CurlMix founders and high school darlings Tim and Kim Lewis turned down a $ 400,000 Shark Tank offer in 2019.
Last month, the couple launched a crowdfunding campaign for their hair care brand and raised over $ 1 million in four hours. In less than seven weeks, CurlMix raised over $ 4.2 million.
Since it started on April 6, over 7,000 investors have contributed to the Wefunder campaign. According to the Wefunder campaign, the couple always knew they wanted to build a life and a business. They now have the opportunity to create wealth in their community thanks to the Jumpstart Our Business Startups Act (JOBS) Act.
“When I met Tim, none of our families had a lot of money, but we didn’t care, we thought we could build together,” Kim wrote on Instagram. “We wanted to be the change and we are still doing it. By investing, we can create wealth for ourselves and our community. “
From high school sweethearts to Shark Tank
Kim and Tim Lewis grew up on the south side of Chicago. They attended Morgan Park High School and have been together since they were 16.
“When I met Tim in second grade at the gym, I didn’t think we were going to build a million dollar business that engages our community and serves women in color,” Kim shared on LinkedIn.
After graduating from college in 2013, Kim Lewis got a nearly six-figure job. But their view couldn’t be confined to a cabin. She quit her job with no savings or upcoming jobs and relied solely on her creativity to determine next steps. It was then that she decided to sign CurlMix co-founder Tim Lewis for the popular game show Who Wants to Be a Millionaire. He appeared on season 12 of the show and walked away with $ 100,000. This money helped the couple fund their first business.
In 2015 CurlMix was born. The brand started as a do-it-yourself subscription box and grew into a hair care line for curly hair. After the couple made their first $ 1 million in sales in 2018, they appeared on the ABC show Shark Tank. Investor Robert Herjavec offered the couple $ 400,000 in exchange for 20% of the company, but the numbers didn’t meet their expectations.
“Having the conversation about what to accept the night before pitching was like deciding whether or not to have children. We knew that one day CurlMix would be huge and we treated every percent like a million dollars. It was a tough conversation. It was about numbers, emotions and a lot of research, ”says Lewis.
Couple turns to Equity CrowdFunding after rejecting shark tank offer
Listener Brands, the parent company of CurlMix and 4C ONLY, offers consumers the opportunity to unleash generational wealth through their equity crowdfunding campaign. While there is no guaranteed return on investment, this opportunity gives consumers an early step in and capitalizes on the company’s potential growth.
Typically, investors must be viewed as accredited in order to make certain investments. The rules for investing in small businesses changed in 2012. Obama signed the JOBS bill, which makes it easier for companies to raise capital from their community.
“Many of us spend years helping companies with their hard-earned dollars, but we don’t see if the brand eventually sells and the wealth transfers outside of our community,” said Kim Lewis, CEO and co-founder of Listener Brands, in an explanation. “Our goal is to create opportunities for our community to increase its prosperity. Our vision is to change the narrative of what property looks like. We want to become the first black-owned beauty conglomerate listed on the stock exchange. “