Poplight Update 2024 | Shark Tank Season 15
Caroline Matthes and Rose Fierman appeared on Shark Tank Season 15 to showcase their brand Poplight and asked for $150,000 for 8% equity in their company.
Poplight designs stylish, portable, rechargeable, and dimmable stick-on wall lights that are easy to install and remove as well. The base has stick strips that adhere to the wall.
The sharks were impressed by these innovative lights, but a few of them were concerned regarding the authenticity of the business concept and its competition. Will this brand get any deal in the tank? Find out in this Poplight Shark Tank Update.
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Poplight after Shark Tank.
Poplight founders pitched on Shark Tank for $150,000 for 8% equity. The brand has already launched a crowdfunding campaign on Kickstarter and raised $162,498 from there. However, in the tank, they got a deal from Kevin O’Leary of $150,000 for 8% equity, along with a $2 royalty until $500,000 is paid, which then drops to $1 in perpetuity.
We talked to the Poplight team, and as per recent updates, the company is working with Kevin’s team. Pre-orders are open on their website, and they’ll start shipping products in May 2024. As of now, the brand is shipping in just the USA and Canada, but soon they’ll expand it worldwide.
| Company Name | Poplight |
|---|---|
| Founders | Caroline Matthes, Rose Fierman |
| Founded | 2020 |
| Products | Stylish, portable and rechargeable lights |
| Ask | $150,000 for 8% equity |
| Deal | $150,000 for 8% equity + $2 royalty until $500,000 is paid, which then drops to $1 in perpetuity |
| Sharks | Kevin O’Leary |
About the company
The co-founders of Poplight are a wife-and-wife duo from Denver, Colorado. The first half of the couple is Caroline Matthes, a licensed clinical social worker who performs therapies on individuals and couples. Rose Fierman, the other half, is a data viz and tech support.
When the couple moved in together after marriage, they needed to install wall lights on both sides of the bed. However, fixing lights in the bedroom was hectic work.
The cost of hiring an electrician to install the lights was also uneconomical.
Going through this hefty electric fitting activity, the couple evaluated the gap in the market and invented Poplight. It’s a modern lighting solution for people who are looking to simplify their lives.
Founded in 2020, Poplight is currently in the prototype stage. Its making cost is $25, landed cost is $30, and retail cost is $95. The net margin in this business is around 68%.
Additionally, the company offers individual battery packs at $24 per unit. A USB type-C cable for charging the lights is also listed on the website for $9.
They have three patents, one design patent, and two forthcoming patents on technology. They crowdfunded $162,498 on Kickstarter in only a month and haven’t shipped any orders as of now. After Kickstarter, their sales were just $5,000.
Poplight has many features, including dimmable intensities and USB type-C charging support. You can control color warmth, light intensity, and sleep timer from a smartphone app.
Controlled by a rechargeable battery, the removal and replacement process of the battery is simple. Removing the light from the wall is easy as well.
Poplight uses energy-efficient LED bulbs, so users can control the color temperature and adjust the brightness. You can use an Android or iOS device to operate Poplight.
Poplight Shark Tank Pitch
Founders of Poplight, Caroline Matthes and Rose Fierman, pitched their brand and demanded $150,000 for 8% equity.
They discovered a clever solution because they were aware of how challenging it can be to install lights. The couple created Poplight, which is basically a wall sconce that sticks right to the wall.
In Shark Tank, the ladies showcased their product and revealed, “This is a prototype; we just did our first round of tooling.”
Barbara Corcoran inquired, “How long does the charge last?”
The founder replied that charging takes about four hours, and depending on how bright the light is, it will last between five and nine hours.
Lori Greiner wanted to know, “Are there any others out there like this?”
According to the entrepreneurs, there is no other product quite like it. They needed it, but they couldn’t find it, so they had to make it.
They have two pending patents on the technology involved and a design patent for Poplight. Particularly, one is for the way that the light turns and pops onto the base, while the other involves the tape on the base.
However, inventory is presenting a challenge for them. The first batch of the product is expected to run out in about four months, according to their pitch.
Kevin O’Leary came forward to offer $150,000 for 8% equity along with a $2 per unit royalty until he makes $500,000. The royalty then decreases to $1 for life.
Barbara then offered $150,000 without any equity. Rather, she wanted to have a $20 per unit royalty for a lifetime.
Robert Herjavec loved the product and furthermore suggested the women take Kevin’s deal; however, he himself didn’t invest.
Lori Greiner was too reluctant about the marketplace for such an item. Accordingly, she is likewise out.
Mark Cuban likewise exits, since he felt there are a large number of questions with the item as of now.
As a result, the ladies countered Barbara for a royalty of $12 per unit. Barbara returned with $100,000 in cash, a credit line of $50,000, and a $12 royalty.
The couple then chose to counter Kevin, requesting that he do the $2 per unit until he makes back $350,000 rather than $500,000. But Kevin declines. Finally, Caroline and Rose made a deal with Kevin.
Shark Tank Poplight Update
Since its appearance on Shark Tank, Poplight’s website traffic has increased drastically, encouraging the team to evolve and adjust to satisfy the needs of its developing customer base.
Poplight has 6 different color options, including Matte Black, Sage Green, Dusty Rose, Vermillion Red, Popwhite, and Marigold.
Popular websites like The Wall Street Journal, Apartment Therapy, and Design Milk featured the innovative Poplight product.
As of February 2024, Poplight is open for pre-orders from the USA and Canada. They’ll start shipping their products in May 2024.
Moving forward, the founders plan to grow Poplight’s design portfolio with new shapes and colors that easily attach to a similar base.
Also Read:
Poplight is a renter-friendly solution for LED wall lighting that can be easily installed and removed without the use of tools.
Rose Fierman and Caroline Matthes founded Poplight company in 2020. They are the inventive minds behind the LED wall lighting solution.
Poplight is in the developmental stage, but the brand has opened a pre-order window on its online store. You can directly place the order on Poplight’s official website.
Conclusion
Poplight provides a solution to a common issue for renters, homeowners, and design lovers seeking inexpensive, damage-free, and versatile wall stick-on lighting arrangements.
With its unique features, Poplight managed to impress the Sharks. Kevin and Barbara made an offer; eventually, however, Poplight finalized the deal with Kevin O’Leary.
The founders are thrilled about the expertise and guidance that Kevin O’Leary can provide to help with growing their business.
