Shark Tank: Blueland Accepts $270,000 From Kevin O’Leary

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Blueland is on a mission to reduce plastic wastes. By utilizing the Blueland cleaning system, consumers are able to reuse their plastic cleaning solution bottles which could lead to an estimated reduction of 5 billion plastic bottles per year. Consumers simply purchase a tablet that can be combined with water in Blueland’s reusable cleaning bottle to make a safe and effective cleaner for a variety of surfaces. There are currently four types of cleaning tablets available: hand soap and multi-surface, bathroom and glass and mirror.

Because most commercially available cleaning solutions are made of up to 90% water, Blueland decided to help consumers stop paying for plastic bottles full of mostly water. After purchasing their starter pack, which includes a bottle and essentials to get started, consumers will never need to buy another bottle of cleaning solution. This saves storage space and decreases plastic waste, making this very appealing to customers. The Blueland line of products are innovatative and more sustainable than traditional cleaners, and they are effective too! EPA third-party studies showing their product is more effective than other brands.

Co-founders of Blueland, Syed Naqvi and Sarah Paiji Yoo, came to the Shark Tank in hopes of finding a Shark willing to invest $270,000 in exchange for 2% of their company. They are currently selling their product 100% direct to consumer but will be launching in a big box store at the beginning of next year. Their key value proposition is that they have an effective cleaning system that reduces waste over traditional cleaning brands.

Although some of the Sharks worried about having to change market behavior to implement this product and they felt that the packaging and put-ups of the product should be modified, Sharks Lori Griener and guest Shark, Daniel Lubetzky, still decided to make an offer of $270,000 in exchange for an 8% equity share that could be split equally between them. Kevin O’Leary felt that they could get a better deal and offered them $270,000 for 5% equity in the company as well as 1 % in advisory shares. After countering back and forth with Kevin, they agreed to a $270,000 investment for a 3% share of the company and a royalty of $0.50 cents per kit until he makes his money back.

Would you use this product and replace traditional cleaners? Do you think that Sarah and Syed made a good choice by partnering with Mr. Wonderful, Kevin O’Leary. Sound off in the comments below!