PittMoss Net Worth 2022: How Is The Business Doing Since Shark Tank?
PittMoss Net Worth: Peat moss is a crucial component in potting soils and seed-starting mediums. It is, however, taken from wetlands, which may disrupt the habitats of animals. PittMoss by Mont Handley stands out since it is primarily constructed from recycled paper. He struck a deal with three investors on Shark Tank thanks to his eco-friendly idea.
About the Founder
Chicago, Illinois, is where Mont Handley currently resides. He had served as a volunteer clerk and military policeman in the United States Army. He then attended Purdue University to complete his bachelor’s degree in history.
He began his career working in a nursery before being named the Director of Planning and Environmental Services for Portage, Indiana, in 1998. After two years, he was employed by the South Shore Convention and Visitors Authority as a senior sales manager.
In 2005, Mont was brought on board as the national sales director of the VisitPITTSBURGH tourism agency. His responsibility was to find candidates for local conferences, symposiums, seminars, and gatherings. Also, check our trending articles David Blaine Net Worth and James Earl Jones Net Worth.
Founding The Company
In 1994, a Chicagoan initially came up with the concept of a peat moss substitute. While he was still employed at the nearby nursery, it originally began as a straightforward kitchen experiment. He learned about several problems with the typical peat moss on the job, including the damage it was causing to the environment.
He began a lengthy initiative to address the problem as a result. He finally developed PittMoss in 2011. PittMoss is a cheap product made from various organic resources, including recycled paper. After sending out the initial batch, Mont realized the potential of his creation and left his job to devote all of his time to the company.
Shark Tank Appearance
Due to his factory’s capacity, Mont Handley had problems growing sales in 2015. He needed a substantial investment to make the necessary repairs to the manufacturing issues. In episode six of Shark Tank, Mont appeared and requested $600,000 for 25% equity.
Although most Sharks were initially captivated by the green product, they discovered significant problems with the business plan. Furthermore, the valuation was relatively high for a firm that had only made $22,000 in revenue.
Despite this, Kevin O’Leary offered $600,000 for 40% of the business, but he was hesitant to enter the market alone. Robert Herjavec and Mark Cuban joined after he urged the other Sharks to participate in the acquisition. The three investors agreed to $600,000 for 35% after some haggling.
On Sun, Aug 7, WPXI’s Our Region’s Business w/Bill Flanagan hosted Brian Scott, CEO of PittMoss to discuss the company’s impact in the soil industry since their last interview together.
— PittMoss LLC (@PittMoss) August 8, 2022
After Shark Tank
The arrangement with the three Sharks was finalized after PittMoss’ Shark Tank episode aired, but there were some production problems. Cuban is more involved than Kevin and Robert, which is not surprising given his passion for eco-friendly firms.
In 2016, CEO Mont Handley resigned and was succeeded by Brian Scott. Mont still sits on the board even though he is no longer in the business.
PittMoss Net Worth
Innovation Works, Blue Tree Allied Angels, and Idea Foundry each contributed $1.2 million in further capital to the business. The startup attained its potential and produced many orders via PittMoss.com.
The item is currently offered on Amazon, where 21 customers have given it a 4.2-star rating. PittMoss, which has an estimated $4.5 million in market value, is preparing to go global to increase its $3 million in annual income.
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