Storage Scholars was the first company to appear on Season 14 Episode 4 of
Shark Tank Storage Scholars Update
- Entrepreneurs: Sam Chason and Matt Gronberg
- Business: Storage and Moving for Students
- Ask: $250,000 for 5% equity
- Result: $250,000 for 10% equity
- Sharks: Mark Cuban
Based out of Wake Forest University and now spread across more than 20 different universities, Sam and Matt have managed to grow Storage Scholars fairly well by themselves. The costs for the company for a single move are about $200 and the service charge is about $559 if students want to hire Storage Scholars.
The ultimate goal for the company is to utilize a key-access system that encompasses the entire moving process, stress-free.
Lori Greiner wanted to learn about the company’s sales to date in the current calendar year. Sam and Matt told her that their company had generated more than $1.8 million in gross revenue.
Kevin O’Leary was prepared to make an offer after hearing about the company’s financial numbers. He decided to offer $250,000 for 20% equity. Daymond John quickly made the exact same offer, while Lori Greiner decided to drop out.
Robert Herjavec offered $500,000 dollars for 20% equity. Mark Cuban was the final shark that had yet to speak up. He did want to make an offer, but he was only initially willing to give $250,000 dollars for 12% equity.
After receiving four offers, Sam and Matt decided to accept Mark’s offer on slightly different terms. The final deal was $250,000 dollars for 10% equity.
Now that we know how the final deal was resolved, let’s jump ahead and get a Storage Scholars update.
Sam and Matt share the same values as Mark in terms of believing that the importance of eliminating college debt is important. So, it seems like the two will be a great match. Further, Mark likely has many connections with college campuses across the United States that should help Sam and Matt increase their revenue significantly.
Any customers that are interested can visit the Storage Scholars website to learn more. We can’t wait to see where our next Storage Scholars update takes us!
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