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Sarah Paiji Yoo and Syed Naqvi appeared in the first episode of Shark Tank season 11 that aired on September 29, 2019. The duo asked for $270,000 for a 2% stake in their business, Blueland, which sold refillable and dissolvable cleaning and soap tablets with reusable cleaning bottles to reduce plastic waste.
Impressed with their pitch, Kevin O'Leary, renowned as Mr. Wonderful, sought 5% equity and 1% advisory shares against the $270,000.
"Frankly, I bring a lot to the table. There's only one Mr. Wonderful," he said.
However, Sarah and Syed were not keen on giving away 6% of their business. They shook hands with Kevin after convincing him to do a royalty deal. Kevin ultimately agreed to invest the $270,000 in exchange for 3% equity and a $0.50 royalty until he recouped his investment. Lori Greiner and Daniel Lubetzky had made a joint offer but failed to sway the entrepreneurs' decision.
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Blueland grew after their appearance on Shark Tank. The founders returned for an update in season 12 episode 4, which aired on November 6, 2020. They revealed that Kevin gave them a spot on QVC a week after their initial episode premiered and that helped them sell $250,000 worth of products.
In 2019 alone, the company made $15 million in sales, which later saw a spike during the COVID-19 pandemic. With more than 40 patents under their name, Blueland is now available nationwide at Target, Costco, Container Store, and Erewhon besides their official website (Blueland.com) and Amazon.
Shark Tank: Lori and Daniel wanted an 8% stake in Blueland
During the Shark Tank presentation, Sarah, Blueland's co-founder and CEO, noted that not only did they sell tablets but also Forever Bottles, a practical alternative to use-and-throw plastic cleaning bottles. She claimed that 5 billion plastic cleaning bottles could be eliminated each year by using eco-friendly products.
"So Sharks, let's save money and space without the plastic waste," she added.
She then shared that they had four products — a foaming hand soap, a multi-surface cleaner, a bathroom cleaner, and a glass and mirror cleaner. When asked about the product's price, Sarah responded that the Starter sets, which included one bottle and one tablet, were priced at $12. She added that their Essentials kit, containing one hand soap and three cleaning sprays, retailed at $39.
Meanwhile, each tablet refill cost $2, which Sarah claimed was much cheaper than buying a full bottle of cleaner. While the Shark Tank investors were pleased by Sarah and Syed's objective, they wondered how Blueland differed from their competitors. Hearing that, Sarah explained:
"We have EPA-approved third-party studies that show that our products were more effective."
Sarah then mentioned that they had raised $3 million at a $13.5 million valuation from "a mix of venture capital as well as successful entrepreneurs." She added that they made $200,000 in sales within the first month since their launch.
Shark Lori suggested they should sell the bottles with a strip of tablets instead of one. While Lori advised the founders, Daniel made an offer without consulting her. He proposed $1 million for 25% of the company, hoping Lori would partner with him. She suggested they deliberate before making a joint offer.
After some thought, the Shark Tank investors proposed $270,000 for 8% equity. Kevin also made his offer, asking for 6% of their company (5% equity + 1% advisory shares).
In the meantime, Robert Herjavec backed out of consideration, saying it would be challenging to change consumers' minds. Mark Cuban followed suit, convinced the founders were on the show for a commercial.
When Sarah and Syed negotiated, Kevin agreed to lower his ask to 5% but Daniel and Lori did not. They ultimately convinced Kevin to finalize a deal at 3% equity by offering a $0.50 royalty per kit.
"Done!" Kevin exclaimed.
Since its appearance on Shark Tank, Blueland has expanded its product line, introducing laundry detergent, dish and dishwasher detergent, toilet bowl cleaner, and body wash.
Shark Tank season 16 airs Saturdays on ABC at 8 pm ET.
