Mario Bautista
Summary
- Despite other offers, Cam MacKugler chose to partner with Lori due to her experience in the home and garden industry.
- Seedsheet’s appearance on Shark Tank led to a massive deal with Lori Grenier for $500,000 for 20% of the company.
- After the Shark Tank effect, Seedsheet experienced millions in sales post 2020 due to promotions on QVC and the COVID-19 pandemic.
When Cam MacKugler of Middlebury, Vermont came on Shark Tank with a seedsheet sample for the sharks, he managed to get himself and his company a massive deal. Shark Tank, the American adaptation of the Japanese business reality series Dragons’ Den, is an interesting twist on the gameshow formula because to “win” money on the show, contestants need to prove they already have the capacity to make a lot of money, and will work even harder after scoring a deal. With Shark Tank‘s cast of series regulars, all hugely successful businesspeople, the show is an incredibly satisfying watch.
While it’s always somewhat gratifying to hear about the products that failed on Shark Tank but succeeded after the show, seeing which products Shark Tank turned into success stories is better. Every kind of business idea and invention has made its way through the tank and only a few make it out with what they wanted, and fewer still manage to capitalize on their exposure and influx of cash. Seedsheet is MacKugler’s play for consumers to grow healthy and natural food from the comfort of their homes.
Seedsheet Made A Deal With Lori Grenier On Shark Tank
Lori And MacKugler Settled On $500,000 for 20% Of The Company
Seedsheet appeared on season 8, episode 20, and was invented after MacKugler went to a friend’s house in Vermont. While looking at their impressive garden, he began to wonder how he could make it so anyone, anywhere could take up the sustainable hobby. A “seedsheet” is a rectangular, rollable sheet of plastic with dissolvable patches that, when watered atop soil, sprouts seeds of the buyer’s choosing. It’s a simplified way to garden, where most of the work is done for the consumer. As MacKugler says,
“We are specifically targeting new gardeners.”
When Seedsheet appeared, sales to date were $156,000, though they had only been in operation for 20 months, which included only one gardening season. With that record, their ask of $500,000 for 10% of the company did seem a bit steep. Some sharks were worried about the millennial target market when their biggest seller was retail. Lori Grenier saw past that issue and understood how QVC could really help the product. Lori offered $500,000 for 22% and, after some shark-on-shark negotiating, MacKugler and Lori agreed to $500,000 for 20%.
While it halved the evaluation, MacKugler ended up going with Lori despite Kevin offering $500,000 for 12.5%. MacKugler went with experience rather than money, saying,
“I am so very honored to have multiple offers. In the end, Lori has a lot of experience with home and garden knowledge…”
Seedsheet Has Had Millions In Sales Since 2020
Seedsheet received the “Shark Tank effect” after their appearance, wherein sales are boosted just by the simple fact of a company appearing on the show. The Seedsheet episode aired in April 2017 and the “Shark Tank effect”, the 2020 COVID pandemic, and Lori’s work with QVC led to a big bump in sales (via House Digest). According to their website, Seedsheets.com, which is updated regularly, the company has had $5 million in revenue since 2020 and 50,000 direct customers, and Seedsheet’s Instagram is filled with happy testimonials, including one from Whoopi Goldberg.
While they at one time sold seedsheets in smaller packages, (12 inches by 36 inches) for $14.99, now Seedsheet appears to only be dealing in larger-sized sheets starting at $129.99. They are only available on the Seedsheets website and their selection design page is easy and offers a lot of fun customization.
