because he perceived it to be a small-scale firm, and he prefers to work with entrepreneurs who can help them develop.
As a consequence, Barbara and Rohan decided not to invest in Luma Soda.
They leave one at a time, leaving Jim with no deal.
What Happened to Luma Soda After the Shark Tank Pitch?
As of the July 2019 repeat of this episode, the company was still in existence. The corporate website was indicating a security certificate error as of the date of this update.
Luma’s Amazon Store has been updated, however, all flavors are labeled as “temporarily unavailable.” Perhaps Luma is getting ready to pass away.
Jim will shut the business in August 2020 and return to the practice of law.
What is the Net Worth of Luma Soda?
Jim was looking for a $500,000 investment for a 20% ownership in his company Luma Soda. This equates to a $2.5 million valuation of his company.
Who is the Competitors of Luma Soda?
Luma Soda competes with a variety of products on the market, including Zevia Zero Calorie Soda, which is prepared using stevia leaves rather than sugar.
Bubly Sparkling Water was launched by the same firm that launched Pepsi and Mountain Dew.
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Luma Soda FAQS.
Who created Luma Soda?
Jim Otteson founded Luma soda after leaving his legal firm to focus on developing a healthier soda drink.
How is Luma Soda different from other sodas?
Luma Soda is prepared with natural components rather than artificial ones, making it lower in calories.
The sweetness is generated from stevia leaves, making it suitable for diabetics and anyone watching their sugar consumption.
How much does Luma Soda cost?
It is presently available online for $19.99 per case.
When was Luma Soda created?
Luma Soda was established in 2017.
How much was Luma Soda raised via the Shark Tank Pitch?
Jim was looking for $500K for a 20% ownership in his firm, suggesting a $2.5 million valuation, but he didn’t get it.
Is Luma Soda sold in stores?
It was accessible through Amazon and other internet retailers. Jim’s objective is to have the product on grocery store shelves as quickly as possible.
What happened to Luma Soda after it was rejected by Shark Tank?
Luma Soda will close its doors in October 2021. Luma Soda thrived despite not obtaining a contract on the Shark Tank show.
How does Luma Soda generate revenue?
Luma Soda makes money by selling sugar-free and preservative-free drinks. Soda Luma
When was Luma Soda aired on Shark Tank?
It happened on April 14, 2019.
When was Luma Soda started?
Jim founded the company in 2017.
Who invested in Luma Soda?
Luma Soda and Sharks were unable to strike an agreement about the shark tank show.
Is Luma Soda still in business?
Luma Soda closed its doors in August of 2020.
Can they still buy Luma soda?
Luma Soda is no longer in operation. Amazon may have some remaining supplies.
Is Luma a beverage?
Luma is a reinvented soda. Luma is a delicious all-natural soda sweetened with natural honey and monk fruit juice, with only 25 calories and 3-4 grams of sugar per 12-oz serving.
Which episode of Shark Tank was Luma Soda aired?
It may be found on Season 10 Episode 19.
How much was Luma Soda investment?
The sharks did not offer Luma Soda a contract. The sharks claimed it was a horrible idea since the market is limited and they have to keep stock for years.
How many brands/variants does Luma Soda have?
Luma soda is available in three different flavors (lemon-lime, orange-berry, and raspberry-berry).
What is Luma Soda?
Luma soda is a calorie-free soda sweetened with stevia and honey.
What does Luma Soda taste like?
“The flavour of Luma Soda is extremely similar to ordinary soda,” the business says, “but they utilize natural ingredients and don’t add any sugars or artificial sweeteners.”
