Josh Thurmond, a 1994 graduate of Quince Orchard High School and Gaithersburg native, is the inventor of LavaBox Portable Campfire– a new style of portable fire pit that’s built in a military-style ammunition can and was “created to combat climate change and reduce wildfires.” LavaBox has made waves, or fires, since its inception in late 2020, and LavaBox joined fellow Montgomery County businesses that have made it into the tank in recent months (Collars & Co. was featured in November, OoogieBear was featured in September, and ShredSkinz was featured in December) when Thurmond brought LavaBox into the tank on Friday, March 31st at 8pm.
Thurmond was looking for $200,000 for 10% equity in his company. He shared that the Lavabox comes in three sizes, with the most popular being the smaller version which retails for $195 (and costs just over $25 per unit to produce). The larger varieties cost more to produce, but also come with a higher price range. He expects to reach over $1 million in gross revenue sales by the end of this year- numbers that impressed all the sharks. Thurmond explained that most sales come directly from word of mouth, and that he wants tp get into big box stores. Mr. Wonderful Kevin O’Leary was impressed enough to offer the $200,000 for 10% equity that he was looking for. Daymond John made an offer, wanting 20% equity, but was more interested in licensing the LavaBox instead. Lori Greiner then jumped in with an offer of $200,000 for 12.5% equity, but also wants a royalty of .75 cents per unit sold until she gets $200,000 back. Her 12.5% equity would remain the entire time if the deal is accepted. considers his options and chooses to accept Lori’s offer. After considering all offers, Thurmond went with Lori Grenier’s offer.
