Urbio is a revolutionary modular solution for urban gardening and space management. It’s magnetic holder is constructed from polypropylene plastic and neodymium magnets and is suitable for a wide variety of vessel sizes. The magnetic construction makes it simple to mount the storage units on the wall and move them around to achieve the optimal layout for your needs.
The pots have several uses beyond their original design for indoor horticulture, including as extra storage space in the home. Urbio, conceived by Engaged Design’s Jared Aller and Beau Olyer, addresses the problem of inadequate land for gardening in urban areas.
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In 40 days, the team was able to raise almost $77,000 on Kickstarter, well surpassing their initial $15,000 goal for tooling costs. Planting modules with magnets make it simple to remove them for watering, pruning, and harvesting, and a range of container sizes means you can adapt to your space.
When Did Urbio’s Pitch Fail On “Shark Tank?”
Season 4, episode 13 of Shark Tank featured Jared Aller and Beau Oyler pitching their stackable gardening pot system called Urbio. They wanted $300,000 for a 12% ownership, valuing the business at $2.5 million. The magnetic bases of the containers allow them to adhere to any metallic surface, even themselves.
The Sharks were astonished by Urbio’s rapid growth; in just 5 months, the company generated $125,000 in sales and was already being marketed in 50 countries. Mark Cuban had a prior connection to the business owners, therefore he bowed out of the negotiations. The initial offer came from Kevin O’Leary, who proposed $300,000 for a 20% ownership in exchange for receiving payment from the company’s future profits. Robert Herjavec made a counteroffer of $400,000 for a 20% stake, with an additional $100,000 to hire a full-time manager.
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When Daymond John wasn’t enthusiastic, Lori Greiner stepped in and offered $300,000 in exchange for a 20% investment and her marketing ability. Lori’s initial $100,000 investment for a 15% interest was eventually accepted after a major retailer placed a $150,000 sales order. In addition, Robert Herjavec upped his bid, offering $400,000 for a 17.5% share, but Lori Greiner ultimately won the auction.
What Happened To Urbio After The Shark Tank Pitch?
With Lori Greiner’s help, Urbio kept growing after their participation on Shark Tank. Sales have been consistently strong because to the product’s attractive design. Sabi Space, maker of stylish, user-friendly, and innovative storage and organising products for the bathroom and kitchen, purchased Urbio’s parent business, Sabi Inc., in 2015. Soon after, in February of 2016, Honey-Can-Do International, a major producer of storage and organisation equipment, acquired Sabi Space and began marketing its wares under the brand name Perch.
How Much Is Urbio Net Worth Right Now?
In episode 13 of Shark Tank season 4, Jared Aller and Beau Oyler pitched their $2.5 million startup, Urbio, to the investors in exchange for $300,000. Later on, they took Lori Greiner up on her offer to invest $400,000 for a 15% ownership in the business, increasing its value to $2.6 million. After Honey-Can-Do International purchased Urbio in February 2016, the company’s current value is unknown to the general public.
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