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Couple Turned Down $400K Shark Tank Deal And Now Their Company Is Worth $12 Million

Couple Turned Down $400K Shark Tank Deal And Now Their Company Is Worth $12 Million

Kim and Tim Lewis, co-founded CurlMix, a DIY subscription box made specificall for curly hair.

Fresh out of college, the couple invested their $100K winnings from Who Wants to Be A Millionaire to start a monthly kit for natural hair women to make their own products at home with fresh ingredients.

The Chicago company pitched their hair care products on the popular show some months ago where they were offered $400k for a 20% stake, but they turned it down — taking a lot of people by surprise. 

Since the 2015 launch of the company the couple says there has been a fair share of trial and error and just 12 months after transitioning to an into its own product line  in 2018 the company generated over $1 million in sales.

The couple who are also serial entrpreneurs says they have an invaluable partnership.

“A weak business partner is like being in an unstable marriage; your relationship will be short-lived and unsatisfying, and the same goes for your business. Tim and I like a challenge and always perform better when we get to work on things together. We make each other better, much like the saying, ‘iron sharpens iron,’” says Lewis.

via Black Enterprise

After having a conversation where they were sure they would not give up more than 15% of their company, Kim and Tim went into negotiations as a solid front.

Tim and Kim Lewis // Co- Founders, CurlMix

“We knew that CurlMix would be huge one day and we treated each percent like a million dollars. It was a hard conversation. It involved numbers, emotions, and a lot of research,” says Lewis.

That decision worked out for the couple who just months after their appearance on Shark Tank raised a $1.2 million investment round led by the CEO of LinkedIn. Along with the increased interest from other investors, they have also increased in sales and is now aiming to reach $10 million in revenue within this year.

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