Potato Parcel Shark Tank Update Net Worth

Potato Parcel Shark Tank Update & Net Worth

Potato Parcel, featured on Shark Tank in 2016, remains a thriving business, expanding from personalized potatoes to a range of customized gifts, with an estimated net worth of $1-1.75 million as of 2021-2024.

Potato Parcel, a quirky gifting company known for sending personalized messages on potatoes, made waves on Shark Tank in 2016. Since then, it has evolved into a successful enterprise with a diverse product line and substantial revenue growth.

Potato Parcel Shark Tank still in business? Yes, Potato Parcel is still in business and thriving several years after appearing on Shark Tank in 2016. The company has expanded its product offerings beyond potatoes to include various customized gifts, demonstrating continued success and growth.

By focusing on unique offerings and leveraging media exposure and strategic investments, Potato Parcel has maintained its momentum in the competitive gifting market, proving that innovation and a touch of humor can drive business success.

Potato Parcel Shark Tank Update

Potato Parcel, the company that allows customers to send potatoes with customized messages or pictures, has seen significant success since appearing on Shark Tank in 2016. 

Here are some key updates on the company’s progress:

• After the Shark Tank episode aired, Potato Parcel went viral and saw a surge in orders. By 2018, the company had sold over 70,000 potatoes since the Shark Tank appearance and was generating six-figure annual revenue.  The founder, Alex Craig and his business partner Riad Bekhit on Season 8 of Shark Tank received a $50,000 investment for 10% equity from Kevin O’Leary.
• In 2021, Potato Parcel was estimated to be worth $1 million, having sent over 70,000 parcels and making over $700,000 in revenue since the Shark Tank episode.
• Potato Parcel has expanded its offerings beyond the original potato gifts. Customers can now order potatoes with messages up to 140 characters, “potato pals” with pictures of someone’s face, holiday-themed potatoes, and various non-potato gift items like socks, pillows, and decals with customized images.
• The company has also partnered with other online gifting brands to expand its reach and released new products.
• Shark Tank investor Kevin O’Leary, who made a deal with Potato Parcel, has been very satisfied with the investment. He has called it “the best pitch for the worst product” and noted that he has made a lot of money on the deal.

The media exposure from the show, combined with Kevin O’Leary’s investment and guidance, helped the business scale.

They expanded their product offerings to include custom images on potatoes, potato postcards, and other novelty items. The company’s sales continued to grow, reaching millions of dollars.

About Potato Parcel

Potato Parcel was founded in 2015 by Alex Craig. The business idea was simple and quirky: sending personalized messages on potatoes. Customers could visit the website, type in a message, and have it shipped to a recipient on a potato.

Despite the odd concept, Potato Parcel garnered attention for its novelty and managed to generate significant media buzz and sales. By the time the company appeared on Shark Tank, it had already achieved over $200,000 in sales.

Alex Craig and his business partner Riad Bekhit appeared on Season 8 of Shark Tank, seeking $50,000 in exchange for 10% equity.

The pitch was met with both skepticism and amusement by the Sharks. Kevin O’Leary, in particular, saw the humor in the business but also recognized its potential for profitability given the low cost of goods and the high margins.

Potato Parcel Pitch at Shark Tank

Founders Alex Craig and Riad Bekhit entered the Tank dressed in potato costumes, keeping their pitch simple by stating, “Our company is Potato Parcel, and we mail potatoes, and that’s it.”

They handed out samples to each Shark, with potatoes featuring their faces printed on them, except for Kevin O’Leary’s which said, “There is nothing proprietary about this.”

Craig and Bekhit claimed they had made about $213,000 since starting the business. Bekhit was the full owner, while Craig received a $1 royalty per potato sold. They asked for $50,000 in exchange for a 10% stake in the company (a $500,000 company valuation).

The Sharks were mostly skeptical, with Daymond John and Lori Greiner passing quickly. Mark Cuban thought the concept was not “completely insane” but also declined to invest.

Kevin O’Leary offered the requested deal of $50,000 for 10% equity, plus half of Craig’s royalties for 60 days, then $1 per potato until he’d made $150,000.

Robert Herjavec offered $50,000 for 25% equity, but the entrepreneurs countered with 17.5% which he declined. They ultimately accepted O’Leary’s offer with the valuation of only $200,000.

Despite the initial skepticism, Potato Parcel has gone on to become a successful and growing business since its Shark Tank appearance, with an estimated net worth of $1 million as of 2021 and over 70,000 parcels sent.

Potato Parcel Shark Tank Net Worth

Potato Parcel has proven to be a highly successful and growing business since its appearance on Shark Tank in 2016, with an estimated net worth of around $1-1.75 million as of 2021-2024.

During the shark tank show, they received $50,000 for 25% equity from Robert Herjavec with the valuation of only $200,000.

Is Potato Parcel Shark Tank still in business?

Yes, Potato Parcel is still in business and thriving several years after appearing on Shark Tank in 2016.

Potato Parcel has proven to be a successful and growing business since its appearance on Shark Tank in 2016. The company continues to innovate and expand its product offerings, making it a unique and popular gift-sending service.