GreenBox research shows that people like pizza even more than sex. The only problem with Pizza is the boxes are too cumbersome.
The Greenbox offers an eco-friendly solution having the top of the box break down into four individual plates. The bottom of the box folds neatly into a storage box for leftovers.
GreenBox is sold around the country
They sell the GreenBox to distributors around the country. They wanted to prove that customers like it. Their most significant customer is Whole Foods, and they have a full utility patent.
They sold $1.7 million worth of boxes last year. The cost of the box is a fraction of a penny.
Kevin wants to save a cent, not increase their cost. They have to educate the customer on the product when you are selling millions of pizzas.
Company: GreenBox
Entrepreneurs: Ned Kensing and Jennifer Wright-Laracy
Ask: $300,000 for 10% equity
Companies in this episode: Victoria’s Kitchen, GreenBox, Tycoon Real Estate, PhoneSoap
Season: Season 6 Episode 616
Sharks: Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner, Robert Herjavec
First Aired: 01/30/2015
Deal: Kevin O’Leary gets the deal, $300,000 as a loan for 10% equity and they have to pay back the $300,000 contingent on a deal with Dominoes.
What do the Shark Tank Investors say about GreenBox
- Mark Cuban is out because a fraction of a penny is a lot of money when you are selling millions of pizzas.
- Barbara Corcoran sees the product, and doesn’t see it is apparent that it is a unique box, she is out.
- Kevin O’Leary asks them if they have talked to Dominoes about a deal. He knows them, and they ask him to come on board. Kevin makes an offer on getting one of the majors to license the box. He will give them $300,000 for 10% after he gets a deal with one of the major companies, and GreenBox has to pay back the $300,000 as a loan.
- Lori Greiner tells them her and Robert Herjavec are going to make them an offer. They have to get it in front of the large pizza companies. They have a contingency of a large Pizza company coming on board. Lori and Robert join in on the deal at $300,000 for 30%, contingent on an agreement with a major pizza company.
- Robert Herjavec goes in with Lori Greiner.
GreenBox after Shark Tank
GreenBox is growing sales 40% year over year. They are in QuickTrip, Cumberland Farms, Whole Food Markets, and the Hyatt Regency. Their boxes are at colleges and universities as well as many regional pizza chains.