Storage Scholars, a company founded by Sam Chason and Matt Gronberg provides storage and moving solutions for students. They store all the necessary things for students in a careful way. They pack the goods and transport them to the designated place.
The company was founded to help students move their things to the hostel and campus when they start their college life. They solve a real problem that is faced by students every year.
Storage Scholars appeared on episode 4 of Shark Tank season 14. The founders asked for $250,000 for 5% equity in their company. Now let’s find out if they could secure a deal from the sharks.
Shark Tank Storage Scholars Update
- Entrepreneurs: Matt Gronberg and Sam Chason
- Business: Storage and Moving for Students
- Ask: $250,000 for 5% equity
- Result: $250,000 for 10% equity
- Sharks: Mark Cuban
Storage Scholars was the first company to appear in season 14 of Shark Tank. The company was managed by two young men and dealt with storing and moving things for students. The sole purpose of Storage Scholars is to help students move out of their university when the term ends.
Initially, the company started at Wake Forest University. But now it operates for 20 other universities across the country. Despite being students, Sam and Matt managed to grow the company pretty well.
The founders told the sharks that it costs $200 every single move and they charge $559 for the service.
Storage Solutions can be hired by students to make the moving process easier. They encompass the entire process, making things hassle-free for students.
When Lori Greiner asked about the company’s sales, Matt and Sam said that they have generated $1.8 million in gross revenue. This impressed Kevin O’Leary so much that he was ready to offer a deal. His counter deal was $250,000 for 20% equity. Daymond John also made the same offer. However, Lori Greiner decided to back out.
On the other hand, Robert Herjavec offered $500,000 for 20% equity. In the end, Mark Cuban proposed a deal of $200,000 for 12% equity.
After hearing all the sharks, Matt and Sam decided to go with Mark’s offer. But they requested him to slightly change the offer to $200,000 for 10% equity and he agreed to it.
Every year students struggle when moving to university or college. Some foreign students also change their residence. Storage Solutions exclusively focuses on college students and make the moving process easier for them.
Moving to a new house means moving big furniture like beds, tables, etc, costing a lot of money. But this problem can now be solved by Storage Scholars who offer moving and storing services at an affordable cost.
They pack all students’ belongings safely in a box and move them when the semester ends. Students can hire their service by visiting the official website. They need to sign up and book the service. Once that is done, the company provides a pickup time for the goods. The cost of storing a box per month costs $17.