Parting Stone Cremation Alternative Update | Shark Tank Season 14

In 2016, while working on a pottery project, Justin Crowe saw how difficult it was for families to feel connected to their loved ones through cremated ashes. This led him to create Parting Stone in 2018, a service that turns ashes into smooth stones, making it easier for families to hold onto memories in a personal way. The stones offer a simple and meaningful alternative to traditional urns. Will Justin get the sharks on board? Let’s find out in our Parting Stone update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Parting Stone after Shark Tank.

Justin entered Shark Tank Season 14, seeking $400,000 for 5% equity in his cremation alternative business, Parting Stone. After his pitch, he made a deal with Lori Greiner and Kevin O’Leary for $400,000 for 10% equity + $20 royalty for DTC, and $12.50 royalty for BCB.

In terms of a Parting Stone update, the company in 2023, secured $2.3 million in Series A funding to support international expansion, achieving $1 million in annual revenue and a $4 million net worth by 2024.

Shark	Result
Lori Greiner and Kevin O’Leary	Accepted offer of $400,000 for 10% equity + $20 royalty for DTC, $12.50 royalty for BCB until the investment is recouped
Barbara Corcoran	$400,000 for 10% equity + $20 royalty on all sales
Gwyneth Paltrow	No offer
Mark Cuban	No offer

Shark Tank Parting Stone Pitch

• Entrepreneur:  Justin Crowe
• Business: Cremation alternative
• Ask: $400,000 for 5% equity
• Result: $400,000 for 10% equity + $20 royalty for DTC, $12.50 royalty for BCB
• Sharks: Lori Greiner and Kevin O’Leary

Justin started his pitch with a heartfelt story about his grandfather, whose vibrant life inspired him to find a better way to honor cremated remains.

This personal connection led him to create Parting Stone, a company that transforms ashes into smooth, natural stones and provides a comforting way for families to keep their loved ones close.

He told the sharks he needed an investment to automate production and expand partnerships with funeral homes.

Each collection contains 40-60 stones for humans and 3-10 for pets and is priced at $995 for humans and $500-$595 for pets.

Justin shared that the production cost for human stones is $300, with humans making up 95% of the business. However, he also sees a significant opportunity to expand into the pet market.

The company operates through a dual model. About 75% of its revenue comes from partnerships with funeral homes, while 25% comes from direct-to-consumer sales.

Customers or funeral homes send cremated remains to Parting Stone, where they are processed into stones and returned.

Currently, Parting Stone works with over 600 funeral homes in the U.S. and Canada, which represents a fraction of the 21,000 funeral homes across the United States.

Kevin O’Leary asked about the company’s sales performance over the last three years.

Justin explained that in 2020, the company generated $350,000. However, losses reached $800,000 in both 2021 and 2022, even though gross revenue exceeded $1.3 million in 2022.

Justin acknowledged the financial challenges but emphasized that automation and pricing adjustments could reduce losses.

He also revealed that the company had raised $2.5 million from 55 angel investors to support its growth.

The sharks had mixed reactions and didn’t think he was charging enough.

Mark Cuban opted out due to his investment in Eterneva, a direct competitor. Barbara Corcoran expressed concerns about the losses and bowed out as well.

Guest shark Gwyneth Paltrow appreciated the concept but admitted it was outside her expertise.

Meanwhile, Mark and Kevin both felt the pricing needed to increase to make the business viable.

Despite concerns about the number of existing investors, Lori Greiner and Kevin teamed up to offer $400,000 for 20% equity. Justin countered with 7%, but Kevin declined.

Barbara re-entered the negotiations with an offer of $400,000 for 10% equity, along with a $20 royalty per sale.

Ultimately, Lori and Kevin matched Barbara’s offer, proposing $400,000 for 10% equity and royalties of $20 per direct-to-consumer sale and $12.50 for business-to-business transactions.

After weighing the options, Justin accepted Lori and Kevin’s deal.

Was this a good deal? Let’s find out in our Parting Stone update.

Shark Tank Parting Stone Update

Our Parting Stone update found that the company’s appearance on Shark Tank significantly boosted its visibility.

Thus this led to a 900% increase in website traffic and a surge in direct-to-consumer sales.

Following the show, Justin raised the service price from $995 to $2,495, aligning with the sharks’ advice to improve profitability.

In January 2023, Parting Stone secured $2.3 million in Series A funding, which included the investment from Lori Greiner and Kevin O’Leary.

The funds were allocated to building an Australian lab, scheduled to open in early 2024, marking the company’s first step toward international expansion.

At the time of this writing, the company reported an annual revenue of $1 million and a net worth of $4 million. Further, its valuation reached approximately $5.31 million. 

We are confident that our next Parting Stone update will be even better.

Do you want to learn about the other companies featured in Season 14 Episode 19? Follow the links below for our other company updates from the episode.

• Cincha Update
• Burlap & Barrel Update
• Milkify Update

Before you go, check out our Shark Tank Season 14 page for more updates.