What Happened to Urbio after the Shark Tank Pitch?
What exactly is Urbio?
Urbio is an innovative modular system for urban gardening and managing limited spaces. Urbio is a recyclable product constructed of lightweight, resilient polypropylene plastic and neodymium magnets.
It is offered in a variety of vessel sizes. This magnetic wall planter and organizer adds a clean, modern aesthetic to your house while conserving space.
Steel building boards easily mount to your wall, allowing you to assemble and rearrange magnetic modular containers.
Urbio is perfect for creating live plant walls and storing objects in the kitchen, garage, or bathroom.
Although the initial purpose was to create space-saving indoor gardening vessels, the containers may be used for plants or storage.
Who are Urbio’s Founders?
Urbio was designed as a response to the difficulty of limited gardening space in compact, indoor, urban environments by Jared Aller and Beau Olyer, in collaboration with Enlisted Design partners. Aller founded Enlisted Design in 2008.
The young entrepreneurs sought assistance to complete the development process using the start-up crowdfunding portal Kickstarter.
Although they set a goal of $15,000 for the forty-day campaign to assist with tooling expenses, they ended up earning more than $77,000.
Magnets on the planting modules make it simple to remove them for watering, pruning, or harvesting, and the containers come in a range of sizes to meet a variety of planting or organization needs.
What Happened to Urbio’s Pitch during the Shark Tank?
Jared Aller and Beau Oyler appeared on Shark Tank season 4 episode 13 in return for $300,000 and a 12% stake in their start-up, Urbio. This equates to a valuation of $2.5 million.
The reusable, modular gardening pots may be stacked to maximize space for plant growth in densely populated urban locations.
The gadgets stick to any metal surface, including their own metal plates, through powerful magnets.
The Sharks are delighted with the initial sales results: Urbio was marketed in 50 countries in less than five months. Urbio has a sales volume of $125,000 and is now accessible in 25 physical locations.
Mark Cuban withdraws from the negotiations, claiming he has a “unfair advantage” over the other Sharks owing to his prior knowledge of the product.
Kevin O’Leary makes the initial bid. $300,000 for a 20% share, with the understanding that the pair will be compensated out of profits.
Robert Herjavec counters with a proposition. He’s prepared to give them $400,000 for a 20% stake in the firm, including $100,000 to hire a full-time business manager.
Daymond, on the other hand, was not as charmed with it. He went out since he considered the previous offers were excessive and was perplexed by the appraisal given by his fellow sharks.
Lori Greiner makes a third offer, $300,000 for 20%, in exchange for her marketing expertise and outlets.
When Kevin O’Leary reminds the couple that “the majority of QVC viewers are grandmothers,” she answers, “Sometimes you remind me of a golf ball, little and bald, and I want to knock you hundreds of feet away.”
Her teeth were vibrantly coloured, but not her eyes.
The pair secures a $150,000 sales order from a large retailer. Lori’s offer was increased in response to this information. She now offers a $400,000 investment in return for a 15% ownership in the business.
Robert was not about to let Lori outbid him, and therefore increased his bid to $400,000 for a 17.5 percent interest rate.
Although the entrepreneurial designers met briefly, the result was evident even before they talked. Lori’s offer was accepted, and everyone exchanged smiles and handshakes.
What became of Urbio following the Shark Tank Pitch?
Under Greiner’s guidance, Urbio has continued to grow and expand into new areas.
The product’s sleek, award-winning design and basic appeal ensure that it continues to fly off the shelves.
Sabi Space was acquired from Sabi Inc. for an undisclosed price in 2015.
Sabi Space creates “well-designed bathroom and kitchen accessories that are incredibly simple to install and offer an innovative answer to any bathroom or kitchen storage or organization need.”
In February 2016, Honey-Can-Do International, a well-known manufacturer of storage and organizing products, acquired the company. Currently, they offer the goods under the brand Perch.
What is Urbio’s Net Worth?
On Shark Tank’s fourth season episode 13, Jared Aller and Beau Oyler sought $300,000 in return for a 12% stake in their firm, Urbio. This equates to a valuation of $2.5 million.
They accepted Lori’s offer of $400,000 for a 15% interest, bringing the worth to $2.6 million. Honey-Can-Do International bought the Company in February 2016.
Who are Urbio’s Competitors?
Urbio’s top three competitors are Plants On Walls, Tower Garden, and YP Supplier.
Urbio FAQS
1. What is Urbio?
Urbio is a modular garden system that enables you to build live plants walls and save space.
2 .Where was Urbio invented?
Urbio was designed by Jared Aller and Beau Oyler at Enlisted Design.
3 .What does Urbio do?
Urbio combines both creative inspiration and practicality, providing them with a range of modular planters and organizers which can be easily assembled on their wall or any other metal surface.
4. Why do they need Urbio?
Many people are living in small spaces, and they don’t have a lot of room to grow plants. Urbio helps them solve that problem.
They don’t need any tools to assemble it, and the planters are sturdy enough that they can be stacked three high.
5. How much were they seeking in the Tank?
Urbio was seeking $300,000 for 12% of their Company.
6. How much did they accept in the Tank?
They accepted Lori’s offer of $400,000 for a 15% stake.
7 .Is Urbio still in business?
In February 2016, Honey-Can-Do International, a well-known manufacturer of storage and organizing products, acquired the company. Currently, they offer the goods under the brand Perch.
8. Where is Urbio located?
Urbio is located in Berkeley, Illinois.
9. How can they contact Honey-Can-Do International?
They can contact them through their website at www.myurbio.com
10. Did Urbio go bankrupt?
No, they are still in business as Perch under Honey-Can-Do International.
11. What methods of payment do they accept?
They accept credit cards, Visa, MasterCard, PayPal, Shop Pay, Venmo, Apple Pay, and Amex.
12. What materials are their products made of?
Urbio products are constructed of lightweight, resilient polypropylene plastic and neodymium magnets.
13. When was Urbio aired on Shark Tank?
Urbio was aired on Season 4 – Episode 13 which first aired on January 11, 2013.
