“Revolutionizing the way we store food, GreenBox made an appearance on Shark Tank with a product that promised to reduce waste and save you money. But did they manage to seal the deal with the sharks? Let’s find out in this update on GreenBox!”
GreenBox is a box full of suspense in features and tastes. Green Box is a pizza box that provides all kinds of services for you. Green Box is 100% recycled. This means it is eco-friendly too. The Green Box stores pizza inside it, it can cut the pizza too and can be used as a storage container.
Green Box is a multi-tasker that avoids the use of plates, saves energy, and turns into a storage keeper. The green box was first known as Evolution. In 2009, the Green box was listed in the top 50 inventions and it was labeled as the ‘Swiss army knife of Pizza boxes’ by The New York Daily News.
Green Box sells it to the pizza industry and is also available in various stores like Whole Foods and other platforms. Green Box has the vision to reach all the pizza shops in the USA and is working on the same.
GreenBox at a Glance:-
| Idea | Multi-functional pizza box |
| Founders | Ned Kensing and Jennifer Wright-Laracy |
| Asked For | $300,000 For 10% |
| Accepted Deal | $300,000 For 10% |
| Sharks | Kevin O’Leary |
| Business status | In Business ( Acquired by Pratt Industries, 2020) |
| Episode No. | Season 6, Episode 16 |
| Website | GreenBox |
Index
Who are the founders of GreenBox?
Green Box was founded by William Walsh, Ned Kensing, and Jennifer Wright- Laracy. The idea of Green Box was developed by William Walsh while he was in his college’s fraternity house and also trying to achieve a scholarship in football.
He wanted to create a customized pizza box that could be disassembled easily into useful plates and, in the process, he disassembled many basic pizza boxes, creating a mess. He collaborated with his friend Ned Kensing and an opportunist, Jen Wright-Laracy, who graduated with an MBA in Finance from a Columbian business school. After the unfortunate death of Walsh in November 2011 at the age of 44, the business was kept alive by Ned and Jen.
Did GreenBox get a deal on the Shark Tank?
Jennifer and Ned came on the show seeking an investment of $300,000 for 10% equity in the business. They were very nervous while pitching as they stumbled in the middle. The duo took a moment and started again. Ned demonstrated the product and the mystery being the Green box, while Jennifer was explaining the same.
Samples were handed to the sharks to check what was inside the green box. After that, they revealed that they had sold 20 million pizza boxes through wholesale and licensing channels. Ned shared that it costs a fraction of a cent, which Mark Cuban interrupted and said either it could increase the cost or go out. Mr. Wonderful ( Kevin O’Leary) gave an offer of $300,000 for a 10% equity in return.
Barbara Corcoran didn’t believe in the product idea and went out. Lori Greiner and Robert Herjavec came together and gave an offer of $300,000 for an exchange of 30% equity with the justification that they could grab a big deal. Ned and Jennifer took a moment for discussion and made a deal with Mr. Wonderful at $300,000 for 10% equity in the business.
What happened to GreenBox after the Shark Tank Show?
After the show, once the show aired, Green Box enjoyed huge traffic on its website. Even after the airing of the episode, no big distributor had signed Green box. After the show, the deal between Kevin and the couple was closed. Green box started enjoying a 40% growth rate annually.
During the pitch, they held a valuation of $3,000,000, which was valued the same as Kevin O’Leary. Kevin O’Leary brought his expertise to work for Green Box. There were many ups and downs for Green Box after the show. After the show, Green Box took place at Cucumber Lands Farms, Wholefoods Market, and Quicktrip. Jennifer shared that it is available in around more than 1000 stores.
A CBS Show also featured Green Box in 2016, which increased its popularity of it. Jennifer and Ned were consistently sharing its eco-friendly nature and other impressive features. Designing was the major concern to be practiced consistently. After the show, Jennifer and Ned shared a tip to every entrepreneur that you should take advice from others without any hesitation as it worked for them.
Unfortunately, In 2020, Green box was acquired by Pratt industries. Founders shared the news on Facebook that it was acquired by Pratt. Pratt Industries have been in partnership with Jennifer and Ned for the last decade. Ned and Jennifer were happy to share that it would be safe hands and it would bring more growth and success to Green Box.
Competitors of GreenBox are:-
- Coins. ph
- Telos
- Quantopay
- USDX Wallet
What is the net worth of the GreenBox?
The valuation on the pitch was $3,000,000. The estimated net worth of Green Box as of August is unidentified as it was acquired in 2020.
Is GreenBox still in business?
Green Box is still in operation. The green box was also featured on CBS Show and is continuously improving and doing innovation to make sure of its stability in the market. Green Box was acquired by Pratt Industries in 2020. As of 2022, Green Box is still in business.
GreenBox Social Links:
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FAQs:
What is GreenBox?
GreenBox is a box full of suspense in features and tastes. Green Box is a pizza box that provides all kinds of services for you. Green Box is 100% recycled. This means it is eco-friendly too. The Green Box stores pizza inside it, it can cut the pizza too and can be used as a storage container.
Who founded GreenBox?
Green Box was founded by William Walsh, Ned Kensing, and Jennifer Wright- Laracy. The idea of Green Box was developed by William Walsh while he was in his college’s fraternity house and also trying to achieve a scholarship in football.