Pitt Moss Peat Moss Alternative Update | Shark Tank Season 6
Peat moss is a popular soil enhancement, but harvesting it is harming the environment. That’s why Mont Handley has created an alternative product made out of recycled newspaper. Will he get a deal on
Shark Tank Pitt Moss Update
- Entrepreneurs: Mont Handley
- Business: Sustainable peat moss alternative
- Ask: $600,000 for 25% equity
- Result: $600,000 for 35% equity
- Sharks: Mark Cuban, Kevin O’Leary, and Robert Herjavec
Mont brought his Pitt Moss to the tank, which is a sustainable, environment friendly alternative to peat moss. His product is solves a problem that he says will also slow down climate change, but that’s not all. His customers are reporting back that it works better than peat moss too!
Made from recycled paper products, 100% Peat-Free. OMRI listed complete potting soil, fertilized with organic nutrients. Mix with other soils to aerate and encourage root growth.
The company has a 60% profit margin at a price point of $2.00 per cubic foot. Mont said that he would use an investment to help grow the business, improve margins, and scale the company to make more revenue. One of the biggest problems was that the company only had $22,000 in revenue from the seven months prior to filming. The money would also be used to help increase the amount of product in order to fulfill sales orders that he currently had.
Despite all of this, Barbara Corcoran and Lori Greiner dropped out because it was just too early for them to invest. Kevin O’Leary on the other hand was interested. He offered $600,000 in exchange for 40% equity.
Mont countered Kevin at 30% and Kevin countered him back at 35%. At this point, Robert Herjavec and Mark Cuban came into the deal with Kevin for $600,000 at a 35% equity stake and Mont accepted the offer. What happened next for his company? Keep reading our Pitt Moss update to find out!
We have some mixed news to share in our Pitt Moss update. The deal with Kevin, Robert and Mark was eventually finalized. After a few years however, Mont removed himself as CEO of the company, and shifted his focus elsewhere. The company still exists under new leadership and continues to generate millions of dollars in annual revenue. Products are available on the Pitt Moss website and on Amazon.
Would you like to find out about the other companies featured on Season 6 Episode 25? 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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