What Happened to Revolights After the Shark Tank Pitch?
What is Revolights?
Revolights is a high-visibility LED light that attaches to the wheel of a bicycle, providing visibility at night.
The bicycle’s wheels are fitted with LED lighting, with the front wheel lights acting as a headlight and the rear wheel lights acting as a brake light.
Magnets hold the lights in place on the spokes.
The battery pack is integrated into the wheel hub and is recharged via a detachable USB charger.
Who Is the Founder of Revolights?
Revolights was founded by Kent Frankovich?
Kent Frankovich founded it following a frightening encounter while riding home from graduate school in the dark.
Kent’s goal was to reduce nighttime bicycle accidents by increasing cyclist visibility. Kent built a prototype and used this idea and his team to launch his firm via a Kickstarter campaign.
What Happened to Revolights at the Shark Tank Pitch?
Revolights was founded as a result of the success of two successful Kickstarter campaigns.
Their first campaign, which began in 2011, raised just over $215,000, and their second, which began in May 2013, raised just over $94,000.
Revolights now only fit 27-inch rims, but they do sell integrated-lighting bike wheels. They intend to expand the size range and are developing a self-charging battery system.
Revolights are available on Amazon, at several dozen bike shops, and in select REI stores. Almost certainly, they are looking for funding for development and distribution.
Kent approaches Sharks with a $150,000 investment request in exchange for a 10% stake in the business. This equates to a $1.5 million valuation.
He asserts that 70% of car-bike collisions are caused by insufficient side lighting.
He then plays a video demonstrating the visibility and invites Daymond John to display the Revolights on a stationary bike.
He is the owner of two patents and is currently pitching the concept to two major bike manufacturers.
Kent reassures Kevin O’Leary that the Revolights are intended to deter bike theft specifically.
Kent has raised more than $600,000 in less than a year, almost entirely through online sales.
Each wheel-mounted light set is $139, or $229 for both front and rear sets.
The set is priced at $100, but the company is not yet profitable due to Kent’s continued investment in and growth of the business.
Daymond John initiates the transaction by offering Kent $300,000 in exchange for a 30% stake in the business. Kent takes a pause.
Kevin O’Leary makes a daring leap across the chasm. He offers $150,000 to Kent in exchange for a 7% royalty on the investment until it is repaid. Following that, the royalty would be reduced to 1% in perpetuity.
Kent expresses gratitude to both Sharks for their offers, but he is concerned that royalty payments would deplete the financial flow necessary for the firm to survive and prosper during its early stages.
Robert Herjavec offers $300,000 for a 10% stake in the company, claiming Kent has undervalued it.
Daymond John adds, in response to Herjavec’s “undercutting me,” “You’d better put in your mouthpiece because this is going to get ugly.”
Although John appears willing to fight for a piece of Revolights, he eventually backs down, stating that Herjavec has made a better offer and that he would rather quit than fight.
Mark Cuban calls him “crazy” for requesting so little and accuses him of purposefully undervaluing the business and utilizing the Shark Tank for exposure rather than seeking investment.
Kent notes that in addition to finance, he requires the Sharks’ expertise and marketing.
He accepts Herjavec’s offer, giving the company a market value of $3 million.
What Happened to Revolights After the Shark Tank Pitch?
Kent secured a deal with Robert Herjavec for his Revolights and later raised an additional $1 million from “Angel” investors in 2014.
While Amazon no longer sells Revolights, the light sets are still available directly from Revolights and through brick-and-mortar retailers.
REI is a major retailer of the lights, which are also available at a variety of specialized bike shops across the country and internationally.
Unfortunately, the organization ceased operations in January 2019. It communicated with clients and previous Kickstarter backers via email.
What is the Net Worth of Revolights?
Kent approaches Sharks with a $150,000 investment request in exchange for a 10% stake in the business.
This equates to a $1.5 million valuation. He accepted Robert’s offer of $300,000 for a 10% stake, which results in a $3 million valuation.
Who are the Competitors of Revolights?
MonkeyLectric, Nori Lights – Bicycle Illumination System, and Rome Bike Bags are Revolights’ top three competitors.
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Revolights FAQS
What happened to Revolights following their appearance on Shark Tank?
Not only did Kent successfully close a deal with Robert Herjavec for his Revolights, but he also raised an additional $1 million from “Angel” investors in 2014, and the company closed in January 2019.
What are Revolights?
Revolights, Inc. is a San Francisco Bay Area-based bicycle lighting company. They design, develop, market, and distribute next-generation bicycle lamps and wheel-mounted taillights.
Is the Revolights bike lighting system waterproof?
Without a doubt, the final version must be waterproof.
How easily can they be stolen?
Only with the wheel removed can the Revolights bicycle lighting system be mounted (and removed).
As a result, in the current version 4, they are difficult to steal. They are equally as easy to steal as wheels.
How long does a battery charge last on the v4 design?
4 hours in front; slightly longer in the rear. At the moment, a 1000mAh battery is specified.
While operating, eight LEDs consume approximately 250mA in total, providing approximately four hours of runtime.
Is Revolights out of business?
Revolights announced its closure on January 14, 2019 due to a lack of resources.
How does Revolights work?
The Revolights bicycle lighting system is composed of two wheels, one in front and one in back.
The battery pack is housed within the rear wheel hub.
The front wheel features microprocessor-controlled LEDs that flash in a variety of patterns to alert other road users to the cyclist’s intentions.
How is Revolights different from other bicycle lighting systems?
In addition to flashing, the LEDs can be programmed to blink continuously. When braking, the system can be configured to automatically pause the flashing pattern.
Where can they buy a Revolights bike light?
Having ceased operations
Revolights are compatible with other types of lighting.
The Revolights are incompatible with the majority of other lights; they are only compatible with one another.
How much does it costs to purchase Revolights?
Each light set costs $139 per wheel or $229 for both front and rear sets, but the company has ceased operations.
Who invented Revolights?
Kent Frankovich created Revolights.
When was Revolights featured on Shark Tank Pitch?
Revolights was featured on 7 March 2014.
How much funding for Revolights did the Sharks invest?
Revolights offered Shark Tank $150,000 in exchange for a 10% stake in the company. Robert Herjavec ultimately invested $300,000 for a 10% stake.
Revolights was founded in what year?
Revolights began operations in 2011.
