For 3 years, Kimberly Cayce had been researching, creating, and beta testing her new line of athletic bras. When Kimberly Cayce went on Shark Tank in episode 106, she was certain that her goods and enthusiasm would impress the sharks.
Company Overview in Shark Tank
|Episode||Season1, Episode 6|
|Product Offering||Comfortable sports bras|
|Required Investment||$125,000 for 20%|
|Closing Deal||No Deal|
|Offered Sharks||No Shark|
|Current Business Status||Out of business|
What is Kalyx?
Kimberly Cayce founded Kalyx Technologies, which manufactures unique sports bras and other apparel. It is a business built by women for women.
Early on, the founder was a pro golfer for five years, competing worldwide. She claims that her expertise as a professional player has greatly influenced her and her company.
Kimberly’s famous golf career ended after she went through a relationship breakdown, which made her feel that she wanted to rebuild herself.
KALYX has developed the most sophisticated collection of activity-specific sports bras globally.
The initiative was formed when Kimberly believed that selecting a suitable sports bra is almost as crucial as finding the ideal pair of athletic shoes for a sporty woman.
When it comes to effective exercise, proper support may make all the difference. As a former golfer, Kimberly understands the significance of wearing a bra that fits her. Her sports bra collection is both good for the environment and exercise.
Kimberly Cayce, the KALYX inventor, was an NCAA-ALL American and All-ACC Team Member at Duke University and a golf pro for five years. She went to tournaments across the world.
However, the absence of supportive, comfy, and stylish sports bras disappointed her throughout her athletic career.
For this reason, Kim collaborated with a multidisciplinary team of specialists while getting her MBA at UCLA to create the unique sports bra collection manufactured from the company’s proprietary K-Force Eco-Loving Fabric.
Before appearing on Shark Tank, Kimberley has spent three years studying her ideas, prototyping them, and beta testing them. She claims that investors come and go; meanwhile, her firm is barely making ends meet.
Kimberly has put all of her life money into Kalyx Technologies, and she claims that she desperately needs a capital injection from the Sharks, or she would be unable to keep the firm running.
Kimberly begins by introducing herself to the Sharks and continues her presentation by stating that her firm’s name is Kalyx Technologies.
She is asking the Shark for a $125,000 investment to own 20% equity in her company.
According to Kimberly, while bouncing breasts may seem like a silly topic to some, workout breast pain is a real and critical state that annoys numerous women worldwide.
As a result, she decided to create her own-branded sports bra, which she believed to be trendy, feminine, flattering, and practical for all women.
Presenting her technology models, she says that her product lines include eight different sports bras. Each bra has been designed to work with a woman’s body, depending on the type of exercise she loves.
Next, she displays her first two sports bras, called “Enlightenment Line,” firm, comfy, and appealing.
The second set of sports bras is known as “Extreme.” They are designed for women who prefer to move quickly and aren’t scared to flip.
Other sports bras are named “Elite Athletes,” They are made for women who aim for gold medals.
The truth is each Elite Athlete bra has the patented Kalyx Power Sling, which is a wireless mesh to control breast mobility, allowing women to work out without pain.
Robert Herjavec questions Kimberly if the firm has revenue or if it is a fresh new start-up.
Kimberly says that her firm is a fresh new start-up working in progress for three years. She claims a waiting list of roughly 250 ladies who would love to purchase her sports bras.
More than that, her company also just received an order from a retail company named the Full Cup.
Robert Herjavec continues asking whether she has any sales forecasts for this year and the following years.
Kimberly explains that she has been facing a tough moment, and even though many people would prefer not to hear what she is going to say, she reveals that her startup is currently under a capital inadequacy crisis.
She also claims that she has invested most of her life savings in Kalyx Technologies and is rapidly running out of funds.
Daymond wants to know how much personal funds Kimberly has spent. She stated that she most likely invested $100K of her savings into this start up.
