Bouquet Bar Shark Tank Update – Net Worth 2024

Finding the perfect gift was often a challenge. It can be difficult when trying to find something special and unique for your loved ones. Sal, Alex, and David recognized this problem and created a Bouquet Bar. It was an online gifting platform that combined flowers and unique gifts in beautifully designed boxes. Their goal was to make gift-giving easier and more elegant.

The trio entered the Shark Tank seeking $150,000 in exchange for 10% equity in their company. They believed their platform could change the way people approached gifting.  Their company offered  a customizable and luxurious experience for gifting. Would the Sharks see the potential in Bouquet Bar and invest? Find out in our Bouquet Bar Shark Tank Update!

Bouquet Bar Net Worth

Sal, Alex, and David asked for a $150k investment in exchange for 10% equity in their company, Bouquet Bar. This meant they valued their company at $1.5 million. They made a deal with Mark Cuban for $150k in exchange for 20% of their company. This new deal valued their company at $750,000. After the show aired, Bouquet Bar initially saw some success, but due to challenges such as high customer acquisition costs and expensive shipping, the business ultimately closed its operations in December 2019. Since the company no longer exists, its current net worth is $0.

Bouquet Bar Shark Tank Update

What Happened to Bouquet Bar After Shark Tank?

After their appearance on Shark Tank, Bouquet Bar initially saw success. It launched seasonal collections and expanded their customizable gift options. They also grew their social media presence, using platforms like Instagram to connect with customers. But, the business faced significant challenges, particularly with high customer acquisition costs and expensive shipping. Despite their efforts to scale, these issues proved unsustainable. Bouquet Bar ultimately closed its operations in December 2019.

Did Bouquet Bar Get a Deal On Shark Tank?

Bouquet Bar did secure a deal on Shark Tank, but not without facing some challenges. Most of the Sharks expressed concerns about the business. Lori, Sarah, Daymond, and Kevin all decided to pass due to issues with differentiation and scalability. But, Mark Cuban saw potential in the company and decided to make an offer. He proposed $150,000 in exchange for 20% equity. It was double the equity the founders originally offered. Despite the tough negotiations, the founders accepted Mark’s offer. They secured a deal that would help them take their business to the next level.

Shark(s) Name	Offer and Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N/A	N/A
Mark Cuban	$150,000 for 20% stake in the business	N/A	Yes ($150,000 for 20% stake in the business)
Sarah Blakely	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Lori Greiner	Out	N/A	N/A

Founders Backstory

One of the founders had been in the flower business for 25 years. He started his first flower shop at 19 after moving to the United States from Iran. His journey started from working at Burger King at night was the determination he needed to succeed. Another founder came to the U.S. as an immigrant at the age of nine and initially pursued a career in medicine. He studied biochemistry and economics. He later realized that the medical field wasn’t for him.

The two of them decided to create Bouquet Bar about two years ago, recognizing a gap in the market for elegant and customizable gifting options. The third founder brought expertise in digital media technology to the team. The third founder had co-founded a digital media company, so he took charge of marketing and technology. Together, they used their combined skills to create a business focused on making gifting more thoughtful and personalized.

Initial Pitch

Sal, Alex, and David entered the Shark Tank seeking $150,000 for 10% of their company, Bouquet Bar. They were focused on changing the gift industry. They offered an online platform where customers could create custom gift boxes. Those boxes would include a mix of flowers, chocolates, teas, and other unique items. Their business model focused on making the gifting experience more personalized and elegant. The founders demonstrated the simplicity of their platform, showcasing the quality of their products and packaging.

The problems started when The Sharks questioned their logistics expense. They told the Sharks that they had only been in business for four months and had invested $600,000 of their own money. The Sharks raised concerns about high shipping costs, customer acquisition expenses, and the scalability of the business. Despite these challenges, the founders remained confident in their product and the potential for growth.

Queries About the Product

The Sharks dug into the details of Bouquet Bar’s business model. They focused first on the logistics and costs of running the business. Shipping came as a major concern. The founders told the Sharks that shipping their heavy-quality gift boxes cost between $12 to $15 per box. For the production cost, the small box costs $20 to make, which they sold for $50. The largest box, on the other hand, sold for $155, while it cost them $68 to produce. The Sharks were interested in the company’s customer acquisition strategy. Alex revealed they relied on Google AdWords, which had an expensive cost of about $60 per customer.

Kevin O’Leary pointed out that high customer acquisition costs were a significant hurdle. They needed to bring that cost down to $10 to $15 per customer.  The founders remained hopeful, noting that they had already generated close to $100,000 in revenue in just four months. Mark asked how much of their own money they had invested in Bouquet Bar. The entrepreneurs said that they had poured $600,000 of their own money into the business. From that amount, $300,000 of that was spent on product development and operations.  

Shark’s Response and Final Deal

The Sharks had mixed feelings about Bouquet Bar’s pitch. Lori Grenier pointed out that the company’s concept looked too much like another brand, Sugarfina. It made it difficult for Bouquet Bar to stand out as a standalone company. For those reasons, she didn’t invest. Sarah Blakely agreed with Lori. She said Bouquet Bar’s products could be easily copied. For those reasons, Sarah declined to invest.

Daymond John focused on how expensive it would be to teach customers how to give better gifts. He thought it would be a tough challenge. For those reasons, Daymond didn’t invest. Kevin O’Leary liked the quality of the product but didn’t see enough difference from other options to invest. He decided not to invest in the business.

As the other Sharks backed out, Mark Cuban asked more about the business. He wanted to know how they planned to get customers and why they would need more money in the future. Mark thought the founders needed to offer more equity to make a deal worthwhile. After some discussion, Mark offered $150,000 for 20% of the company. The founders agreed and left with a deal, ready to grow their business.

Product Availability

The company saw some initial success after Shark Tank. Problems which the Sharks highlighted was their ultimate downfall. They couldn’t keep the high customer acquisition costs down. Bouquet Bar ultimately closed its operations in December 2019.

Conclusion

The founders came on the Shark Tank with the intention of changing the gifts industry. They asked for $150,000 in exchange for 10% of their business. While most of the Sharks had doubts, Mark Cuban saw potential. He offered $150,000 for 20% of the company. The founders accepted his offer, hoping it would help them grow.

After the show, Bouquet Bar saw some early success. They launched new products and expanded their options. But the challenges of high costs to get new customers, became too much to handle. Despite their best efforts, Bouquet Bar closed down in December 2019. It ended the journey that began with big dreams on Shark Tank.