Bambooee before the Shark Tank:
Bambooee is the creation of husband and wife team, Noam and Irene Krasniansky. Bambooee is a paper towel substitute which has been derived from bamboo plants. The idea came when Irene decided she wanted to stop using paper towels. The sheer amount of trees cut down each year to help make paper towels is phenomenal so Noam and Irene decided to look a more environmentally sustainable alternative. Bamboo is the fastest growing plant on earth and can be re-harvested each year which makes it a much better option that the paper towels that come from regular trees.
This product is unique in the sense that it can be reused. Each roll of Bambooee consists of twenty bamboo towels. Once you use one as normal, you can wash it and each towel can be washed up to one hundred times.
Bambooee became an instant hit with customers who are conscious of the environment. The husband and wife duo brought their product to many home and kitchen shows where it won many accolades. Further to that, Noam and Irene also plant one tree for every roll of Bambooee that they sell. Over fifty thousand trees have been planted so far, another point that appeals greatly to the environmentally conscious among us.
Although Bambooee was a hit among many customers, Noam and Irene decided to venture in to the shark tank in search of additional revenue and business expertise that the sharks could provide. As well as that, Noam and Irene wanted Bambooee to break into the retail market and they were hoping that the sharks would be able to help them do so. What will the sharks think of this more environmentally friendly product? Will they come on board to do a deal with these eco-conscious entrepreneurs?
Bambooee in the Shark Tank:
Irene and Noam enter the shark tank with Irene introducing herself and her husband as well as their product Bambooee which she claims will revolutionize the future of paper towels. Irene goes on to tell the sharks that the couple are in the shark tank today looking for an investment of $200,000 in return for a ten per cent equity in their company. Noam goes on to talk about the product explaining that just one roll of Bambooee consisting of just twenty towels can replace up to two hundred rolls of regular paper towels for the simple reason they are machine-washable up to one hundred times. Irene goes on to explain that Bambooee was created as the duo wanted to do something for the planet and come up with an alternative to paper towels.
Irene and Noam demonstrate to the sharks just how much better Bambooee as opposed to regular paper towels. Bambooee is incredibly absorbent and unlike the regular paper towels, no water drips off the Bambooee towel. Further to that they are incredibly strong making it very difficult to tear the Bambooee towel. Noam also demonstrates to the sharks how well the Bambooee towel works while damp, another advantage this product has over regular paper towels. Noam has the attention of all of the sharks with his enthusiastic and passionate pitch. So far, the reaction to Bambooee has been good.
Irene shows the sharks the floor scrubbing Bambooee that herself and Noam have recently developed. This product is also reusable. An enthusiastic Robert asks for a demonstration and Noam is only too happy to oblige. Noam dirties the floor surface with crayon, sprays some cleaning solution onto the Bambooee sweeper and shows the sharks just how easy the dirt comes off.
Irene tells the sharks that for every roll of the product the duo sell, they plant a tree and the Bambooee rolls are made from one hundred per cent sustainable material.
The sharks seem impressed as the pitch comes to a close but Mr. Wonderful is quick to ask about sales. Noam informs Kevin that they have been selling Bambooee for almost two years. The sales last year were $122,000 and this year they expect to hit $300,000. Kevin also points out that there are rolls of bamboo materiel on the market and the sharks are eager to know what exactly sets Bambooee apart from the other brands out there. Irene explains that they use a unique fiber in their product. Barbara asks about a patent to which Noam replies there is a patent pending.
Robert asks the duo about their company as at the start of the pitch, Noam and Irene stated that Bambooee was a new product of their company. Noam states that the equity share they are offering the sharks is for the whole company, which happened to do $1.6 million dollars in sales last year alone. This is a game changer for the sharks. Lori is excited to take a closer look at the product while Robert wants to know exactly what other products the company sells. Irene hands the Bambooee to the sharks while telling Robert that they have a wide range of cleaning cloths. Robert goes on to ask what the duo actually need the sharks’ revenue for and Noam explains that if they get a shark on board, himself and Irene can take Bambooee to another level.
Kevin does not buy that this is an environmentally friendly product that people will buy if they are conscious of their carbon footprint. He believes that the electricity and detergent used for washing the reusable Bambooee towels is more detrimental to the environment than using regular paper towels.
Robert disagrees with Kevin stating in Europe people use a lot of re-usable products like this one and Irene states that she thinks people feel guilty, therefore a product like Bambooee appeals to them. Robert asks about the price point for one roll of Bambooee in comparison to the price of a roll of paper towels. Irene explains that the standard roll of Bambooee sells online and in retail at between $12.99 and $15. Irene also goes on to say that paper towel rolls sell from between $1.50 to $3.50. Robert is amazed at the massive price difference.
Noam states that you are not just buying one product when you buy a roll of Bambooee, you are buying into their hardworking team, their unique product and all the other products available in the range.
Mr. Wonderful is still not convinced and states he does not find the product compelling which, as an investor is a problem. However, he recognizes that Noam has the business spirit and decides to make an offer. Kevin says he will lend the duo the $200,000 putting an 8% interest rate on it as well as taking the ten per cent equity share in the company.
Noam says he would love for another shark to team up with Kevin to make the product a success. For the moment, Mark and Robert are just listening before they make any moves. Barbara is interested to know if such a product would do well on a platform such as QVC. Lori replies that she thinks it is a highly demonstrable product. Lori goes on to say that she loves the product and she loves Irene and Noam. The fact that they feel so passionate about their product and making the world a more sustainable place is admirable so Lori decides to make an offer. Lori offers the $200,000 for a ten per cent equity share in the company. Irene is about to accept the offer but Noam seems eager to give the other sharks a chance to have their say. Lori informs the duo that she has offered them exactly what they want because she believes in their mission statement and would love to be a part of Bambooee and the other products that Noam and Irene have.
After a moments silence, Irene announces that they would love to take Lori’s offer. Lori is clearly delighted with this deal and she embraces Noam and Irene in celebration. Noam and Irene leave the shark tank happy that they got a deal and did not give away any more equity than they originally wanted. Irene is sure that Lori is the best shark for them and for their company. Another successful deal to come from the shark tank.
Bambooee Now in 2018 – After Shark Tank Updates:
Since Irene and Noam appeared on the shark tank and were successful in closing a deal with QVC Queen Lori, Bambooee has experienced he success. That being said, Irene and Noam are working extremely hard to make their company into the success they know it can be. With Lori’s help, Irene and Noam continue to get Bambooee into new retail spaces all the time.
As well as being available in many retail stores, Bambooee is also available online on websites such as Amazon. Here is the link for the best price on amazon (click here).
Since Lori teamed up with Irene and Noam, the company has cleared more than $3 million in sales. There is no doubt that this is another success story for Lori in the shark tank. We wish them continued success!