Luma Soda, founded by Jim Otteson in 2017, aimed to offer a healthier soda alternative. In 2019, Otteson appeared on “Shark Tank,” seeking a $500,000 investment for 20% equity but left without a deal.
Despite initial sales of $180,000, the company faced challenges in the competitive beverage industry. By 2020, Luma Soda ceased operations, and its website became defunct.
Otteson returned to his legal career, founding Otteson Law in 2020 and later joining Major, Lindsey & Africa as a managing director in 2021.
Luma Soda Net Worth
| Estimated Net worth | $2.5 million (2019) Business Valuation |
| Annual Sales Revenue | $180,000 (2019) |
| Lifetime Sales | Not available |
| Shark Tank Investor | None |
| Founder | Jim Otteson |
| Employees | Not available |
Luma Soda Pitch on Shark Tank
| Company name | Luma Soda |
| Product | A low-sugar swap for traditional soda |
| Episode | Season 10 Episode 19 |
| Founder | Jim Otteson |
| Asked for | $500,000 for 20% equity |
| Final deal | No deal |
| Shark | None |
| Location | Palo, Alto, United States. |
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Luma Soda Founder
Luma Soda was founded by Jim Otteson in 2017. Jim Otteson is a graduate in Science in Microbiology. He discovered harmful and addictive chemicals in diet soda. Then he studied more about those chemicals and found healthy alternatives that used to prepare soda. Finally, he used his knowledge to start a new business called Luma Soda. Luma Soda’s founder, Jim Otteson’s net worth is unknown as of 2024, since business is no longer functioning.
Key accomplishments
| Year | Accomplishment |
| 2019 | Appeared on Shark Tank season 10 episode 19. |
| 2020 | Closed the company by Jim Otteson. |
Conclusion
Some companies that appear on the show have not achieved great success, and the Luma Soda was one of them. Sometimes businesses don’t succeed because of many reasons. Sometimes, the deal falls through after the founders say yes on camera. Or, as you’ll see, sometimes things happen to the founders themselves, and they choose to abandon the business. Anything is possible. However, Luma Soda went out of business in 2020. And the product is no longer available in the market.