Storage Scholars Update | Shark Tank Season 14

While living in a dorm at Wake Forest University in 2017, Sam Chason noticed that international students struggled to store or ship items like bedding and furniture during semester breaks. With no affordable or practical options available, this inspired him and Matt Gronberg to create Storage Scholars, a service that simplifies packing, storage, and shipping for college students. Will their idea get a shark’s investment? Find out in our Storage Scholars update and pitch recap.

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

Sam and Matt entered Shark Tank Season 14, seeking $250,000 for 5% equity in their student storage business. After their presentation, they secured a deal with Mark Cuban for $250,000 for 10% equity.

In terms of a Storage Scholars update, the company expanded its reach from 23 campuses to over 140 across the United States.

Shark	Result
Mark Cuban	Accepted offer of $250,000 for 10% equity
Kevin O’Leary and Daymond John	$500,000 for 40% equity
Robert Herjavec	$500,000 for 40% equity
Lori Greiner	No offer

Shark Tank Storage Scholars Pitch

• Entrepreneurs:  Sam Chason and Matt Gronberg
• Business: Storage and moving services for students
• Ask: $250,000 for 5% equity
• Result: $250,000 for 10% equity
• Shark: Mark Cuban

Sam and Matt began their pitch by explaining how they intend to transform the way college students handle the chaos of moving out of their dorms.

Driven by their own experiences and a desire to ease this stressful process, the entrepreneurs are seeking an investment to expand their services to more universities and enhance their operations.

Their goal is to make Storage Scholars the go-to solution for students looking to move dorms nationwide.

Storage Scholars offers packing, storage, and shipping services for college students.

The business partners with universities to access dorm rooms directly. Students start by signing up online and selecting their storage needs.

Next, they receive complimentary boxes to pack their items. Once packed, the boxes are picked up and stored in local facilities or shipped to a chosen location.

The business launched in 2017 with 64 student customers and earned $18,000 in its first year.

Sam used his share of the profits to pay off his college expenses and graduated without debt.

Matt later joined with a 30% ownership stake after showing his dedication by working 106 hours in one week.

The entrepreneurs reveal that they use a custom web app built by Matt’s brother to manage their business.

With the app, they can handle over 3,300 moves on 23 campuses weekly.

The app was instrumental in ensuring smooth operations and reducing stress for students during busy times.

Additionally, they partner with universities and offer a unique “pack it, lock it, and leave it” service.

Further, they have a 4.8-star customer rating and have done $1.826 million in sales year to date.

Their alma mater, Wake Forest University, is their largest market with 700 students, while SMU followed with 269 users.

They spend $199 per move and charge students $559, which gives them a strong profit margin.

Storage options start at $17 per month with a four-month minimum subscription. However, extra fees apply for shipping and larger items like furniture and luggage.

They have no outside investment and aim to expand into more schools.

Kevin O’Leary is impressed, and he makes an offer of $250,000 for 20% equity.

Meanwhile, Lori Greiner likes the idea but has issues with their valuation. She exits the negotiations.

Daymond John sees potential and matches Kevin’s offer with his own $250,000 for 20% equity.

Robert Herjavec sees potential for significant growth and surprises everyone with a $500,000 offer for 20% equity.

In response, Daymond and Kevin team up to make a combined offer of $500,000 for 40% equity, increasing the pressure in the room.

Mark Cuban, on the other hand, takes a different approach. He offers $250,000 for 12% equity and promises to connect the entrepreneurs with more schools to help them grow.

Matt recognizes Mark’s alignment with their mission and his stance on college debt, so he counters with $350,000 for 10% equity.

Mark, however, stands firm and agrees to their original ask of $250,000 for a 10% equity. After a brief discussion between the founders, they accepted his offer.

Let’s find out where the company stands now in our Storage Scholars update.

Shark Tank Storage Scholars Update

Our Storage Scholars update found that the deal with Mark Cuban was successfully finalized.

He provided the company with capital and strategic support to expand its operations.

Furthermore, our Storage Scholars update found that it has expanded its services to over 140 college campuses across the United States, significantly increasing its reach from the initial 23 campuses.

If you want to learn more, check out the Storage Scholars website.

We can’t wait to see where our next Storage Scholars update takes us.

For more on Shark Tank Season 14 Episode 4, be sure to check out:

• Ghia Update
• Expedition Subsahara Update
• Woosh Update

Before you go, be sure to check out our list of all the Shark Tank Season 14 products.