Stasher – Silicone Food Storage Bags
DEAL
EPISODE SUMMARY
🕓 Air Date: January 7, 2018
Asking For:
$400,000 for 5%
Investor:
Mark Cuban
Deal:
$400,000 for 15%
PRODUCT SUMMARY
Stasher presents an innovative solution as the pioneer of plastic-free silicone pinchlock bags, seamlessly blending the purity of glass with the practicality of plastic for an eco-friendly alternative to traditional plastic bags.
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Background Story
In the heart of Oakland, California, Kat Nouri stands as the visionary founder and creator of Stasher. With a rich entrepreneurial background, Kat previously founded Modern Twist, a groundbreaking company that ingeniously transformed silicone into a textile. However, her passion for making a positive environmental impact led her to embark on a new venture.
The profound concern for the escalating plastic pollution crisis sparked the idea for Stasher, a company dedicated to providing an eco-conscious substitute for disposable plastic bags. Kat’s commitment to leaving a lasting mark on the planet and creating products with a purpose shines through in her journey, making her a formidable force in the business world.
The Product
Stasher’s revolutionary silicone bags boast a unique male-female closure, allowing for self-sealing and making them versatile for various applications such as microwaving or oven use. The patented seal, coupled with the inner curve, ensures a spill-proof experience, opening up like a gaping mouth for convenience.
With three size options available, priced at $9.99, $11.99, and $19.99, Stasher offers a range of solutions catering to diverse needs. Crafted from pure platinum silicone, these bags epitomize reusability, standing the test of time and eliminating the need for disposable plastic bags.
The bags’ compact design and user-friendly features, such as easy air removal and secure pinching for sealing, make them household essentials. Cleaning becomes a breeze as users can simply toss the bags into the dishwasher, further emphasizing the product’s convenience and sustainability.
How It Went
The company’s position before Shark Tank
Stasher’s performance in the market has been robust, with the company achieving an impressive $1.6 million in revenue within the first 12 months. The company’s financial health is evident in its blended margin of 63%, underscoring a solid profit margin. Kat proudly highlighted Stasher’s profitability, revealing a gross profit of $1 million on the $1.6 million in sales. Distribution channels are diversified, with 50% of sales originating from e-commerce, Amazon contributing 30%, and the company’s own e-commerce platform comprising 7%.
Kat expressed a strategic focus on further growth, articulating ambitious plans to achieve $5.2 million in the current year and projecting an astonishing $100 million valuation within the next four years. Stasher’s commitment to sustainability resonates not only in its products but also in its mission to combat the environmental impact of disposable plastics, aligning with the growing consumer demand for eco-friendly alternatives.
The Negotiations:
As Kat entered the Shark Tank seeking $400,000 for a 5% equity stake, the sharks were intrigued by Stasher’s potential. Mark Cuban, recognizing the impressive sales figures and profitability, saw an opportunity to invest in a company with a strong vision. Cuban countered with a compelling offer of $400,000 for a 20% stake, coupled with a $400,000 line of credit.
Negotiations ensued, and a deal was eventually struck at $400,000 for a 15% equity stake plus a $400,000 line of credit, solidifying Mark Cuban’s role as a strategic partner in Stasher’s journey. While some sharks expressed concerns about the product’s messaging, Mark Cuban’s confidence in Kat’s vision and the product’s sustainability sealed the deal, setting the stage for Stasher’s continued growth and impact in the eco-friendly market landscape.
