What Happened to Bambooee After Shark Tank?
What is Bambooee?
Bambooee is a paper towel substitute made from bamboo plants. Bambooee was founded by Noam and Irene Krasniansky, a husband and wife duo.
Irene had the idea when she realized she no longer wanted to use paper towels. Noam and Irene decided to explore for a more ecologically friendly alternative because the amount of trees cut down each year to create paper towels is startling.
Bamboo is the world’s fastest growing plant and can be harvested year after year, making it a far superior alternative to paper towels made from regular trees.
This item is unique in that it may be reused. Bambooee rolls are constructed with twenty bamboo towels. You may wash it after using it as normal, and each towel can be washed up to a hundred times.
Who is the founder of Bambooee?
Noam and Irene Krasniansky, a husband and wife team, created Bambooee in 2011 after Irene remarked that she no longer wanted to use paper towels.
Noam set out to develop a sustainable, eco-friendly alternative to traditional paper towels, which culminated in the development of Bambooee. The product has won accolades from chefs and environmentalists all around the world.
In addition to paper towel replacements, Bambooee manufactures “Swiffer-like” sweeper pads. They also plant a tree for every roll of Bambooee sold; thus far, they have planted over 50,000 trees!
Bambooee was an instant hit with eco-conscious shoppers. The husband and wife pair displayed their invention at a number of home and kitchen exhibitions, where it won various honors.
Furthermore, Noam and Irene plant one tree for every roll of Bambooee sold. Over 50,000 trees have been planted so far, which is another characteristic that appeals strongly to those who are environmentally conscious.
What Happened to Bambooee’s Pitch on Shark Tank?
Despite the fact that Bambooee was warmly accepted by clients, Noam and Irene opted to enter the shark tank in Season 5 episode 18 in quest of additional money and business skills that the sharks might provide.
Noam and Irene entered the Shark Tank pitch seeking a 10% ownership in their company in return for $200,000 at a $2 million valuation.
One roll of Bambooee, according to the pair, may replace up to 256 rolls of paper towels. The Sharks are amused by Noam’s passionate presentation, but they are dead serious about the numbers.
In the first year, they sold $122,000. In their second year, sales grew to $300,000.
Kevin O’Leary points out that bamboo fabric isn’t new, and Noam explains that their manufacturing method is exclusive, with a patent pending.
The firm’s total sales in the previous year were $1.6 million, with a profit of $900,000.
Based on those data, the Sharks are convinced of the company’s worth, but Kevin O’Leary was suspicious of the claims of a positive environmental impact from the reusable cleaning cloths, but Robert Herjavec points out that in Europe, the use of cloth rather than paper towels was common.
Another point of concern is the price. Typically, a roll of paper towels costs between $1.50 and $3.50. A roll of reusable Bambooee towels retails for about $12.95.
Because of the education necessary to bring the idea to market, Kevin O’Leary did not find it “compelling.” He’s willing to make an offer, but not for the 10% shares provided by Noam and Irene.
In addition to the 10% equity, he would lend them $200,000 at an 8% interest rate. He is referred to as a “loan Shark” by Barbara Corcoran.
Lori Greiner makes a $200,000 offer for 10% equity shares, which is exactly what the couple desired.
Noam asks if any of the other Sharks want to make an offer before accepting Lori’s. But they eventually walked away from the Tank with a Shark deal.
What Happened to Bambooee After Shark Tank?
Lori Greiner’s deal was settled after the program aired on Shark Tank. Noam and Irene continue to work tirelessly to keep Bambooee afloat, spending up to 16 hours a day traveling and promoting Bambooee to new merchants all over the world while raising their children.
They continue to expand into new retail regions, using Lori’s connections as a catapult to get their products in front of potential buyers.
The couple’s dedication has paid off. Since appearing on Shark Tank, the pair has generated $3 million in sales. Lori looks to have made a great decision in investing in Bambooee.
The company created charcoal-filled pillows in three distinct designs. They’re still in business in December 2021, with $5 million yearly sales.
Paper Towels is the only big competitor of Bambooee.
Bambooee’s Net Worth
During and after the pitch, the firm was valued at $2 million. Since then, the firm has done well in sales, with annual revenue of $5 million expected in 2021.
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What is the cost of a roll of Bambooee?
The original rolls cost around $12.95, which was much higher than the conventional paper towels. However, the reusable rolls last for years and can be put in the washing machine.
They also come in smaller versions that are sold for about $4.99 per roll with 10 tissues per roll. These versions are more practical and can be used for smaller tasks!
What is the production capacity of Bambooee?
Currently, the company produces 400 rolls of Bambooee towels each day. They produce more than 25% of the world’s bamboo towel market.
Is Bambooee eco-friendly?
Yes, it is! The usage and disposal of paper towels contributes to waste and pollution, which also damages our natural resources. Noam and Irene have narrowed down these issues with their business model, in which they put efforts into using recycled material in manufacturing their product.
What is the guarantee for Bambooee?
Bambooee offers a money-back guarantee if unsatisfied with their product. They also offer other replacement options. Furthermore, they offer a complimentary replacement within 30 days of purchase.
How long can the Bambooee towels last?
The reusable ones can last up to 3 years and be washed in the machine over and over again. The small disposable Bambooee Towels can be used multiple times before disposal, making them much eco-friendlier than their paper alternatives.
Where can I buy Bambooee?
They can buy Bambooee from the company’s online store or just go to a local store and ask for it. The company has recently added new distributors, so it is likely that one of their local stores will have them!
Can I wash the Bambooee towel more than once?
Yes, customers can even do it more than 5 times! The bamboo material is so durable that it can withstand all kinds of washing, so they won’t need to throw away their towel until the last day!
What is the production of a Bambooee towel?
The company uses a carbon-negative manufacturing process that reduces CO2 emissions. The Bambooee Towels are 100% biodegradable and do not contain any hazardous materials or toxins.
What is the shipping rate for Bambooee?
The company offers free shipping on all orders shipped within the United States and certain parts of Canada. The shipping rates vary depending on the country, state, and city.
What is the most efficient way to use a Bambooee Towel?
Customers can use it just like any other towel. They can wipe their hands, face or clean their home with it! Just be sure to take care of it and wash it often in order to keep their family safe!
Did Bambooee grow or manufacture their towels?
Noam and Irene started with the idea of creating a reusable towel from recycled materials. They started out by making small versions of the towels to test them, which had an overwhelming positive response. The product was then manufactured in a factory in Brazil, which has been under their management ever since.
What is the revenue of Bambooee?
The revenue of Bambooee from its products and services in 2021 is estimated to be $5 million.
What are the challenges for Bambooee?
Bambooee faces competition from traditional paper towels that do not have a challenging environment. Their product has both an environmental impact and a social impact since it reduces millions of trees from being cut down every year. The towel also keeps the carbon-negative process going, one which conserves resources for future generations.
What are the plans for Bambooee in the future?
As for now, Bambooee is only established in the US, but Noam and Irene are continuously looking to expand. They are also looking to create new products with other materials to help them grow and save even more trees.