Entrepreneur John Tabis pitched his floral business during
If you’re short on time, here’s a quick overview of what happened to the Bouqs after
John Tabis appeared on
Shark Tank The Bouqs Update
- Entrepreneurs: John Tabis
- Business: Online floral delivery service
- Ask: $285,000 in exchange for 3% equity
- Result: No deal
- Sharks: None
John brought his floral business, The Bouqs to
He prided himself on having three pricing tiers of flat-rate, free-shipping bouquets that are grown more sustainably than the competition. In fact, he said that his company is the answer to the all-to-common bait-and-switch that many online florist companies use.
For instance, you think your order will cost the advertised price, but then at checkout, the overall cost is ultimately substantially higher than you were led to believe.
His company charges a flat rate of $40 for any bouquet. This includes shipping, and there are no care or handling charges tacked on.
He then told the sharks that he started his company just a year prior, and had already made $700,000 at the time of filming. Additionally, he expected the company to earn $1.2 million by the end of the calendar year.
Further, The Bouqs had 40%-50% profit margins. The average customer acquisition cost was $13-20, thanks to mentions in Oprah magazine, Thrillist, and Wall Street Journal.
In addition to these big mentions, he’s also invested about $70,000 in marketing. John revealed he had already closed a $1.1 million seed round, after which point the company gained a $5.2 million valuation.
That was a huge problem for Mark Cuban, who said he didn’t like to be ‘one of many’. For this reason, he was out.
Lori told John that if big-name competitors liked his idea and saw that it was profitable, there would be nothing to prevent them from implementing a similar program. She was also out.
Robert Herjavec didn’t like the low equity offer, so he questioned how long the business would be sustainable in the face of long-established competitors. He ultimately went out next.
Barbara was the fourth shark to go out. Ultimately, she said she would neither remember the company name nor spell it correctly.
This left Kevin O’Leary, who said John needed an exit strategy, and he was the last shark to go out.
What happened following
We have great news to share in The Bouqs Company update! In 2016, Robert Herjavec needed flowers for his upcoming wedding and approached John for help. It turns out, that Robert was so impressed with John’s flower farm, that he participated in an investment round that ultimately raised $24 million.
Since then, then the company has grown to over $640 million in lifetime sales and over $59 million in annual revenue.
Our The Bouqs update research found that the company has since expanded into 10 major cities in the US, like Houston, Dallas, New York, and Chicago. Further, they’ve shipped well over 30 million flowers to thousands of happy customers.
As it turns out, The Bouqs has now gone down in
The bouquets are available for order on The Bouqs Company website.
Would you like to learn about the other companies featured on Season 5 Episode 27? Follow the links below for our other company updates from the episode.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!