PopLight Net Worth Shark Tank Update

Lighting plays a crucial role in every home and institution, helping to illuminate our spaces and create a daylight-like effect even at night. It’s also handy to have proper lighting near the bed for reading or other activities. However, installing a new light bulb can be quite challenging.

It often involves drilling holes into walls, and setting up electrical wiring, and on top of that, it can cost over $1,000 to hire an electrician. This makes the whole process time-consuming, expensive, and difficult for many people.

Caroline Matthes and Rose Fierman, the owners of PopLight, have a new way to install light bulbs more easily. They have introduced a light bulb that can be attached to a wall through adhesives, which does not even leave any mark on the wall after removing it. The base has a built-in level that helps to stick it to the wall on the one go. The light can also dim depending on a person’s need and it is USB-C rechargeable.

The owners came on Shark Tank to request $150K in exchange for 8% of their company. They also demonstrated how the product works and even presented the sharks with their own Poplight to get the deal of their choice. Let’s see if they got the deal or not.

PopLight Net Worth Shark Tank Update

Caroline and Rose were looking for an investment of $150K in exchange for 8% equity in their company. At the time of the episode, they valued their company at $1.875 million. They successfully secured a deal with Kevin O’Leary for an investment of $150K for 8% equity, along with a $2/unit royalty until $500K is paid back, and $1/unit royalty in perpetuity.

The investment did not change the company’s net worth, keeping it at $1.875 million. After the show was aired, the company saw a big increase in website traffic, sales, and social media exposure. As per my rough estimate, the current net worth of Poplight in 2024 is around $4.5 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$150K for 8% equity	$150K for 8% equity + $2/unit royalty until $500K is made back. Then $1/unit royalty in perpetuity	Yes
Mark Cuban	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	$150K for 8% equity	$100K as cash + $50k as a line of credit + a $12 per unit royalty in perpetuity	No
Robert Herjavec	Out	N\A	N\A

The Owners’ Backstory

Rose related that she has been working in technology for several years, in fast-paced startups. She is basically a data-whiz and she comes from an entrepreneurial background.

On the other hand, Caroline is a licensed clinical social worker and thus provides therapies to both couples and individual clients.

They both are married and apart from their full-time jobs, they are now working as owners of Poplight, providing easy-to-install lights for all.

Initial Pitch

The owners came on the show to seek $150K for an 8% equity stake. Their product is a light bulb that can be easily installed by an individual in a matter of seconds. It is a rechargeable light that can be used for up to five and nine hours depending on the brightness of the light. It also comes with an app that provides three different color options, a sleep timer, a dimming option, and multiple stuff at once. 

Queries about the Product

Cuban asked the first question about the effect of the double adhesive taps on a wall. Rose replied that they have designed it in a way that does not damage the wall or its paint at all.

Herjavec inquired about the mechanism to control the lighting of the bulb. Caroline highlighted that at the bottom of the bulb, there is a power button that works by tapping on it.

She also added that the product is now at a prototype stage that has just been tooled recently.

The shark also wanted to know about the selling price of the light bulb and the cost of making one. The co-owner pointed out that it retails for $95 and it costs them $25 to make one. Thus, their profit margins are around 68%.

Rose also added that through a test they came to know that people get more excited if a product is priced higher and then sells on a discount.

Corcoran was curious to know about the lasting duration of the bulb. Rose replied that it takes four hours to get fully charged and the battery lasts between five to nine hours depending on the brightness of the light. However, a person can also use it by leaving the plugin too.

Lori then asked if there were any other products like theirs in the market. Caroline pointed out that there isn’t any product like theirs in the market, especially the adhesive section. Moreover, they also have three patents on the product, which include the design patent and two pending patents on the technology behind Poplight. One pending patent is for the light’s swivel and click mechanism and the other is for the adhesives used to attach the base to the wall.

Herjavec was interested to know if they have any sales yet. Caroline related that they have already launched a successful Kickstarter, where they made $178K in just four weeks at the beginning of this year. The best part is that they met their goal in just 22 minutes after the campaign began.

The problem they are facing is running out of inventory. They also mentioned that their first batch of the product will run out in about 4 months.

The shark also wanted to know if they have any orders apart from crowdfunding. They have launched a website and Rose is basically a social media expert they even have gone viral multiple times on TikTok through organic content.

As their website was launched recently, they had done only $5K in sales online.

Shark’s Response and Final Decision

Kevin offered them $150K for 8% in their company with a 2$ royalty until $500K is paid, which then drops to $1 in perpetuity.

Corcoran then offered them $150K for a $20 royalty per unit sold.

Herjavec was the first to drop the deal as he thought that Kevin had already given them a very good offer.

Lori was concerned about their competition in the marketplace, so she decided to back out.

Cuban also passed the deal because he was not sure about their product.

Rose and Caroline then counter-offered Corcoran $150K for $12 per unit sold in perpetuity.

Corcoran then revised her offer to $100K as cash with $ 50 K as a line of credit for a $12 per unit royalty in perpetuity.

The owners then counter-offered Kevin $150K for 8% in their company with a 2$ royalty until $350K is paid, which then drops to $1 in perpetuity. He readily rejected it.

Finally, they accepted Kevin’s offer of $150K for 8% in their company with a 2$ royalty until $500K is paid, which then dropped to $1 in perpetuity, and left the show with Mr. Wonderful by their side.

Product’s Availability

After their appearance on Shark Tank, Caroline shared in an interview that Poplight saw a 1,500% increase in orders. Rose added that they have also managed to connect with a larger community through their social media platforms.

Although the deal with Kevin has not been finalized yet, both Rose and Caroline remain optimistic. They explained that due to the increase in demand following the episode, their main focus has been on managing operations, but they are still actively working with Kevin to finalize the deal. Looking ahead, the duo is already working on designing the next version of Poplight and plans to release more color options.

Currently, Poplight is in the presale phase, with shipping expected to start in May 2024. The products are available for preorder on their Poplight website and they come in six different colors.

Conclusion

Poplight has seen an increase in orders after appearing on Shark Tank, where they got a deal with Kevin. Despite the deal not being finalized yet, the company is focused on managing the increase in demand and is working on expanding its product line with new designs and color options.