As per the latest update from Shark Tank, Storage Scholars net worth is estimated to be $10 million. Mark Cuban invested $250k in Storage Scholars for a 10% equity.
When the founders of Storage Scholars pitched on Shark Tank in 2022, the company was generating $1.8 million in annual revenues. Since then, they have been able to double the sales.
Storage Scholars Net Worth
- Net Worth: $10 Million
- Annual Revenue: $3.9 Million
- Profits: $510,000
- Lifetime Sales: $6.6 Million
- Available In: 80 Colleges
- Investor: Mark Cuban
- Shark Deal: $250k for 10%
Sales Revenues
As of today, the company is making $350,000 in monthly sales and growing at 6% per month. On average, Storage Scholars is onboarding three new colleges every week.
Storage Scholars has served more than 19,000 customers to date and is set to cross 100 campuses in a couple of months.
Employee Salaries
Even though the two founders are not drawing a salary, they have a huge tech and operations team to manage. Their CTO, Keith Chason, is paid an annual salary of $70,000.
Chelsea Goodwin, the Business Development Executive, earns a salary of $62,000. The company’s total salary expenses account for 40% of its sales revenue.
Shark Tank Pitch
Sam Chason and Matt Gronberg sought a $250,000 investment for a 5% equity stake in their business, which focuses on student storage and moving services.
During the pitch, Lori Greiner inquired about the company’s sales in the current calendar year. Sam and Matt revealed that Storage Scholars had generated over $1.8 million in gross revenue.
Kevin O’Leary was quick to make an offer, proposing $250,000 for a 20% equity share. Daymond John followed suit with the same offer. Lori Greiner chose to step out of the deal.
Robert Herjavec put forward an offer of $500,000 for a 20% equity stake. The final Shark, Mark Cuban, expressed interest in making an offer but initially suggested $250,000 for 12% equity.
After considering all four offers, Sam and Matt decided to accept Mark’s offer, but with a slight modification. They settled on a deal of $250,000 for 10% equity in their business.