PittMoss Shark Tank Net Worth 2023
In 2021, the company’s net worth was estimated to be $500,000 after the valuation of $2.4 million at their pitch and an investment from three Sharks eventually devaluing it to $1.7 million.
However by October 2022, annual revenue had increased to a promising figure of $3 million, which indicates that the company has made substantial progress in terms of growth and expansion during this one-year duration.
What is PittMoss? Who is the founder of PittMoss?
PittMoss is an innovative and eco-friendly solution that utilizes recycled moss to combat pollution at an affordable price. The creation of PittMoss began in 1994 as a basic kitchen experiment and quickly evolved into the lifelong goal of its founder, Mont Handley.
After moving from the kitchen to the garage, PittMoss received an EPA SBIR award, which helped to support critical growth studies. These studies provided scientific evidence and laid the foundation for PittMoss patents.
Researchers discovered that PittMoss can be extensively used in commercial greenhouses and nurseries, with a recommended replacement rate of 50 percent. For a complete report, please request further information.
Between 2012 and 2015, PittMoss went through a proof of concept phase in garages and small greenhouses during nights and weekends.
PittMoss captured the attention of Idea Foundry in Pittsburgh, an incubator and early-stage investor in entrepreneurial ventures. This was due to its developed recipe that completely replaced standard growth substrates in numerous crop experiments.
PittMoss LLC was established and began operating with some initial funding, expert guidance, and access to crucial resources.
In 1994, Mont Handley established Pitt Moss and devoted the next two decades to developing, testing, and demonstrating a substitute for peat moss.
During this period, he secured funding from the EPA’s Small Business Innovation Research program and The Idea Foundry, a socially responsible business incubator based in Pittsburgh. Handley also had PittMoss tested at various universities to assess its water retention and plant nutrient absorption capabilities, among other things. His hard work paid off, as PittMoss was proven to be a feasible peat moss alternative.
Peat moss is a commonly used material in commercial greenhouses and by home gardeners worldwide, but its collection from peat bogs harms wetlands and destroys a century’s worth of growth in a single harvest. Additionally, commercial harvesting of peat lands contributes to the release of 33% of the world’s soil carbons into the atmosphere.
In contrast, PittMoss is created from recycled paper, making it an eco-friendly and sustainable resource that does not harm the environment. Handley’s significant research is beginning to bear fruit, and he is now offering PittMoss to commercial farmers in the Eastern United States. He is most likely looking to expand his business sales and enter the retail market.
What Happened to PittMoss at Shark Tank pitch?
Mont appeared on episode 25 of season 6 of Shark Tank to seek funding and extend distribution channels for his product, PittMoss. He presented the benefits of PittMoss in an at-home segment, expressing his desire to contribute to making the world a better place. In the Tank, he asked for a $600,000 investment for a 25% stake in his company, valued at $2.4 million.
Mont demonstrated the superiority of PittMoss over peat moss and distributed plants grown in PittMoss. He explained that PittMoss is 20% cheaper than peat moss and does not contain pollutants.
Although he had no sales due to focusing on establishing the production plant, he was now able to produce 200 tons of product per year, generating $60,000 in sales, with $138,000 worth of orders still unfulfilled.
Barbara exited the deal, and Lori did not make an offer due to low sales and a lengthy schooling time. Mark expressed concern that Mont may abandon his other angel investors if he secures a deal in the Tank. Mont indicated his willingness to do so.
Kevin offered $600,000 for 40% equity, but Mont countered with a 30% stake. Eventually, Kevin, Mark, and Robert offered $600,000 for 35% equity, which Mont accepted. He exited the pitch with a deal.
What Happened to PittMoss after Shark Tank?
Despite finalizing a deal with the Sharks, Handley encountered some production problems immediately after. These issues are documented in detail on Episode 4 of Beyond the Tank.
Following the airing of Beyond the Tank, Mont stepped down as CEO and began volunteering at a food bank in Indiana, but he still retains his position on the company’s board.
The business introduced animal bedding and potting soil and has managed to make it into hundreds of garden centers across the country. Although it hasn’t yet made its way onto the shelves of global retailers such as Lowe’s and Home Depot, it is being sold to professional producers.
In March 2021, the startup raised $297,000 through equity crowd fundraising on Republic. As of November 2021, the company has achieved an annual revenue of $3 million.
Competitors of PittMoss
The company primary competitors are; PRO-MIX, Growstone and Sun Gro.
Net Worth of PittMoss
The company was valued at $2.4 million during the pitch, after the investment done by three Sharks the company valued at $1.7 million. In 2021 the company has a net worth of $500,000.
PittMoss FAQs
What is PittMoss?
PittMoss is a peat moss alternative, created by Mont Handley, a well-established scientist.
The company has been around since 1994 and has been offering the product for commercial use for years. PittMoss is currently sold to retail garden centers and wholesale sale to producers on a small scale.
Who is the founder?
Mont Handley is the founder and CEO of PittMoss. He is an expert and authority when it comes to the uses of peat moss, the future of sustainability, and global warming.
How much was asking on Shark Tank?
Mont was seeking for $600,000 for 25% stake of his company at value of $2.4 million.
Did he get the deal?
Yes, Mont Handley secured a deal from Kevin O’ Leary, Robert Herjavec and Mark Cuban.
How much was the deal?
They offered $600,000 for 35% equity shares of the company at value of $1.7 million.
Is PittMoss still in business?
Yes, PittMoss is still in business and continues to offer the peat moss alternative.
Is PittMoss still valued at $1.7 million after the Shark Tank deal?
No, the company is currently valued at $500,000.
How can I buy PittMoss?
The way that customers are able to purchase PittMoss is through local garden centers or if they don’t have a garden center around them can go to The Home Depot or Lowe’s in their area and purchases it from there.
How does PittMoss work?
Peat moss is extracted from the bog using water extraction methods that are not environmentally friendly and are very harmful to peat bogs (the primary organisms living in the bogs).
What is PittMoss made of?
PittMoss is formed from recycled cellulose fibers, similar to those found in newspapers. It keeps materials out of landfills, allowing gardeners to be responsible stewards of our world.
Why is peat moss bad?
Peat moss is also a poor choice as a soil amendment, which is what the baled product is generally sold for. It degrades too quickly, compressing and squeezing air out of the soil and providing an unfavorable environment for plant roots. The most serious issue with peat moss is that it is environmentally unsustainable.
How PittMoss does make money?
The company has distributors that sell to commercial growers and garden centers that cater to the professional market.
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Does PittMoss smell?
Yes, it does have a slight smell once the product has been used for a period of time. After use, it becomes odorless.
How long does it take for PittMoss to decompose?
It can take up to miles of years for peat moss to decompose when exposed to air and light.
What is PittMoss used for?
PittMoss Prime is a synthetic fiber that may be used to replace not just peat moss but also vermiculite and perlite. Simply put it into potting soil, compost, or native soil to help plants grow bigger and stronger. All PittMoss gardening materials demand less water and fertilizer after planting than peat.
Where does Mont Handley live?
Mont resides in Muncie, Indiana.
What is the net worth of Mont Handley?
Mont Handley’s net worth is unknown.
