Shark Tank Update
Shark Tank Pitch
Kazam Shark Tank Update
Published:
2m
Virginia Beach, VA
| Name | Kazam |
|---|---|
| Main Presenters | Mary Beth Lugo |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 10/30/2022 |
| Main Location | Virginia Beach, VA Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | Deal was made on the show with sharks Mark Cuban, Barbara Corcoran for $300k for 32% of company. |
Kazam Shark Tank Pitch
Mary Beth Lugo had a European neighbor who introduced her to the idea of teaching a kid to ride a bike without pedals so the kid can get comfortable with balance first. Mary turned this concept into a product called Kazam.
There are competing companies in Europe and the US selling similar products, but Mary believes her patented design is better due to the footrest. In 2010 sales were $384k, and in 2011, $611k, with lifetime sales of $1.4 million in just under three years. Next year Mary projects $1.5 million in sales with around a 36% profit margin.
Mary wants to introduce a traditional pedal bike to retarget customers with their child's next bike purchase. Some of the sharks are uninterested, but Mark shows interest and encourages Barbara to join him on a deal, and they find a meeting ground with Mary to close the deal.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $300k for 20% of company | |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Offered | Barbara Corcoran, Mark Cuban | $300k for 40% of company |
| Company | Deal | Mark Cuban, Barbara Corcoran | $300k for 32% of company |
Mark Cuban
Made Deal
Daymond John
Out
Kevin O'Leary
Out
Barbara Corcoran
Made Deal
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| 5 | 19 |
Kazam After Shark Tank
In season 5, episode 19, we got an update that Kazam did $1 million in sales since Shark Tank. Mary Beth Lugo projects $2 million in sales over the next year. Mark Cuban's team helped get Kazam into SkyMall magazine and the online store.
As of 2022, kazambikes.com https://kazambikes.com https://www.facebook.com/kazambikesusa https://www.instagram.com/kazambikes sells additional products such as a co-pilot trailer bike to attach to an adult bike, helmets, or my favorite the Bunni, a four-wheel ridable for 1-year-olds. Kazam actively posts on Facebook Link Preview
kazambikes.com and Instagram @kazambikes Link Preview
Facebook .Link Preview
@kazambikes
In 2022 Mary also works with her husband, John, for a consulting business they started in 2018, northendco.com https://www.northendco.com https://www.linkedin.com/in/mary-beth-lugo-62a07468, according to Mary's LinkedIn Link Preview
northendco.com .Link Preview
LinkedIn
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