Flowers are a popular choice for decorating, festivities, and day-lifting gifts. Fresh flowers can be pricey, delicate, and quickly wilt after a few days, so you have to replace them frequently. This is the drawback of fresh flowers.
Many people are now more aware of the effects that buying flowers every time they expire has on the environment. For those who adore flowers but don’t want to deal with the waste or expensive price tag attached to them, this poses a dilemma.
That’s when Eco Flower, the brainchild of Meagan Bowman, came in. Meagan debuted her novel product, perfumed eco-friendly flowers manufactured from sustainable and recycled materials. These flowers gave a variety of wonderful scents, such as Black Raspberry Vanilla and Strawberry Lemonade, besides lasting longer than standard bouquets.
Megan pitched her product on Shark Tank. Meagan requested $400,000 from the sharks for 10% of her business during her pitch. Her goal was to expand Eco Flower and provide consumers with a sustainable substitute for fresh flowers. But there were some hiccups along the way. Did the entrepreneur get a deal on Shark Tank? Check out our Eco Flower update to find out!
eco flower net worth 2024
Meagan Bowman asked for a $400k investment in exchange for 10% equity in her company. This meant she valued her company at $4 million. She made a deal with Daymond John for $400k in exchange for 20% of her company, which valued her company at $2 million.
After the show aired, Eco Flower saw a big increase in website traffic, sales, and social media exposure. However, due to subsequent management issues, the company eventually closed down. With an estimated yearly growth rate of 0% (given the closure), the current net worth of Eco Flower in 2024 is $0.
Eco Flower Shark Tank Update
As for an Eco Flower update, after landing a deal on Shark Tank, Eco Flower’s journey took a turn for the most severe, despite the initial success. Daymond John invested in Meagan, but when new investors appointed John Allard as CEO, things went wrong. Meagan was fired from the company because of this leadership transition, and the company suffered under the new owners.
Eventually, JW Capital, which held a 50% stake in Eco Flower, acquired the whole business. However, the new administration came under fire for mistreating staff members and failing to fulfill orders from customers. This led to Eco Flower’s complete closure. As of today, Eco Flower is no longer in business.
Yes, Eco Flower landed a deal on Shark Tank. Initially, Meagan requested $400,000 in exchange for 10% of her business. Daymond John, however, countered Meagan’s offer of $400,000 for a 25% stake after negotiations. They finally came to an agreement where Daymond would put up $400,000 in exchange for 20% of the company.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daymond John | $400,000 for 25% equity | $400,000 for 20% of equity stake | Yes |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Eco Flower Shark Tank pitch
Meagan Bowman’s love of sustainability and environmentally responsible methods served as the basis for Eco Flower. Besides making a product that would last longer than conventional flowers, she also wanted it to be environmentally beneficial.
Meagan provided a solution for those who loved flowers but hated the waste that came with them by making her floral arrangements out of recycled items like wood, fabric, and even paper.
It wasn’t simple to launch an eco-friendly company, though. Meagan had trouble at the beginning locating trustworthy vendors for the supplies required to make the flowers. It took a lot of work in terms of product education and marketing to persuade buyers to purchase artificial flowers rather than fresh ones.
Meagan boldly presented Eco Flower as an inventive answer for flower enthusiasts looking for a more durable, environmentally responsible choice when she first appeared on Shark Tank.
She described how her business made these unusual flower arrangements using sustainable materials like wood, paper, and discarded objects. The flowers were a unique present or decorative accent for any event, and they even came in lovely smells.
Meagan talked about the success of her business, telling the sharks that Eco Flower had already brought in $2.8 million in lifetime sales. Her company strategy prioritized longevity and sustainability, providing a novel flower arrangement that would not die after a week.
When the sharks learned that Meagan no longer held a majority stake, she was up against an impressive challenge, despite her compelling argument. Keep reading our Eco Flower update to see what happens next!
Daymond John asked about the sales. Megan responded that her lifetime sales are $2.8 million through her website. She entered the market only one and a half years ago.
Daymond further asked about her own investment. Megan revealed she invested $700 of her own.
Robert asked about her partner’s investment and ownership. Megan disclosed her partner invested $300,000 and Megan has only 25% of ownership.
Kevin inquired about the price of the product. Megan revealed she sells bridal bouquets for $59.
Robert Herjavec asked whether recipients of synthetic flowers would genuinely prefer them to real ones. Though they were sustainable, he was worried that many people might not find fake flowers attractive.
Barbara Corcoran and Lori Greiner agreed with Robert that they preferred real flowers but acknowledged that there was a demand for Eco Flower’s sustainable option.
Kevin O’Leary and Mark Cuban questioned the competition in the floral industry. Meagan reassured him that there was a growing market for her product, especially for people looking for long-lasting arrangements. Meagan’s little ownership position worried Kevin as well, but Mark believed this was beyond his concern.
Daymond John offered to invest $400,000 in exchange for 25% stock because he liked the idea. In order to gain more ownership of the business, he also desired to assist Meagan in buying out her other partners.
Concerns about competition and more demand for actual flowers caused Kevin O’Leary, Barbara Corcoran, Mark Cuban, and Lori Greiner to withdraw.
Daymond made an offer, which Meagan rejected after some negotiation, and they agreed on $400,000 for 20% equity.
Product Availability
From our Eco Flower update research, Eco Flower’s distinctive feature was their environmentally friendly approach to floral arrangements, providing long-lasting, delicately perfumed flowers created from recyclable materials.
The product gave clients an environmentally sustainable alternative to traditional flowers, as it came in a range of designs and scents and didn’t need to be changed weekly. Regretfully, Eco Flower can no longer be purchased after the company’s end.
Conclusion
The Eco Flower was an innovative response to a widespread issue: locating flowers that are environmentally friendly and have a longer lifespan in the vase. The company’s eco-friendly strategy impressed the sharks and helped it secure a deal on Shark Tank, but ultimately, bad management choices prevented it from being financially sustainable.
Even though Eco Flower is no longer in operation, Meagan Bowman’s passion for entrepreneurship remains. She started Sola Wood Flowers, a profitable new business in the environmentally conscious flower sector. This serves as a reminder that persistence and creativity can cause fresh opportunities, even when things don’t go as planned.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
