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In Shark Tank Season 14, Episode 19, Justin Crowe walked into the show seeking $400,000 for 5% equity in Parting Stone, a company that transforms cremated remains into smooth, polished stones. Parting Stone had already raised $2.5 million from 55 angel investors before the show and worked with over 600 funeral homes across North America.
When giving feedback, Lori explained how the pitcher's idea was “really genius” but the numbers were not what she expected. She continued stating she discussed it with Kevin and he finds the idea interesting too. Then Kevin O'Leary stepped in explaining his interest in the death care industry.
"There's two areas that I invest in and have for decades: weddings and death. Recession proof. People die every day regardless of what the market's doing. That's what I like about death. Going together, we'll give you the $400,000. We want 20%, 10% each. That's what gets us up in the morning, and you should do the deal for a million reasons." O'Leary stated.
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In the end, the entrepreneurs accepted Kevin and Lori’s deal.
Parting Stone gets dual shark deal on Shark Tank
Justin Crowe began his Shark Tank segment with an emotional story about his grandfather, whose passing inspired the business. He explained how Parting Stone transforms ashes into 40-60 smooth stones for humans and 3-10 for pets, creating a more meaningful connection to lost loved ones.
At the time of the pitch, the service cost $995 for human remains processing and between $500-$595 for pets. Crowe revealed the production cost was approximately $300 per human stone collection, with 95% of business coming from human remains. The company has processed over 3,000 remains since its founding, showing significant market validation.
Parting Stone started in 2018 after Crowe had a personal experience with his grandfather's passing. The emotional disconnect many feel with traditional cremated ashes inspired him to create a more tangible alternative.
The company operates through two main channels. About 75% of revenue came through partnerships with funeral homes, while 25% came from direct-to-consumer sales. Barbara Corcoran noted that with 21,000 funeral homes in the US alone, the growth potential was substantial if the business model could be fixed.
Till the time of his Shark Tank appearance, the company faced significant financial challenges with losses of $800,000 in both 2021 and 2022, despite gross revenue exceeding $1.3 million in 2022.
Mark Cuban recused himself almost immediately from consideration due to his investment in Eterneva, a competing company that turns ashes into diamonds. Barbara Corcoran initially expressed interest but raised concerns about the company's substantial losses. She eventually offered $400,000 for 10% equity with a $20 royalty on all sales until the investment was recouped.
Guest Shark Gwyneth Paltrow appreciated the concept but admitted she lacked expertise in this market segment and did not make an offer. Kevin O'Leary appeared intrigued from the start, mentioning his long history of investing in both "weddings and death" industries.
After several counteroffers, Lori Greiner and Kevin O'Leary joined forces to offer $400,000 for 10% equity plus royalties - $20 for each direct-to-consumer sale and $12.50 for business-to-business transactions until their investment was recouped which was accepted.
Post-Tank development
Following the Shark Tank investor’s advice, Parting Stone immediately increased prices from $995 to $2,495 for human remains processing. This price adjustment helped address the profitability concerns raised during the episode without significantly impacting customer demand.
In January 2023, the company secured $2.3 million in Series A funding, which included the Shark Tank investment from Greiner and O'Leary. By January 2025, Parting Stone reported $1 million in annual revenue with a net worth of $4 million and a valuation of approximately $5.31 million.
Shark Tank season 16 is airing on ABC network.
