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 Shark Tank Updates
PittMoss is a company that appeared on Shark Tank Season 6 and made a deal with Mark Cuban, Kevin O’Leary, and Robert Herjavec. The company’s founder, Mont Handley, created an eco-friendly peat moss substitute made from recycled paper.
The company has since expanded its product line to include animal bedding and potting soil products. While the company has not yet cracked the shelves of major retailers like Lowe’s and Home Depot, it is sold in hundreds of garden centers nationwide and sells to commercial growers.
In March 2021, PittMoss raised $297,000 in an equity crowdfunding campaign on Republic. In June 2021, the company announced plans to go international and open a factory in Lebanon, as well as 8-10 more factories in the US.
As of October 2022, the company’s annual revenue is $3 million, with a goal of reaching $25 million in annual revenue by 2025.
While the company’s net worth was estimated to be $500,000 in 2021 after a valuation of $2.4 million at their pitch and an investment from the Sharks, it has since increased to $3 million in annual revenue. The company has made substantial progress in terms of growth and expansion during the past year.
Table: PittMoss Shark Tank Net Worth 2023
|PittMoss Net Worth
|Valuation of $2.4M at Shark Tank, investment from 3 Sharks, later devalued to $1.7M; $3M annual revenue (Nov 2021)
|Eco-friendly substitute for peat moss made from recycled paper
|Shark Tank pitch
|Mont asked for $600k for a 25% stake, valued at $2.4M; received $600k for 35% equity
|PRO-MIX, Growstone, and Sun Gro
|PittMoss after Shark Tank
|The company introduced animal bedding and potting soil; raised $297k through equity crowd fundraising on Republic; achieved $3M annual revenue (Nov 2021)
|PittMoss Shark Tank Updates
|After Shark Tank, Mont stepped down as CEO; the company is being sold to professional producers; not yet available in global retailers such as Lowe’s and Home Depot
What Is PittMoss And How Does It Work?
PittMoss is a peat-free potting mix made from recycled paper and other organic materials. It is a sustainable alternative to traditional peat moss-based soil products and is designed to be environmentally friendly.
PittMoss is made from recycled cellulose fibers, like newspaper, which keeps material out of the landfill and allows gardeners to have good stewardship of the planet. The product is carefully and locally sourced, and the peat-free products are the result of decades-long research into the use of recycled paper fibers.
PittMoss can control the internal porosity of its different products, which means it can hold air and water better than traditional peat moss-based soil products.
The particle size of PittMoss can also be controlled, which allows for better growth of plants. PittMoss produces substantially larger plants using one-third the water required with traditional peat moss-based soil products.
PittMoss also produces animal bedding that is unlike any other bedding today. The company invites people to try their products and discover what their plants and animals have been missing.
PittMoss is a sustainable and environmentally friendly alternative to traditional peat moss-based soil products that can help reduce the amount of greenhouse gases released into the atmosphere.
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.
What Was The Outcome Of The PittMoss Shark Tank Pitch?
PittMoss won a deal on Shark Tank with three of the sharks investing $600,000 for a 35% stake in the company. The sharks who invested in PittMoss were Mark Cuban, Kevin O’Leary, and Robert Herjavec. The deal closed shortly after the episode aired.
The other investors in the funding round where PittMoss raised $1.5 million were local, including BlueTree Allied Angels.
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, the company’s annual revenue had increased to $3 million.
What Happened To PittMoss After The Appearance At The Shark Tank?
After appearing on Shark Tank, PittMoss closed a deal with Mark Cuban, Kevin O’Leary, and Robert Herjavec, who invested $600,000 for a 35% stake in the company.
The deal closed shortly after the episode aired. The company has since gone international and opened a factory in Lebanon, with plans to open 8-10 more US factories.
The company’s annual revenue has increased to $3 million as of October 2022. Mont Handley, the CEO of PittMoss, has also been promoting the benefits of using PittMoss as opposed to peat-based potting soil.
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.
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.