Blueland Shark Tank Updates 2022: What Happened to Blueland After $270k Kevin O’leary Shark Tank Deal?

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blueland shark tank

What Is Blueland?

Blueland is a manufacturer of cleaning supplies with a focus on green products. The company wants to get rid of single-use plastic packaging from its four products: hand soap, all-purpose cleaner, window cleaner, and all-purpose cleaner.

Blueland was founded by Syed Naqvi and Sarah Paiji Yoo. Sarah has previously worked at LAUNCH as a partner. She formerly held the position of CEO of Snapette, a mobile platform for fashion purchases that was acquired by a price comparison website in 2013.

Mr. Naqvi, on the other hand, has a wealth of experience in the retail sector. He was a Research and Development (R&D) employee of Johnson & Johnson. Customers can reorder the specific tablet and refill the water bottle after using all the products, which reduces waste from single-use plastic bottles.

Who Is the Founder of Blueland Soap?

Blueland Shark Tank

Blueland was founded by Syed Naqvi and Sarah Paiji Yoo. Sarah has previously worked at LAUNCH as a partner. She formerly held the position of CEO of Snapette, a mobile platform for fashion purchases that was acquired by a price comparison website in 2013.

Mr. Naqvi, on the other hand, has a wealth of experience in the retail sector. He was a Research and Development (R&D) employee of Johnson & Johnson. Co-founder Sarah Paiji Yoo was motivated to contribute to the effort to clean up the environment by eliminating plastic waste.

When she was feeding her baby water-based formula and reading about dissolved microplastics in the world’s oceans, she came up with the idea. She collaborated with Syed Naqvi to create unique, non-toxic cleaning tablets and environmentally friendly packaging in an effort to combat plastic pollution.

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She has contributed articles to publications like Forbes, The Wall Street Journal, and TechCrunch because she is enthusiastic about creating meaningful consumer brands. Blueland is the result of her idea to make “green” cleaning products. The line consists of four items: hand soap, all-purpose cleaner, window cleaner, and bathroom cleaner.

Once purchased, “forever bottles” are subsequently filled with water-soluble pills by customers. Each bottle is $12, making a total of $38 for all four. Refill pills are offered in biodegradable paper packs and cost just $2 each. Compared to traditional cleaning supplies, they ship for 90% less money and are 300 times lighter, 200 times smaller, and smaller.

According to Sarah, her method will eliminate 100 billion plastic bottles just in the United States. As soon as she had finished the concept, she found Syed on Linked In and invited him to collaborate with her on filing the patent and marketing the device.

Investors including Justin Timberlake contributed $3 million toward their $3 million seed round. In the future, they want to continue using the same strategies to add items to their catalog beyond cleaning supplies.

What Happened to Blueland Soap at Shark Tank Pitch?

Sarah and Syed make the decision to pitch their idea to Shark Tank investors in order to help develop a new way for customers to buy cleaning supplies and other things. Syed and Sarah enter the Shark Tank and ask for $270,000 for a measly 2% ownership in their company, which is worth $13.5 million. The Sharks groan and gasp in response.

They disclose that they are a 100 percent direct-to-consumer company but are in the midst of making a contract with a big box retailer as they distribute samples and describe their product. The Sharks like the idea but are concerned about changing consumer behavior.

Daniel Lubetzky, a guest shark, and Lori Greiner partner up and put up $270,000 in exchange for an 8% interest in the business. Kevin O’ Leary enters the fray and makes a $270,000 offer in exchange for 5% of the company’s equity and 1% of the advisory shares. Mark Cuban backs out of the transaction after Syed and Sarah object, saying they were only there for the pitch.

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In response to Mark’s criticism, the couple makes a $270,000 offer to Kevin O’ Leary in exchange for 3% equity and a $0.50 royalty on each kit sold until he recoups his investment. They conclude the transaction after Kevin accepts their offer.

What Happened to Blueland Soap After Shark Tank?

The transaction with Kevin was not finalized for a few months after the show had aired, not until October 2020. The business is doing well; they have generated a lot of sales, and as of November 2021, their yearly revenue was $6 million.

Net Worth of Blueland

During the pitch, the company was valued at $13.5 million; following the sale with Kevin O’ Leary, the company was worth $9 million. The company’s net worth may improve in 2021 as a result of an increase in revenue.

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