Ecoflower Shark Tank Net Worth 2023
According to the search results, Eco Flower’s net worth is currently unknown as the company went out of business in 2018. Before appearing on Shark Tank, Eco Flower had a net worth of $4 million USD.
During her appearance on Shark Tank, Meagan Bowman was looking for $400,000 for a 10% stake in her company, which indicated a valuation of $4 million. She accepted an offer from Daymond John.
After Daymond John bought Eco Flower, the company’s other investors decided to hire a new CEO. As a result, Meagan Bowman decided to leave the company.
JW Capital eventually became a 50% owner of Eco Flower and later acquired the rest of the company. However, the company mistreated employees and eventually closed after failing to meet orders.
What is EcoFlower? Who Founded Ecoflower?
EcoFlower was a company that designed and manufactured flowers using ecological and recyclable materials, particularly wood. It was founded in 2013 by Meagan Bowman, a Utah native.
Before starting the company, Meagan managed French Kiss Fitness where she oversaw tasks such as hiring, scheduling, social media, marketing, and payroll.
In 2013, she left her position to work for Better City LLC, an economic development firm, where she was responsible for tasks such as retail recruiting, data analysis, small business growth, and community development.
While still working part-time at Eco Flower, Meagan went on vacation and came across a wooden flower.
Tired of fresh flowers fading and being thrown away, she was inspired to create her own line of natural flower alternatives using recycled materials.
Meagan made it a priority to appear on the show Shark Tank and after four attempts, she was finally selected to present Eco Flower to the Sharks. She eventually transitioned to working full-time on her business after gaining enough traction.
EcoFlower Shark Tank Pitch
Each bouquet incorporates scents and the flowers have a long-lasting lifespan. Bouquets are priced between $39 and $59, while a centerpiece costs $139.
Despite being comparable in cost to fresh flower bouquets, they are not temporary. Bowman’s Utah-based company operates out of an 8,000-square-foot warehouse and employs 30 floral designers, but is in desperate need of cash.
Meagan enters Shark Tank seeking $400,000 for a 10% stake in her company, indicating a valuation of $4 million. She tells her story, explaining that people want flowers that last longer than fresh ones.
She presents each Shark with a bouquet, impressing them. Robert asks what Lori and Barbara would think of a wooden flower bouquet.
Barbara expresses her desire to feel valued like a real flower, and Lori agrees. The Sharks are impressed with the financials, with Meagan generating $2.8 million in sales in a year and a half.
A regular bouquet costs around $59, and the company averages $6,000 to $13,000 in sales per day. Meagan requires help with production and states that 75% of the company is owned by investors.
When Kevin asks about the risk of being wiped out by a Shark investment, she responds that each shareholder would contribute a fraction of their shares.
Robert declines to invest, stating that Meagan lacks control over the company.
Barbara, who enjoys fresh flowers and spends a lot of money on them, is no longer on the show. Lori agrees with Barbara’s sentiments and emphasizes that she invests in businesses she is passionate about.
Mark declines to invest, stating that this is not his area of expertise. Kevin also passes, citing diluted ownership.
Meagan secures a deal with Daymond John for $400,000 in exchange for a 20% stake, valuing the company at $2 million, but the agreement falls through.
Before the episode airs, one of the three partners voluntarily departs the business, surprising both viewers and Sharks.
Meagan now owns 33% of the company, while the other two owners (a Venture Capital firm) own 66%, giving her less say in the company.
She gives a detailed account of her departure from the firm she founded. The company eventually closes its doors in April of 2018, about a year and a half after Meagan left.
Fortunately, Meagan founded Sola Wood Flowers, which has no debt, no cash-draining partners, and strong sales. As of May 2021, Sola has $5 million in annual revenue and is doing well.
EcoFlower Net Worth
Meagan is looking for $400,000 for a 10% stake in her company.
This indicates a valuation of $4 million. She accepted an offer from Daymond of $400,000 for 20% stake, thus bringing the valuation to be $2 million, but it fell through.
EcoFlower Competitors
EcoFlower FAQS
After the shark tank, what happened to EcoFlower?
Eco flower is no longer in business, which is unfortunate (or fortunate for some).
Following the forced departure of Meagan and another partner, JW Capital, the investment firm that owned 50% of the company, purchased the remaining half of Eco Flower.
JW Capital is led by Ryan Westwood and Travis Johnson, according to Crunchbase.
Did eco flower go out of business?
EcoFlower was fully acquired by investment firm JW Capital in January 2017, and Bowman moved on to seek new business opportunities.
Former employees announced the closure of EcoFlower on Facebook on March 22, 2018.
Where is Meagan Bowman?
She created a new company called Sola wood flowers shortly after leaving EcoFlower in 2016. She have been in operation for two years.
Who owns eco flower?
JW Capital, LLC has a majority ownership stake in Eco Flower.
Who founded EcoFlower?
Meagan Bowman
Is it safe to purchase Sola wood flowers?
Great product that was simple to apply and produced beautiful flowers. The flowers arrived cracked or damaged, which was a little irritating. Overall, I’d suggest it and plan to use it again in the future.
Can they buy EcoFlower?
EcoFlower is no longer producing flowers.
How much were EcoFlower worth?
Meagan Bowman, founder of EcoFlower, was seeking a minimum investment of $400,000 for her 10% stake in the business. This shows a valuation of $4 million.
What type of trees do they use in their production?
They use hardwoods including birch, pine cones and ferns.
Does EcoFlower buy wood for their production?
Yes, they purchase the wood from local eco companies that create pieces from trees that have been harvested.
They use hardwoods including birch, pine cones and ferns.
What were strengths did they have?
They had several great qualities, the greatest strength was that they were committed to making the most realistic looking flowers on the market.
What were some of the weaknesses?
The biggest weakness was that they did not have much experience with handling customers.
They did not have an effective marketing campaign and relied heavily on word-of-mouth advertising to get the word out.
They also had limited financial backing from their investors, which contributed to their limited sales volume.
How would they improve them?
Out of business
What is net worth of Meagan Bowman?
Unknown.
What is EcoFlower?
EcoFlower was a firm that created and sold flower arrangements made entirely of sustainable and recyclable materials, most notably wood.
What are the best benefits of EcoFlower?
The benefits of EcoFlower are: biodegradable, 100% recycled and sustainable materials, no pesticides or harsh chemicals used during growth of plants or flowers, clear vases and trays for easy viewing of arrangements, no watering needed for the duration of their arrangement’s life.
