Shark Tank has been a platform that can make or break a business. One such business that took the plunge is Lavabox. Founded by Joshua and Sylvia Thurmond, Lavabox is an innovative product that allows people to take the comfort and warmth of a campfire anywhere they go. This blog post delves into the journey of Lavabox, from its appearance on Shark Tank to its current status.
The Lavabox Pitch And Deal On Shark Tank
Joshua asked for a $200,000 investment in exchange for a 10% stake in his company. The Sharks recognized the value of Lavabox and made several offers. Lori Greiner, known as the “Queen of QVC,” offered $200,000 for a 12.5% stake, which Joshua accepted on the show.
During his Shark Tank pitch, Joshua demonstrated the simplicity and versatility of Lavabox. He showed the Sharks how the product could be used for camping, tailgating, and even grilling. The Sharks were impressed by the product’s potential and the company’s strong sales numbers. At the time of the show, Lavabox had already sold over 4,000 units and generated $610,000 in revenue, with a projected $1.2 million for 2022.
Is Lavabox Still In Business?
Lavabox was still in business and the deal with Lori had closed. Joshua Thurmond pitched Lavabox, seenking for $200,000 for 10% equity. The exposure from Shark Tank helped Lavabox reach a wider audience and boost sales. The company met its 2022 revenue goal of $1.2 million and even surpassed it in 2023, reaching $2 million in revenue. Lavabox expanded its distribution, selling through 21 independent retailers and its own website.
Joshua Thurmond and his wife Sylvia came up with the idea for Lavabox during a challenging time in Colorado. Due to dry conditions and Covid-19 restrictions, fire bans were in place, making traditional campfires impossible. The couple saw an opportunity to create a safe and portable alternative using ammo boxes and propane gas.
Net Worth Of Lavabox
The continuous success of Lavabox has led to impressive revenue figures. In 2022, Lavabox reached its revenue goal of $1.2 million, and by 2023, the revenues had increased to $2 million. This success story is not just about money; it’s about the realization of a dream and the positive impact the product has had on outdoor enthusiasts and the environment alike.
Business Overview
Lavabox offers a range of portable campfire models, with prices ranging from $199 to $329. Customers can choose from three different sizes to suit their needs. The product is designed to be safe, easy to use, and adaptable to various situations.
In addition to its focus on providing a quality product, Lavabox is also committed to giving back to the community. The company donates $1 from every sale to Protect Our Rivers, an organization dedicated to river conservation.
Conclusion
Lavabox’s journey from a simple idea to a popular product has been an inspiring one. The Shark Tank appearance, despite not resulting in a deal, gave the business a significant boost. Although the demands have strained supply, the company has managed to keep up and continue growing.
The story of Lavabox is a testament to the power of innovative ideas, the importance of sustainability, and the strength of entrepreneurship. Watch this space for more Lavabox Shark Tank Updates, as this success story is far from over.
