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PittMoss Shark Tank Update

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PittMoss is an eco-friendly replacement for Peat Moss. Before entering into what PittMoss is, let us know what Peat Moss is. Peat moss is an additive made from fibers that are used to retain water and help grow plants faster.

So is PittMoss, is made from recycled fibers and other organic materials. It is designed to give incredible wettability, water retention, and availability. So what’s the difference between Peat Moss and PittMoss, well a very important and nature-friendly difference.

Peat Moss releases a lot of carbon dioxide when harvested which further not only affects the atmosphere but also the animals, while PittMoss, itself was created as an eco-friendly substitute.

PittMoss is based in Pittsburgh and creates potting soil from recycled paper, cardboard, and other organic things.   PittMoss is the answer to the harmful Peat Moss and an affordable and commercial soil conditioner for gardeners and commercial greenhouses.

PittMoss at a glance:

IdeaCreating Peat Free potting mixes for indoor and outdoor plants
FoundersMont Handley
Asked For$600,000 For 25%
Accepted Deal$600,000 For 35%
SharksMark Cuban, Robert Herjavec, Kevin O’ Leary
Business statusIn Business
Episode No.Season 6, Episode 25

Index:

Founder Story:

Mont Handley from Chicago, a Prude University graduate, is a great lover of the environment and its elements. He has always been fond of gardening and plants. After his graduation, he spent five years at a retail nursery in the Chicago suburbs, managing the landscape departments of multiple locations.

It was here that he developed an interest in the environment and read an article about the harsh effects of Peat Moss. And that is how he experimented with the product in his kitchen, in his food processor in 1994, and soon that experiment turned into his life project, to which he gave two decades. In 2011, Mont Handley brought in PittMoss. Today he is an Entrepreneur and an Associate Director at Prude University.

Did PittMoss get a deal on Shark Tank?

Yes, PittMoss did get a deal. Not one, not two, but three sharks invested in the company. Handley, on the show, as a next step to his American Dream, asked for $600,000 for 25% equity.

PittMoss was pitched on an episode of “Shark Tank” in 2015 as a peat moss alternative made from recycled paper products. The product was designed to be a more sustainable and environmentally friendly option for horticulture and gardening.

When Mont said that, he profited 60% from the $2 a cubic foot retail, Barbara was impressed, but was out due to the low amount of sales. Kevin made an offer, but was not willing to put up an entire amount of $600,000 but $200,000, and wanted another shark to join him.

See also  SiliDog Shark Tank Update

On the other hand, Kevin offered Mont backoff from Angel investors and stated to give $600,000 each for 40%. Since Mont wasn’t willing to go higher than 35%, and Kevin’s denial to drop down below 35%, PittMoss made a deal with three Sharks Mark, Kevin, and Robert for $600,000 for a 35% stake.

During the pitch, the founder of PittMoss explained how traditional peat moss is harvested from sensitive peat bogs, leading to environmental degradation and habitat destruction. In contrast, PittMoss is made from recycled paper products and is a more sustainable and eco-friendly alternative.

The founder also presented the benefits of PittMoss, such as its ability to retain moisture, reduce watering needs, and improve soil structure. Additionally, the product was demonstrated to be a versatile growing medium that can be used for plants, vegetables, flowers, and trees.

Overall, the pitch for PittMoss emphasized its environmentally friendly and sustainable aspect, as well as its benefits for gardening and horticulture.

What Happened to PittMoss after Shark Tank?

After the product aired on the show, the sales got higher. But soon, the founder stepped down as the CEO in 2016 and appointed Brian Scott as the new CEO. Mont still secures his position on the board. The show opened crowdfunding for the company, and then they heard of Republic. In March 2021, the company gained $297,000 in equity crowdfunding.  The company’s annual revenue in 2023 is $3 Million.

The worth of the company in 2022 was estimated at $4.5 million. While during the show the valuation of the company was $2,400,000 it was brought down to $1,714,285 after the deal with Mark, Robert and Kevin.

There are several products the company has introduced, like the products that include Animal bedding were introduced after the show. There are two main products with lot many varieties in them, those are Potting Mix and Animal Bedding.

The Potting Mix includes Organic Potting Mix, Nutrient Enhanced Potting Soil, Organic Soil Conditioner, Coconut Coir Mix, Peat Reduced Mix, and Peat Reduced Pine Bark Mix. Animal Bedding has three types, Small Pet Bedding, Poultry Bedding, and Horse Bedding.

Competitors of PittMoss

  • Pro-Mix
  • Growstone
  • Sun-Gro

What’s the Net Worth of PittMoss?

While during the show the valuation of PittMoss was $2,400,000 it was brought down to $1,714,285 after the deal, while today it is valued at $4.5 Million.

Is PittMoss still in business?

Yes, today PittMoss is still in business and growing stronger and faster. It plans on heightening its revenue to $25 Million by 2025.

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FAQs:

What is PittMoss?

PittMoss is an eco-friendly replacement for Peat Moss. The company is based in Pittsburgh and creates potting soil from recycled paper, cardboard, and other organic things.

What's the net worth of PittMoss?

The company was valued at $2.4 Million during the Pitch, while today it is valued at $4.5 Million.

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