What Happened to PittMoss After Shark Tank?
What is PittMoss?
PittMoss is a novel ecologically friendly and cost-effective method of reusing moss to help combat pollution. PittMoss began as a small kitchen experiment in 1994 and quickly developed into inventor Mont Handley’s passionate, lifetime desire.
Soon after moving from the kitchen to the garage, PittMoss got an EPA SBIR award. This aided critical growth investigations that offered scientific evidence and set the framework for PittMoss patents.
The researchers discovered that PittMoss may be employed in commercial greenhouses and nurseries at a 50% replacement rate (request the full report).
Between 2012 and 2015, PittMoss went through a proof-of-concept phase in garages and modest greenhouses on nights and weekends.
PittMoss grabbed the interest of Pittsburgh’s Idea Foundry, an incubator and early-stage investor in entrepreneurial enterprises, with a created formula that completely supplanted traditional growth substrates in multiple crop studies.
PittMoss LLC was up and going with a little “seed” investment, experienced advice, and access to certain much-needed resources.
Who is PittMoss’s originator?
Pitt Moss was developed in 1994 by Mont Handley, who spent the next 20 years creating, testing, and demonstrating the concept of a peat moss replacement.
During that period, Handley received funding from the EPA’s Small Business Innovation Research program as well as from The Idea Foundry, a Pittsburgh-based business incubator focused on socially responsible businesses.
PittMoss was also evaluated at a number of colleges for everything from water retention to plant nutrient absorption.
His years of hard work paid off with evidence that PittMoss is a viable peat moss replacement. Peat moss is commonly used in commercial greenhouses and by home gardeners all over the world.
The problem is that harvesting peat moss from peat bogs damages wetlands and destroys a century’s worth of growth in a single harvest.
Commercial harvesting increases the amount of carbons emitted into the atmosphere since peat fields hold 33% of the world’s soil carbons.
PittMoss is made from recycled paper, making it a sustainable and environmentally friendly resource. Handley’s extensive research is beginning to bear fruit.
PittMoss is made available to commercial farmers in the Eastern United States. Handley is most likely aiming to expand his company’s sales and expand into the retail industry.
What Happened to PittMoss’ Pitch on Shark Tank?
Mont chooses to propose his product to Shark Tank investors in episode 25 of Season 6 of PittMoss on Shark Tank in order to help him expand his distribution channels and fund further manufacturing.
Mont starts with an at-home segment in which he outlines the advantages of PittMoss. He wants his firm to help make the world a better place.
He entered the Tank Shark asking for $600,000 in exchange for a 25% stake in his firm, which was worth $2.4 million.
He entered the Tank Shark asking for $600,000 in exchange for a 25% stake in his firm, which was worth $2.4 million. He hands out the plants he grew in PittMoss after showing the benefits of PittMoss over peat moss.
PittMoss is 20% cheaper than peat moss and contains no contaminants. Mont claims he has no sales since he has spent all of his time setting up the manufacturing unit.
He can now generate 200 tons per year, bringing him $60,000 in revenue. He has $138,000 in orders that he was unable to fulfill. The goal was to supply a commercial greenhouse with 50 cubic feet of product and let them to experiment with it.
Barbara was unable to continue because she was bewildered, so she exits.
Mont has other angel investors, and Mark is concerned that if he gets a deal in the Tank, he would forsake them.
Mont declares his desire to participate. Lori feels that sales were too low and that the long schooling time was a barrier, so she went out too.
Robert asks whether any other Sharks will be joining him on the dive. Kevin proposes $600,000 for 40% equity shares; Mont replies with a 30% stake.
Kevin, Mark, and Robert pool their resources to provide $600,000 for 35% equity stakes. Mont accepts the pitch and walks away with a deal.
What Became of PittMoss After Shark Tank?
While the deal with the Sharks was being negotiated, Handley suffered some immediate production challenges. Beyond the Tank Episode 4 delves into his growth.
Mont resigned as CEO after the Beyond the Tank episode aired and began volunteering at an Indiana food bank. He maintains his position on the board. The company introduced animal bedding and potting soil.
It hasn’t made it into the shelves of Lowe’s and Home Depots throughout the world, but it is marketed to professional growers and is accessible in hundreds of garden centers around the country.
In March 2021, the firm raised $297,000 through equity Crowdfunding on Republic. In November 2021, the company’s yearly sales are expected to be $3 million.
PRO-MIX, Growstone, and Sun Gro are the company’s main competitors.
PittMoss’s Net Worth
During the pitch, the firm was valued at $2.4 million; after three Sharks invested, the company was valued at $1.7 million. The company’s net worth is estimated $500,000.
What is the environmental impact of PittMoss?
PittMoss plant fertilizer packs are comprised of 100% recycled paper products. There are no lawns or fields involved in its production and harvesting process, which reduces runoff and pollution. The company has produced approximately 1 million pounds of peat moss for commercial use.
What are the materials used to manufacture PittMoss?
The primary materials involved in the production of PittMoss plant fertilizer are recycled paper and wood chips.
How is PittMoss harvested?
PittMoss is harvested from a paper mill after processing. The peat moss is dried out in a kiln before the paper is chopped and pulped. The pulp is then cooked for several hours, after which it’s dumped and allowed to cool for an additional twenty minutes. The peat moss grows in the muck that forms around the plant food crops during the growing cycle.
What is a peat bog?
Peat bogs are naturally occurring wetlands that are fed by nearly 100% pure water (pH 7). They’re rich in carbon and organic material and are distinguished by their dark, rich color when they’re wet.
What is the extraction process for peat moss?
When harvesting peat moss, wetland plants must be harvested when they reach a certain size.
How is peat moss harvested?
Peat moss can be harvested in a number of ways, including steam collection. Peat moss is harvested at night when the plants grow thick and it’s possible to collect it with a shovel.
What are some products made from peat moss often used?
Peat is often used as a foundation material in many other products such as diapers, mattresses, and paper.
Where does synthetic peat moss come from?
Synthetic peat moss is produced from wood chips and sawdust that are used to fill in the spaces of organic soil.
What are some benefits of using natural products?
Using natural products can help reduce the costs associated with using commercial fertilizers and other types of artificial additives. It may also help reduce chemicals that come in additional packaging such as plastic bags, which can be recycled and reused.
How do I know if a product is natural or not?
The values of natural products are often superior to synthetic versions of the same thing. Natural products, such as peat moss, have unique properties that have been carefully developed over time by human intervention.
Does PittMoss use any chemicals during its manufacturing process?
Peat moss cannot be produced without using synthetic processes. The company works with commercial and industrial paper mills to ensure the purity of their supply and that no chemicals are used in their production process.
How is PittMoss harvested?
PittMoss is harvested from a paper mill after processing. The peat moss is dried out in a kiln before the paper is chopped and pulped.
The pulp is then cooked for several hours, after which it’s dumped and allowed to cool for an additional twenty minutes. The peat moss grows in the muck that forms around the plant food crops during the growing cycle.
Does PittMoss use any harsh chemicals?
There are no chemicals added to the product because of concerns about the environment. The company works with paper mills to ensure that no chemicals are used during their production and that the products meet all environmental standards before being released for sale.
Where is PittMoss manufactured?
The product is made in Lawrenceburg, Indiana. The site was selected for its proximity to many of the necessary raw materials and strategic locations for distribution centers.
Where is the product distributed?
PittMoss products are sold in garden centers, nurseries and independent truck stops.
What are some challenges and successes of your business during the past year?
Big challenges were related to production logistics; success has been in meeting demand through a strong industry presence.