Kevin Harrington questions Kimberly, the main competitor in the sports bras industry.
She says five major competitors, including Moving Comfort, Nike, Champion, Under Armour, and Adidas.
She reveals that her company’s product offering is different. And even before she began producing her sports bras, she surveyed over 250 women and discovered that around 90% of those ladies were unsatisfied with current sports bras availability.
According to Robert Herjavec, when the ordinary consumer comes into a major retailer, he sees those five firms that spend billions of dollars on advertising, assuring him that they already manufacture the greatest items.
Kevin O’Leary says he can’t decide whether he would give Kimberly $125K. Kevin asks the founder whether she realizes how difficult it will be to attract more customers in this market.
Daymond asked Kimberly if she had any patents on her products. Kimberly answers that Kalyx Technologies has provisional patents on file.
Kevin Harrington questions if Kimberly intends to spend the investment funds.
Even though they have no clients yet, she claims that most capital injections will go toward production expenditures. She also mentioned that her firm has a go-to-market plan, implying that the items would be distributed directly to customers via its website.
Kevin Harrington claims that there is a high level of competition and that he doesn’t see how an investment will aid Kalyx Technologies. So, he left.
Barbara Corcoran ponders about when she will be able to receive a yield from her investment. Kimberly expects the fifth year. Barbara claims that it would take too long for her to do the task and that she is also unavailable.
Daymond John believes that it is a bit premature for him to invest in her business idea and that he should wait a little longer. Daymond has stated that he is no longer in the game.
Robert believes that the market is quite huge to compete in, and Kimberly is just attempting to capture a little piece of it, which will be extremely tough to do. As a result, he is also out.
Kevin claims that the difficulty is that he does not believe that the world requires another sports bra at this point. He claims that Kalyx Technologies is little compared to the other brands in the industry.
Kevin adds that Kimberly needs massive marketing expenditures to make Kalyx Technologies meaningful, which is a significant concern. He is also out.
After the session, Kimberly Cayce expressed her belief that the Sharks should recognize the potential and the amount of enthusiasm behind her business concept and the number of women who would benefit from her invention.
In Kimberly’s pitch on Shark Tank, there was a brief opening video of Kimberly detailing how her experiences as a golf player stimulated her business.
After retiring from her athletic career, she got divorced and felt the urge to redefine herself.
Kimberly approached the Shark Tank with a $120,000 offer for a 20% stake in the firm. Unfortunately, she could not complete the deal with from the sharks.
Kalyx Technologies raised approximately $500K in Venture Capital and Angel Funds after participating in ABC’s Shark Tank on September 13, 2009.
Later, the company amplified year-over-year (YOY) sales and revenues annually and enlarged into many well-known gyms, fitness centers and boutiques, including Equinox, between 2008 and 2012.
Hautelook and boutiques and studios worldwide also marketed Kalyx items, including in Europe, Australia, South America and the United Kingdom.
Their product lines were showcased by celebrities, including Jennifer Anniston and Kate Hudson, and in magazines such as Health, Us Weekly, Women’s Health, and Glamour.
And in the end, ActivewearUSA.com acquired KALYX in 2012.
Current Update: Is Kalyx Still In Business?
Even though Kimberly didn’t close the deal during the Shark Tank, the founder’s invention rose to fame later.
In 2010, her collaboration with the City of Hope Hospital developed the Kalyx Calendar, with $1 from each calendar sold for breast cancer research, education, and medication.
Aside from that, Kimberly raised the almost double amount of funds from sharks as she had asked from the Sharks in the first place.
After her public presence on Shark Tank, her home page, named GoKalyx.com, was overwhelmed with orders, with the company selling 4,000 items to delighted clients.
Kalyx Technologies is out of business because ActivewearUSA has owned it since 2012 for a sum of money.
Kimberly currently works at The Adzi Agency in Los Angeles, holding a title as a Senior Marketing & Operations professional.