CurlMix Founders Rejected ‘Shark Tank’ Offer; Raised Over $3.6 Million in Equity CrowdFunding Within 30 Days
CurlMix Founders, Kim and Tim Lewis, turned down a $400,000 ‘Shark Tank’ offer and are now on track to make history in the equity crowdfunding space. The couple launched their CurlMix fundraising campaign on April 6th and have already attracted over $3.6 million. Over 6,000 investors have contributed to the Wefunder campaign.
“Anytime you have a community backing you and they are hyped about [your brand], what you are doing will be successful,” Lewis shared during an exclusive interview with Black Enterprise. “I don’t have rich people [involved] who put in half a million dollars. About 90% of our investors have contributed less than $1,000 so it really is the people that are driving this campaign.”
CurlMix Raised Over $3.6 Million with Equity Crowdfunding Community Support
Community members have been instrumental in the success of the campaign, allowing the couple to raise their first $1 million within four hours of launching the campaign. A few days later, the couple reached the $2 million mark.
“Our customers showed up and showed out,” says Lewis. “I have black business owners like Lamar Tyler from Traffic, Sales, and Profits who invested and shared it with his community.”
According to the WeFunder campaign page, CurlMix has over 100,000 customers and a burgeoning social media presence. In 2020, the company generated $6 million in gross revenues and is on track to exceed that this year.
“Many of us spend years supporting brands with our hard-earned dollars,” CEO Kim Lewis shared on the Wefunder page. “But we see nothing for it when the company eventually sells, transferring the wealth outside of our community. I plan to change that.”
Individuals can invest in CurlMix with as little as $250. This equity crowdfunding campaign gives individuals a chance to own equity in the brands they support to have a chance at creating generational wealth.
“Allowing our customers to invest allows them to participate in the upside,” says Kim. “It also gives them a sense of ownership. For many, it’s their first time investing. They may not have any money invested in stocks or may not have IRAs. Creating investors in the black community is how you begin to build wealth.”
The Making of CurlMix
CurlMix has been around since 2015. When Co-Founder Tim Lewis hit the $100,000 jackpot on Who Wants To Be a Millionaire in 2013, the couple invested in growing CurlMix. They consistently shared hair videos on social media and decided to launch their DIY subscription business. In 2018, CurlMix changed its business model and turned its subscription boxes into a haircare line. This was the magic bullet to success, allowing the couple to earn $1 million in sales in less than a year.
Kim and Tim’s success landed them a deal on ABC’s Shark Tank. Canadian investor Robert Herjavec’s offered the couple $400,000 for a 20 percent stake in the company. The couple turned down the Shark Tank offer and turned to their community for support.
“We can’t make any promises about your return on investment,” Lewis shared on the WeFunder site. “But we can tell you that we will do everything we can to make this business a success. We are all in. Our dream is to IPO and become the first black-owned public beauty conglomerate. This investment will enable us to take significant strides towards that vision.”
Recently, the couple shared updates about their journey and future goals on their Instagram page.
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As with any investment opportunity, there is no guaranteed return. Do your due diligence to ensure the investment makes sense for your portfolio. For more information, you can visit WeFunder.com/CurlMix.