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How Black Couple Turned Down $400K On Shark Tank, Raised $1.7M In A Day

Tim and Kim Lewis How Black Couple Turned Down 0K On Shark Tank Raised M In A Day
Tim and Kim Lewis

 

Tim and Kim Lewis, the founders and owners of CurlMix, went on ABC’s Shark Tank in 2019 and turned down a $400K offer for a 20% stake in their company. After two years, the pair launched an equity crowdfunding campaign and raised more than $1.7 million in 24 hours.

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The campaign, which was launched with the help of the popular Facebook group Traffic Sales and Profit for Black Entrepreneurs, allows consumers and other members of the Black community to unlock generational wealth. In other words, those who are already spending money on the brand can now invest in it and help it grow in the beauty and wellness industries.

 

“Many of us spend years supporting companies with our hard-earned dollars, but we see nothing for it when the brand eventually sells, transferring the wealth outside of our community,” says Kim, who is the CEO and Co-Founder. “Our goal is to create opportunities for our community to increase their wealth. Our vision is to change the narrative of what ownership looks like. We aim to become the first Black-owned publicly-traded beauty conglomerate.”

 

Kim and her husband, Tim, who were high school sweethearts in Chicago’s Southside, created the company. CurlMix was intended to provide a hair regimen with simpler ingredients in mind.

 

CurlMix was founded in 2015 and has since developed rapidly, partnering with investors such as former LinkedIn CEO Jeff Weiner and Arlan Hamilton of Backstage Capital. The brand is worth about $25 million, and despite the COVID-19 pandemic, it is expected to generate $6 million in online income in 2020.

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Written by How Africa News

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