Shark Tank Update
Shark Tank Pitch
Groove Book Shark Tank Update
Published:
2m
Chatsworth
| Name | Groove Book |
|---|---|
| Main Presenters | Julie Whiteman and Brian Whiteman |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 1/1/2022 |
| Main Location | Chatsworth Loading Map |
| Order Shown in Episode | 4 |
| Final Deal | Deal was made on the show with sharks Mark Cuban, Kevin O'Leary for $150k for 80% of of the rights to license to other services. |
Groove Book Shark Tank Pitch
Julie Whiteman and Brian Whiteman have been married for 15 years and created a business to turn people's stored-up photos into a physical booklet for a low price of $3 a month with their company Groove Book.
Brian and Julie put $400k into Groove Book. Groove Book has 18k paid subscribers, but it will not be profitable until it reaches 30k subscribers due to its overhead costs. Brian owns a printing business that Groove Book uses, which is not included in the deal.
The secret to getting low shipping costs is that the book has a groove in the back, which makes the book flexible and allows the shipping method to be cheaper than the competition by $4. They have a patent pending on the grove.
Julie and Brian receive multiple offers but ultimately accept a deal with Mark and Kevin, who plan to grow the business by selling through other existing platforms.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $150k for 20% of company | |
| Sharks | Offered | Mark Cuban | $150k for the rights to sell the service to other businesses |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Offered | Kevin O'Leary | $750k for 100% of company |
| Company | Out | $6 million for 100% of company | |
| Sharks | Offered | Lori Greiner, Robert Herjavec | $375k for 50% of company |
| Sharks | Deal | Mark Cuban, Kevin O'Leary | $150k for 80% of of the rights to license to other services |
Mark Cuban
Made Deal
Daymond John
Out
Kevin O'Leary
Made Deal
Lori Greiner
Offered
Robert Herjavec
Offered
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| 5 | 27 |
| 5 | 29 |
Groove Book After Shark Tank
In season 5, episode 27, we got an update that Groovebook got 50k new customers in five days, going from 35k to 85k, resulting in $3 million in sales. Kevin visits the Groovebook manufacturing facility to see where his money is going, and he is pleased. In season 5, episode 29 (the season finally), Groove Book was briefly mentioned in the montage of season updates.
According to techcrunch.com https://techcrunch.com/2014/11/17/shark-tank-backed-groovebook-acquired-by-shutterfly-for-14-5-million, Groovebook had more than 1 million app downloads by the end of 2014. The app had poor reviews due to low-quality Groovebooks and app issues. Regardless, Shutterfly acquired Groovebook in late 2014 for $14.5 million.Link Preview
techcrunch.com
According to cnbc.com https://www.cnbc.com/2018/12/05/kevin-oleary-reveals-his-big-winners-from-shark-tank.html, as of 2018, Kevin O'Leary considered Groovebook one of his most successful Shark Tank investments. Shutterfly shut down Groovebook in 2022. As of 2023, all of Groovebook's social media had been taken down.Link Preview
cnbc.com
As of 2023, Julie Whiteman and Brian Whiteman have had no public presence online that I could find since Groovebook's acquisition in 2014. They may still be running their printing business, Prints Made Easy, as it is still running in 2023, but they may have become uninvolved in that business as well.
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