"I didn't see the business part" — When Shark Tank's Robert Herjavec rejected Retold Recycling

Alan Yeoh and Amelia Trumble pitched their textile recycling service, ReTold Recycling, during Shark Tank season 14, seeking $300,000 for 15% equity. The company offered a mail-in solution for unwanted clothing to help prevent 12 million tons of textiles from reaching landfills annually. They demonstrated growth from $12,000 in sales in 2020 to $175,000 in 2021, with $500,000 projected for 2022.

After the pitch, guest shark Emma Grede stated:

"I almost feel like this should be like it's a nonprofit that brands fund. I just don't get the business case here."

Robert Herjavec immediately responded:

"She answered it for me. I didn't see the business part of it, so I wish you all the best. It's a good cause, but I'm out."

Despite this rejection, Mark Cuban offered $300,000 for 25% equity, which the founders accepted after an unsuccessful attempt to negotiate to 22%.

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Mark Cuban invests in ReTold Recycling after Robert Herjavec walks away on Shark Tank

Alan Yeoh and Amelia Trumble entered the Shark Tank with a mission to reduce textile waste through their mail-in recycling service. They began their presentation by highlighting that Americans discard 12 million tons of textiles each year.

Their solution involved providing customers with postage-paid bags, priced at $14.50 for a single bag. They also offered various purchasing options, including three-packs for $41.50 and ten-packs for $129.50, along with a subscription service that provided a 15% discount.

Kevin O'Leary was the first Shark Tank investor to decline after the founders revealed that shipping costs consumed 80% of the $14.50 bag price. Lori Greiner also passed, expressing concern over the thin margins after factoring in the high shipping costs.

Robert Herjavec turned to Emma Grede and asked if her businesses would use such a service. Emma replied that they would, but she thought it should function as a nonprofit. Robert agreed and also stepped out.

Mark Cuban offered $300,000 for 25% equity. Alan and Amelia countered at 22%, but Mark held firm. After a brief deliberation, they accepted his original offer, securing the investment they needed to expand operations and reduce shipping costs.

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Product background

ReTold Recycling was founded in 2019 by Alan Yeoh and Amelia Trumble, who previously worked together at MAC Cosmetics between 2012 and 2016. They recognized the massive environmental impact of textile waste.

Yeoh brought extensive customer relations management experience from companies like Airbnb, Uber, and British Telecom, while Trumble contributed digital marketing expertise from her freelance consulting work. By the time of their Shark Tank appearance, they had saved over 20 tons of textiles from landfills. When receiving clothes, ReTold earned approximately 10 cents per pound from recycling partners.

The business operated alongside their full-time jobs, with Yeoh serving as head of CRM at Walmart and Trumble working as a digital marketing consultant and growth advisor at Render Better, a Shopify optimization platform.

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Post-tank development

The deal with Mark Cuban was successfully finalized after the show. With his investment, ReTold Recycling expanded its operations and developed new business strategies to address shipping cost challenges.

By June 2023, the company had recycled 80 tons of textiles, quadrupling their impact from the 20 tons mentioned during their Shark Tank appearance. This milestone demonstrated the growing reach of their service and validated their mission to reduce landfill waste.

The company added a dedicated B2B page on its website, focusing on business partnerships as a major growth area. By late 2024, financial reports indicated an approximate net worth of $1.4 million with annual sales of around $500,000, consistent with their projections from their Shark Tank appearance.

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Shark Tank season 16 is airing on ABC network.