Cabinet Health Shark Tank Net Worth-What Happened After The Shark Tank Pitch?
Cabinet Health Shark Tank Net Worth
There are conflicting reports on the net worth of Cabinet Health after appearing on Shark Tank. One source estimates their net worth to be around $23.6 million USD as of 2023, while another estimates it to be $7.1 million.
Cabinet Health is a healthcare packaging company that offers sustainable, refillable medicine bottles and was seeking an investment of $500,000 for 2.5% equity on the show.
What Is A Cabinet Health? Who Is The Founder Of Cabinet Health?
Cabinet Health is a sustainable healthcare company that provides consumers and enterprises with plastic-free packaging for their everyday medicines, the highest quality products that science can offer, and personalized care supporting patients in sickness and in health.
The company has invented the world’s first refillable and compostable medicine system, offering an alternative to traditional plastic pill bottles. Cabinet Health offers a curated bundle of medicines that treat ailments like pain, sleep, allergy, cold & flu.
The company also provides personalized bottles on future prescription purchases ($10 value), free shipping, and a cash card worth $15.
Founded in 2017, Cabinet Health is a certified B Corp building a sustainable healthcare company starting with everyday medicines. The company recently raised $17 million in growth funding to fuel its rapid growth and expansion into new markets.
Achal Patel is the co-founder of Cabinet Health. He founded the company in 2018 with Russell Gong.
What Happen To Cabinet Health At The Shark Tank Pitch?
When entering the tank, the entrepreneurs highlighted compostable products and sustainability as their primary selling points to capture the Sharks’ interest. They sought a $500K investment for a 2.5% equity stake.
During their pitch, the pair provided details on their product pricing and margins. Their standard starter set retails for $10-20 with a 60-80% profit margin.
Their success was evident as they disclosed having over 700,000 customers and generating $14 million in revenue over the previous year. The co-founders proudly shared that they are now profitable on a unit basis and are investing in research and development.
Barbara opted not to invest, citing concerns about the risks involved. Mark also withdrew from the opportunity, stating it was not the right fit for him.
However, Kevin offered $500K for a 12.5% equity stake, and Tony Xu countered with an offer of the same investment for only a 10% equity stake.
Patel suggested that Kevin, Tony, and Lori team up, but Lori declined the offer. Kevin and Tony agreed to invest together and offered the entrepreneurs $500K for a 7% equity stake and 2% royalty until $1 million was returned to the Sharks.
What Happen To Cabinet Health After The Shark Tank Pitch?
Cabinet Health appeared on Shark Tank on January 13, 2023. The co-founders of the company are Achal Patel and Russell Gong. They pitched their eco-friendly over-the-counter pills packaged in reusable glass jars with child-resistant caps and compostable refill pouches.
The Sharks were impressed by the product’s importance, but Mark Cuban was suspicious of their lack of profit. Cabinet Health had no cash flow because they were investing their per-unit profit back into research and development.
Despite Cuban’s skepticism, Cabinet Health secured a deal with Tony Xu and Kevin O’Leary $500K for a 7% equity stake and 2% royalty until $1 million was returned to the Sharks.
Since appearing on Shark Tank, Cabinet Health is still operating in business but is not expected to reach overall profitability until late 2023. However, with Tony Xu and Kevin O’Leary on the team, they expect to achieve profitability soon.
Cabinet Health has received great media attention from Shark Tank and continues to break through barriers in the medical industry by fighting plastic waste and creating sustainable containers and pouches.
Is Cabinet Health Still In Business?
Yes, Cabinet Health is still in business as of February 2023. The company was founded in 2018 by Achal Patel and Russ Gong. Cabinet Health is a sustainable healthcare company that aims to make the pharmaceutical and healthcare industries more environmentally friendly.
The company sells over-the-counter pills, including allergy relief pills, mucus relief pills, nasal decongestants, antacids, sleep aids, painkillers, and more.
Cabinet Health offers reusable glass jars with child-resistant caps so that customers can order non-plastic compostable refill pouches and refill their OTC medicine needs while reducing waste.