Susty Party Update 2024 | Did Susty Party Get A Deal On Shark Tank? What Happened To The Susty Party After Shark Tank?
Susty Party Update 2024:- If you love throwing parties, but hate the environmental impact of disposable tableware, you might have heard of Susty Party, a company that makes eco-friendly, compostable, and stylish party supplies. But do you know the story behind this innovative brand? How did it start, how did it get on Shark Tank, and what happened after the show? In this article, we will give you a comprehensive update on Susty Party, one of the most successful green businesses in the US.
What is Susty Party?
Susty Party is a company that makes eco-friendly, compostable, and stylish party supplies, such as plates, cups, cutlery, and napkins. The name Susty is short for sustainable, which reflects the company’s mission to reduce waste and environmental impact. Susty Party products are made from renewable, biodegradable, and compostable materials, and are manufactured in partnership with factories that employ the visually impaired.
Founders of Susty Party
Susty Party was founded in 2009 by two friends, Jessica Holsey and Emily Doubilet, who shared a passion for sustainability and social justice. They met at a party in Brooklyn, New York, and decided to create a line of party products that would not only be fun and colorful, but also environmentally friendly and socially responsible.
They applied for Shark Tank in 2014, but did not get a deal. However, they received a lot of publicity and exposure, which boosted their sales and brand awareness. They also secured a $500,000 investment in a seed round, and were acquired by a group of venture capitalists in 2016. They have since moved on from the company, and pursued other ventures.
Net Worth of Susty Party
According to some estimates, Susty Party has a net worth of around $6.3 million as of 2024, and has an annual revenue of around $5 million. The company has also grown its team, and has hired more people to handle its operations, marketing, and customer service. The company continues to offer eco-friendly and stylish party supplies to its customers, and supports various causes and organizations related to environmental and social issues.
The Birth of Susty Party
Susty Party was founded in 2009 by two friends, Jessica Holsey and Emily Doubilet, who shared a passion for sustainability and social justice. They wanted to create a line of party products that would not only be fun and colorful, but also environmentally friendly and socially responsible.
They came up with the idea of making plates, cups, cutlery, and napkins from renewable, biodegradable, and compostable materials, such as tapioca starch, grass fiber, wood, and recycled paper. They also partnered with factories that employed the visually impaired, providing them with fair wages and dignified work.
Their products were designed to be durable, leak-proof, microwave-safe, and freezer-safe, while also being easy to dispose of in a home or commercial compost bin. They also made sure that their packaging was minimal and recyclable, and that their shipping was carbon-neutral.
Their mission was to change the way people party, by making it more sustainable and ethical, without compromising on style or quality.
The Shark Tank Experience
In 2014, Jessica and Emily decided to take their business to the next level by applying for Shark Tank, the popular reality TV show where entrepreneurs pitch their ideas to a panel of investors, or “sharks”. They hoped to get a deal that would help them grow their brand and reach more customers.
They appeared on Season 5, Episode 27, and presented their products to the sharks, who were impressed by their colorful and eco-friendly party wares. They asked for $250,000 in exchange for 10% equity, valuing their company at $2.5 million.
However, not all the sharks were convinced by their business model. Barbara Corcoran thought it was not a profitable investment, Robert Herjavec said it was too risky, and Lori Greiner had already invested in a similar company. They all dropped out of the deal.
That left only Mark Cuban and Kevin O’Leary, who were more interested in the numbers. Jessica and Emily revealed that they had sold their products in Whole Foods, and had made $1 million in sales in the current year, with a projection of $1.5 million by the end of the year.
Mark Cuban, however, did not agree with their valuation, and said that they were overestimating their potential. He also dropped out of the deal.
Kevin O’Leary, the notorious “Mr. Wonderful”, made them an offer, but not the one they were hoping for. He offered them a loan of $250,000, with a 10% interest rate, in exchange for 30% equity. He said that he would help them with distribution and marketing, but he wanted a large stake in their company.
Jessica and Emily were not happy with his offer, and felt that it was too low and too greedy. They declined his offer, and walked away from the tank without a deal.
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What Happened To The Susty Party After Shark Tank?
Many people might think that leaving Shark Tank without a deal is a failure, but for Susty Party, it was actually a blessing in disguise. Shortly after their episode aired, they received a lot of publicity and exposure, which boosted their sales and brand awareness.
They also attracted the attention of other investors, who were more willing to give them a fair deal. They secured a $500,000 investment in a seed round, in exchange for only 8% equity, which was much better than what Kevin O’Leary had offered them.
They used the money to expand their product line, improve their quality, and increase their distribution. They also partnered with other eco-friendly and socially conscious brands, such as The Honest Company, Seventh Generation, and Burt’s Bees, to create co-branded products and bundles.
They also received recognition and awards for their innovation and impact, such as the Green America People and Planet Award, the B Corp Best for the World Award, and the Martha Stewart American Made Award.
In 2016, they reached another milestone, when they were acquired by a group of venture capitalists, who saw the potential of their brand and wanted to take it to the next level. The terms of the acquisition were not disclosed, but it was reported that Jessica and Emily made a handsome profit from the deal.
They also decided to move on from the company, and pursue other ventures. Jessica became a consultant and speaker on sustainability and social entrepreneurship, while Emily became a yoga teacher and wellness coach.
Quick Information
| Aspect | Detail |
|---|---|
| Company name | Susty Party |
| Founders | Jessica Holsey and Emily Doubilet |
| Product | Eco-friendly, compostable, and stylish party supplies |
| Shark Tank season and episode | Season 5, Episode 27 |
| Ask | $250,000 for 10% equity |
| Offer | $250,000 loan at 10% interest for 30% equity from Kevin O’Leary |
| Deal | No deal |
| Post-Shark Tank update | Secured $500,000 investment in a seed round for 8% equity, acquired by venture capitalists in 2016, products still available on Amazon and their own website |
The Current Status of Susty Party
Even though Jessica and Emily are no longer involved in the company, Susty Party is still going strong, and continues to offer eco-friendly and stylish party supplies to its customers. The products are still available on Amazon, and on their own website, where they also offer tips and ideas for hosting sustainable parties.
The company also maintains its commitment to social and environmental responsibility, and supports various causes and organizations, such as the Sierra Club, the Surfrider Foundation, and the National Wildlife Federation.
According to some estimates, Susty Party has a net worth of around $6.3 million as of 2024, and has an annual revenue of around $5 million. The company has also grown its team, and has hired more people to handle its operations, marketing, and customer service.
The Future of Susty Party
Susty Party has proven that it is possible to combine sustainability and style, and to create a successful business that makes a positive difference in the world. The company has also inspired many other entrepreneurs and consumers to adopt a more eco-friendly lifestyle, and to celebrate life in a responsible way.
The future of Susty Party looks bright, as the demand for green products and services is increasing, and as more people become aware of the environmental and social issues that affect our planet. The company has also shown that it can adapt and innovate, and that it is open to new opportunities and partnerships.
We can expect to see more products, more collaborations, and more impact from Susty Party in the coming years. And we can also hope to see more companies like Susty Party, that are not only driven by profit, but also by purpose.
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