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14, the same day that the Land Bank of the Philippines (Landbank) remitted its P50-billion share to the Bureau of the Treasury. (MIC), which would manage the MIF, amounted to P107 billion as of Saturday, a day before the deadline set by the law creating the Maharlika fund.ĭBP president and CEO Michael de Jesus on Saturday announced that it deposited its P25-billion contribution on Sept. Officials said the seed capital of P150 billion for the Maharlika Investment Corp. “Our themes are more relevant than ever.The country could expect to see economic gains from the Maharlika Investment Fund (MIF) by the time President Marcos steps down in 2028, the chief of the Development Bank of the Philippines (DBP) said on Saturday. “Sustainability and wellness were at the top of mind for most people, which is part of the reason why they wanted us on the show,” says Wang. He adds the timing was also valuable, as it was the first Shark Tank episode to air since the pandemic shut down production for most of 2020. “It just accelerated the journey we already were on.” “We obviously reached a lot of new audiences through the show and I’d be lying if I said it didn’t help,” says Wang. “It was a great opportunity to reach out to the most famous consumer investors out there.”

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Our Series A has great tech investors but we went on Shark Tank because we also have a component that is very consumer-facing and we don’t have consumer investors at the table,” says Wang. “Whereas pitchers like Brita and Soma mostly remove chlorine and accompanying odors and tastes, they do not eliminate metal, arsenic, herbicides, pesticides and 50 other contaminants we’ve identified,” according to Wang.ĭespite its Series A funding in 2020, Wang did not reject Shark Tank’s invitation to appear on the show the following spring. Wang is unfiltered about the unsettling facts about what drips from our home faucets. The new pitcher will launch with Williams-Sonoma and MoMA. “We use IoT and material science to make the experience friction free,” adds Wang. It also links to an app that tracks hydration goals for the whole family. It has a two-stage filtration system that removes heavy metals and chemicals. The Larq Pitcher, which retails for $148, is the startup’s second product since launch.

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It has already presold 20,000 pitchers, a category Brita has ruled for decades, controlling 70% of the market.Īs a nod to sustainability, the pitcher is not only phthalate free and BPA free, but also made with food-grade plastic. In September 2020, Larq raised $11 million in Series A funding from Seventure and DCM, allowing it to develop the pitcher’s filter and UV-C LED technology. In addition to the buildup of odor, reusable bottles are difficult to clean, deeming them inconvenient compared to disposables. (One million single-use plastic bottles being added to landfills every minute is just one of many troubling statistics that Wang recites often). “But the tech has to solve the problems and pain points when it comes to water safety and taste.” His team’s research found that despite the plethora of chic reusable bottles on the market, people could not kick their addiction to plastic-bottled water. “Whether it’s priced at $15 or $50, water bottles were increasingly used as a fashion accessory,” says Wang. in Physics from Caltech, developed proprietary technology that uses UV-C light to neutralize harmful and odor-causing bacteria. The Larq bottle, which costs between $78 to $120, is available in 15 retailers including Nordstrom, Revolve and MOMA. He started Larq with Douglas Collins, a veteran of the LED and semiconductor space.

We took 12 foundational patents and started the hydration category,” Wang says. “We drew plans for Larq bottles on a paper napkin in hopes of making an impact.

With the launch of the Larq Pitcher, its second product to ever hit the market, it projects revenue to reach $30 million in 2022.īased in Foster City, California, Larq launched in 2018 with its original self-cleaning bottles after a record-breaking Kickstarter campaign. When the Shark Tank segment wrapped, Larq received $1 million for just a 4% stake in his company, from sharks Lori Greiner and Kevin O’Leary.

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