Shark Tank US | Peter Jones Makes A Shocking Offer To Long Wharf Supply Co.
Sony Pictures Television・10 minutes read
Long Wharf Supply Company seeks $375,000 investment to promote ocean conservation through recycled oyster shell sweaters, reseeding up to 70,000 oysters. Despite declining Peter's offer for a 25% stake, the company, run by siblings, values the advice and time from the sharks.
Insights
- Long Wharf Supply Company focuses on ocean conservation by creating sweaters from recycled materials, with each sale contributing to reseeding oysters, showcasing a unique approach to sustainability and environmental impact.
- Despite declining Peter's investment offer, the siblings behind the company value the advice and time from the sharks, demonstrating a commitment to their vision and a strategic approach to their business growth.
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Recent questions
What is Long Wharf Supply Company's main focus?
Ocean conservation through waste-to-wool products.
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Summary
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"Ocean Conservation Startup Declines Investment Offer"
- Seeking a $375,000 investment for Long Wharf Supply Company, focusing on ocean conservation by turning waste into wool.
- Sweaters made from recycled oyster shells, water bottles, and lambswool, each sale reseeds up to 30 oysters, totaling over 70,000 oysters reseeded.
- Oysters filter 50 gallons of seawater daily, demonstrated through a tank experiment.
- Started with wax canvas and leather goods, launched sweater collection a year ago with an 80% gross margin.
- Sales of $495,000 in the last 12 months, with a customer acquisition cost of $41.
- Company run solely by the siblings, with a 2.5 million dollar valuation.
- Offered a deal by Peter for $375,000 for 45% of the business, later negotiated to 25% but declined.
- Declined Peter's offer due to unwillingness to give up more equity, appreciating the advice and time from the sharks.
