PittMoss Shark Tank Update | PittMoss after Shark Tank
What is PittMoss?
PittMoss is a new environmentally smart and cost-effective way to reuse moss to help fight pollution. PittMoss began in 1994 as a simple kitchen experiment and swiftly grew into creator Mont Handley’s passionate, lifetime goal.
PittMoss received an EPA SBIR award shortly after moving from the kitchen to the garage. This supported key growth studies, which provided scientific proof and laid the groundwork for PittMoss patents.
The researchers found that PittMoss may be widely used in commercial greenhouses and nurseries at a 50 percent replacement rate (request the full report).
PittMoss went through a proof of concept phase in garages and tiny greenhouses during nights and weekends between 2012 and 2015.
PittMoss piqued the interest of Pittsburgh’s Idea Foundry, an incubator and early stage investor of entrepreneurial firms, with a developed recipe that substituted standard growth substrates 100 percent in numerous crop experiments.
PittMoss LLC was out and running with a little “seed” money, expert guidance, and access to some much-needed resources.
Who is the founder of PittMoss?
Mont Handley founded Pitt Moss in 1994 and spent the following 20 years developing, testing, and demonstrating the notion of a peat moss alternative.
During that time, Handley obtained funds from the EPA’s Small Business Innovation Research program as well as money from The Idea Foundry, a Pittsburgh-based business incubator that focuses on socially responsible firms.
Handley also had PittMoss tested at a variety of universities for everything from water retention to plant nutrient absorption. His years of hard effort paid off with proof PittMoss is a viable peat moss alternative. Peat moss is widely utilized in commercial greenhouses and by home gardeners worldwide.
The difficulty is that collecting peat moss from peat bogs degrades wetlands and ruins a hundred years’ worth of growth in a single harvest.
Because peat lands contain 33% of the world’s soil carbons, commercial harvesting increases the quantity of carbons discharged into the atmosphere.
PittMoss is formed from recycled paper, making it a sustainable resource that does not harm the environment. Handley’s considerable study is beginning to bear fruit. PittMoss is offered to commercial farmers in the Eastern United States. Handley is most likely looking to grow his business sales and enter the retail sector.
What Happened to PittMoss at Shark Tank pitch?
Mont decides to pitch the product of Shark Tank investors in episode 25 seasons 6 of PittMoss on Shark Tank to help him extend his distribution channels and fund further manufacturing.
Mont begins with an at-home section in which he discusses the benefits of PittMoss. He wants his company to contribute to making the world a better place.
He enters the Tank looking for $600,000 for a 25% stake in his company, which is valued at $2.4 million. He passes out the plants he brought grown in PittMoss after demonstrating the advantages of PittMoss versus peat moss.
PittMoss is 20% less expensive than peat moss and has no pollutants. Mont claims he has no sales since he has spent all of his time establishing the production plant.
He can now produce 200 tons per year, generating $60,000 in sales. He has orders totaling $138,000 that he is unable to fulfill. The plan is to provide a commercial greenhouse 50 cubic feet of product and let them experiment with it.
Barbara is too perplexed to continue, so she exits. Mont has other angel investors, and Mark wonders if he’ll abandon them if he secures a deal in the Tank.
Mont expresses his willingness to do so. Lori believes that sales are too low and that the lengthy schooling time is an impediment, therefore she exited.
Robert inquires as to if any other Sharks will join him in the dive. Kevin offers $600,000 for 40% equity shares; Mont counters with a 30% stake. Kevin, Mark, and Robert combine together to offer $600,000 for 35% equity shares. Mont accepts and exits the pitch with a deal.
What Happened to PittMoss after Shark Tank?
The Shark Tank Blog is continually updating and following up on entrepreneurs that have participated on the Shark Tank TV show. While the deal with the Sharks was finalized, Handley experienced some production issues right away. Beyond the Tank Episode 4 details his development.
Mont stepped resigned as CEO after the Beyond the Tank program aired and began assisting at an Indiana food bank. He keeps his place on the board. Animal bedding and potting soil were introduced by the firm.
It hasn’t made it into the shelves of Lowe’s and Home Depots around the world, but it is available in hundreds of garden centers around the country and is sold to professional producers.
The startup secured $297,000 in equity crowd fundraising on Republic in March 2021. The company has annual revenue of $3 million in November 2021.
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.
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.
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.