Chicago startup LuminAID was a hit on ABC’s Shark Tank last night, receiving offers from all five sharks.
Winner of UChicago’s 2012 Social New Venture Challenge and the Clean Energy Trust’s 2013 Clean Energy Challenge, LuminAID got offers from Kevin O’Leary, Daymond John, and Lori Greiner, and Robert Herjavec, but it was Mark Cuban who scored the deal, offering $200,000 for 15%, with an option for another $300k.
— LuminAID (@LuminAIDLab) February 21, 2015
The startup’s innovative lamps pack flat and inflate to create lightweight, waterproof lanterns that provide over sixteen hours of LED light. Used in emergency situations, founders Anna Stork and Andrea Sreshta came up with the idea during an assignment while grad students at Columbia.
The primetime attention for LuminAID even made the company a trending topic in the U.S. Friday night.
— Trending Shots (@trendingshots) February 21, 2015
LuminAID isn’t the first Chicago company Cuban has invested in. Last year on Shark Tank, Cuban invested $250,000 in Packback in exchange for 20% equity. Packback offers e-textbook rentals for $5, allowing you to pay-as-you-read.
There was a ton of support for LuminAID last night, both here in Chicago and around the country.
— Shark Tank (@ABCSharkTank) February 21, 2015
— Kendra Kroll (@PortaPocketGal) February 21, 2015
— Robert Herjavec (@robertherjavec) February 21, 2015
— Daymond John (@TheSharkDaymond) February 21, 2015
— Tiffany Towns (@tiffanyetowns) February 21, 2015
— Dennis Dougherty (@dldougherty) February 21, 2015