As per the latest update from Shark Tank, Storage Scholars net worth is estimated to be $10 million. Mark Cuban invested $250k in Storage Scholars for a 10% equity.
When the founders of Storage Scholars pitched on Shark Tank in 2022, the company was generating $1.8 million in annual revenues.
Since then they were able to double the sales. In terms of return on investment, This is one of Cuban’s best investment after Umaro.
Sales Revenues
As of today, the company is making $350k in monthly sales and is growing at 6% every month. On an average, Storage Scholars is onboarding 3 new colleges every week.
Storage Scholars has served mored than 19,000 customers to date and is set to cross 100 campuses in couple of months.
Employee Salaries
Even though the two founders are not drawing any salary, they have huge tech and operations team to manage. Their CTO Keith Chason is paid $70k annual salary.
Chelsea Goodwin, who is the Business Development executive earns $62,000 salary. The total salary expenses for the company accounts for 40% of their sales revenues.
What is Storage Scholars Net Worth?
| Net Worth | $10 Million |
| Annual Revenue | $3.9 Million |
| Profits | $510,000 |
| Lifetime Sales | $6.6 Million |
| Available In | 80 Colleges |
| Investor | Mark Cuban |
| Shark Deal | $250k for 10% |
Shark Tank Pitch
Sam Chason and Matt Gronberg sought a $250,000 investment for a 5% equity stake in their business, which focuses on student storage and moving services.
During the pitch, Lori Greiner inquired about the company’s sales in the current calendar year. Sam and Matt revealed that Storage Scholars had generated over $1.8 million in gross revenue.
Kevin O’Leary was quick to make an offer, proposing $250,000 for a 20% equity share. Daymond John followed suit with the same offer. Lori Greiner chose to step out of the deal.
Robert Herjavec put forward an offer of $500,000 for a 20% equity stake. The final Shark, Mark Cuban, expressed interest in making an offer but initially suggested $250,000 for 12% equity.
After considering all four offers, Sam and Matt decided to accept Mark’s offer, but with a slight modification. They settled on a deal of $250,000 for 10% equity in their business.