Black Couple Shut Down ‘Shark Tank’ Offer, Now Their Company Is Valued at Nearly $40 Million
Turning down a deal on “Shark Tank” was the best business decision for Tim and Kim Lewis. The CurlMix founders appeared on the show in 2018 for Season 10, Episode 14 of the show. Their ask was $400,000 for a 10 percent equity stake in the Black-owned and operated hair system.
Their pitch to Drybar salon proprietor Alli Webb, Mark Cuban, Lori Greiner, Kevin O’Leary, and Robert Herjavec included models demonstrating the efficacy of their flaxseed gel that promises to define curls of all types. “The main issue we have now is we cannot keep product on the shelf,” said Tim.
They projected $180,000 in profits that year. That declaration, coupled with the fact that it only costs the couple $3 to produce one bottle of their gel, which retails for $25, excited the judges. However, Cuban was the first to bow out.
Herjavec spoke about the “brutally competitive” market. Still, he was certain, “This is one of the few investments that I think if I give you the $400,000, you’re definitely going to grow and you’re going to get bigger. What I worry about is the cargos faster and then hits a wall.”
Kim shared that CurlMix’s focus on online sales was one of the ways their business is differentiated from competitors. “You don’t have any other choice ‘cause you’re not gonna get any retail space…There’s no way this business is worth $400,000 right now. There’s nothing proprietary… I’m out,” interrupted O’Leary.
Greiner quit circling the duo due to her inexperience in the hair industry. Webb praised “the need” for the line but said the “space might be too crowded” as she declared, “I’m out.”
Herjavec said the “very risky” deal could be made if the founders agreed to 20 percent equity. In their counteroffer of 15 percent, Tim explained, “We also see ourselves as the next billion-dollar beauty brand.” The negotiation ended in a refusal on both ends.
Viewers’ reactions included people who called out Herjavec. “Robert saying ‘I’m out’ after his offer got rejected. What an absolute savage,” read one comment. Someone else bashed the owners when they wrote, “Terrible owners. They wanted publicity. Such people should not be allowed on the show.”
But multiple others applauded the pair, as evidenced by a comment that read, “They did the right thing. Curl Mix is big now.” As Kim promised in her pitch, the brand expanded its line of products well beyond its signature gel, now offering several curl systems, hair and body butters, body scrubs, bubble bath, clothing merchandise, and hair tools.
In 2024, the company entered its third year of being available for purchase in 460 Ulta Beauty stores nationwide. They are currently valued at an estimated $38 million.
