Ordering bouquets online is costly, and online images can be deceiving. That’s why John Tabis started his online floral business. Will he earn a deal on
Shark Tank The Bouqs Company 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 Company, to the tank. He prides himself on having three pricing tiers of flat-rate, free-shipping bouquets that are grown more sustainably than the competition.
John told the sharks that he started his company a year prior and had already made $700,000 in the then-current year. He expected the company to earn $1.2 million by the end of the calendar year. The bouquets had 40%-50% profit margins. The average customer acquisition cost was $13-20, thanks to mentions in Oprah magazine, Thrillist, and Wall Street Journal, along with 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’, so he was out. Lori Greiner 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.
Robert Herjavec didn’t like the low equity offer, and he questioned how long the business would be sustainable in the face of long-established competitors. Barbara Corcoran was the fourth shark to go out, saying she said she would neither remember the company name nor spell it correctly. Kevin O’Leary said John needed an exit strategy, and he was the last shark out. What happened next? Keep reading The Bouqs Company update to find out!
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. Robert was so impressed with his flower farm, that he participated in an investment round that ultimately raised $24 million. The company is now valued at over $43 million. The bouquets are available for order on The Bouqs Company website.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!