Honey bees are dying at an alarming rate which is a huge problem because 1/3 of our food supply relies on them. That’s why Matt Reed went into business creating alternative bee hives, and he’s hoping they will help save the bees. Will his company earn him a deal on
Shark Tank Bee Thinking Update
- Entrepreneurs: Matt Reed
- Business: Bee hives
- Ask: $400,000 for 10% equity
- Result: No deal
- Sharks: None
Matt brought his bee hives that he manufactures through his company, Bee Thinking, to the tank. He explained that after some bees got into his home, he became fascinated with them and eventually went on to build hives and blog about it. His blog drew a large following and eventually, those followers wanted to buy his hives. He’s hoping to expand his business with the help of the sharks.
Lori Greiner wanted to learn about the company’s sales numbers. Matt shared that his company’s sales were $1.9 million since launching the company in 2009. The company had already generated $775,000 in the months leading up to filming, which was up significantly from the $560,000 he generated in the previous year.
The company sells a traditional medium-sized hive for bees for $360.00, and it costs about $150.00 to build and package. Kevin O’Leary liked everything about the company except for the implied valuation of $4 million, so he was the first shark to drop out. Mark Cuban also decided to drop out because he believed that there would be a lot of growth challenges for him as an investor. Lori Greiner was the next to drop out, stating she wasn’t a fan of honey. Robert Herjavec had concerns about getting his investment back, so he went out.
Last but not least, Daymond John said he’d be a customer but not a partner, so he dropped out as well. With no deals from any of the sharks, Matt was forced to leave the tank empty-handed. What happened next for his company? Keep reading our Bee Thinking update to find out!
We have some mixed news to share in our Bee Thinking update. It appears that the company was shut down temporarily, and rebranded to ‘Bee Built’. The newly branded variation of the business is still in operation and generates an estimated $2 million in annual gross revenue. While that is great news, it appears that Matt may have sold the company at some point, as the Bee Built website lists a CEO different from Matt, and mentions that it is under new management.
Are you interested in learning about the other companies featured on Season 6 Episode 24? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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- Sheets Laundry Club Travel Packs x2
- Honey Bee Bars - 12 Pack
- Snactiv Finger Chopsticks
- FryAway Cooking Oil Solidifier
- Pizza Pack
- Nature’s Wild Berry Sampler Pack
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!