For those with small spaces, it isn’t always easy to keep a thriving garden. That’s why Beau Oyler and Jared Aller sought to solve that problem. They created a magnetic, modular vertical garden that mounts to any surface or wall in a living space. Will they get a deal on
Shark Tank Urbio Update
- Entrepreneurs: Beau Oyler and Jared Aller
- Business: Vertical garden system
- Ask: $300,000 for 12% equity
- Result: $300,000 for 15% equity
- Shark: Lori Greiner
Urbio founders Beau and Jared, brought their vertical garden product to the tank. They invited Lori Greiner to come up and try it out herself, and she liked the quality and felt it was overall, an easy product to use.
Shortly after the pitch ended, Mark Cuban spoke up and said he was always solicited for investments off camera, and Urbio had already pitched to him previously. For this reason, he felt it was inappropriate to participate in the tank and disqualified himself immediately.
Kevin O’Leary asked the Urbio founders about sales, and found out that they had made $125,000 in four months selling almost exclusively online. Robert Herjavec asked about the cost and retail, discovering that it cost about $3.50 to make the product and retailed between $15 and $35 depending on the specific item.
Robert went on to ask what they wanted the $300,000 for, and Beau and Jared said they planned to finance more inventory, and secure even bigger purchase orders. They made it explicitly clear that they did not plan on taking a salary from the investment.
Kevin decided to make an offer of $300,000 for 20% equity. He added that Beau and Jared were not permitted to take a salary from the investment and, to be paid, they must make a disbursement to all shareholders.
Robert was also interested, offering $400,000 for 20% equity, but it too came with conditions. Since Beau and Jared retained full-time jobs, Robert wanted $100,000 of the investment to be for hiring a full-time manager.
Daymond John intervened to say that Kevin and Robert both had already made “generous offers” so he was out. Lori, on the other hand, was hungry to get in and offered $300,000 for 20% equity.
Now with 3 offers on the table, Beau and Jared felt it was time to sweeten the deal. They pulled out an envelope with a pending purchase order from The Container Store worth $150,000. Urbio had been offered a nationwide rollout from a prominent retailer.
In response, Lori changed her offer, now asking for 15% equity instead of 20% equity. Robert brought his offer down as well, now asking for 17.5% equity. Kevin, on the other hand, would not budge and felt his original offer reflected the value he brought to the table.
Without further discussion, Beau and Jared accepted Lori’s offer and made a deal. Did Lori help Urbio, Beau, and Jared grow their bottom line, or did the business wilt away instead? Keep reading our Urbio update to find out!
Research for our Urbio update revealed good news! In 2015, Urbio acquired Sabi Space, a company focused on designing bathrooms and kitchens, from Sabi, Inc. for an undisclosed amount. In 2016, a company called Honey-Can-Do International purchased Urbio, rebranded it, and renamed it to Perch. Perch remains available in 2023 on Amazon, and various other retail stores.
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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!