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 InvestorNone
FounderJim Otteson
Employees Not available

Luma Soda Pitch on Shark Tank

Company nameLuma Soda
ProductA low-sugar swap for traditional soda
EpisodeSeason 10 Episode 19
Founder Jim Otteson
Asked for$500,000 for 20% equity
Final dealNo deal
Shark None
LocationPalo, Alto, United States.

Don’t miss these products from Season 10

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

YearAccomplishment
2019Appeared on Shark Tank season 10 episode 19.
2020Closed 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.

ABOUT KESARA BANDARAGODA
Kesara Bandaragoda is a Sri Lankan-born media entrepreneur currently based in Dubai, with a lifelong passion for storytelling, innovation, and all things screen-worthy. Whether it's a mind-bending sci-fi epic or the latest startup pitch on Shark Tank, Kesara is all in. In fact, he was one of the earliest content creators to cover Shark Tank Australia online and has been tracking its businesses, products, and founders since 2019 — long before it was cool.

Kesara is the visionary CEO behind BrandFactory, a digital media company powering multiple content platforms that reach millions. When he’s not leading a team of creatives, he’s often geeking out over Marvel and DC universes, decoding Spielberg's directorial magic, or revisiting classics like The Shawshank Redemption, Interstellar, and Pirates of the Caribbean (yes, he's a Johnny Depp loyalist).

INDUSTRY FOCUS
Kesara’s writing and content leadership often focus on the intersection of entrepreneurship, entertainment, and emerging digital cultures. He’s particularly passionate about telling stories that celebrate founders, dissect business blueprints from media narratives, and spark curiosity in audiences across the globe.

FAVORITE MEDIA
A sci-fi enthusiast with a taste for high-stakes storytelling, Kesara’s favorite titles range from cerebral time-space odysseys to charismatic pirate adventures. He thrives in content that mixes real-world business insight with the spectacle of entertainment — think Shark Tank meets Black Mirror, with a touch of Marvel heroics.

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