Robbie Friedman and Allison Zofan observed a pandemic-related issue that many people encountered. It was challenging to work from home. It was noisy to work from the living room or kitchen, and there was nowhere to focus. Thus they had a brilliant idea. So they made ootBox. It is a little workspace that you can put in your backyard. All you need to do to have your own peaceful workstation is plug it in.
In Season 13 they presented their concept to Shark Tank. Robbie and Allison desired to grow their business. They made a request to the sharks. They want $300,000 for 5% of their business in this episode. The sharks however had other plans. Will the entrepreneur get a deal on Shark Tank? Check out our OotBox update to find out!
Ootbox Net Worth 2024
Robbie Friedman and Allison Zofan asked for a $300,000 investment in exchange for 5% equity in their company, ootBox. This meant they valued their company at $6 million at the time of the show. After the show aired, OotBox saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of ootBox in 2024 is about $8.06 million.
Ootbox Shark Tank Update
In terms of an ootBox update, ootBox expanded significantly after appearing on Shark Tank. Many were curious to learn more after watching their concept on television. More fresh orders than they had anticipated were received. More ootBoxes were being sold by the company online. They even started collaborating with companies providing them with office space as well.
The corporation is still expanding as of 2024. They offer both pre-made and personalized boxes that can be tailored to a customer’s specifications. Their Shark Tank presence gave them a huge boost and increased awareness for their company. They are putting in a lot of effort to fulfill every request and meet demand.
It’s true that ootBox closed a deal on Shark Tank. Robbie and Allison requested $300,000 for a five percent stake in their business. However, following a few proposals from the sharks, they struck a deal with Barbara Corcoran. She made them an offer of $300,000 for 10% of their business. Robbie and Allison accepted this and made a nice profit. After the show, Barbara’s assistance and funding were essential to their business’s expansion.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daniel Lubetzky | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | $300,000 for 15% equity | $300,000 for 9% equity | N/A |
| Barbara Corcoran | $300,000 for 20% equity | #1 $300,000 for 7% equity#2 $300,000 for 10% equity | Yes to 2nd offer |
| Mark Cuban | Out | N/A | N/A |
Ootbox Shark Tank Pitch
In our ootBox update research, During the epidemic in 2020, Robbie Friedman and Allison Zofan founded ootBox. They were aware that many individuals had to work from home and required peaceful areas to concentrate. However, not everyone has an additional space or a home office. They made ootBox for this reason. It’s a transportable workplace that may be set up in the backyard out of shipping containers.
Making the workplaces comfortable was one of their main problems. Instead of just a box, they wanted it to seem like a real office. So they made it look good, put a carpet, and installed temperature control. It needed to be simple to deliver to households as well. They put in a lot of effort to bring the concept to life.
In regard to an ootBox update, Allison and Robbie went to Shark Tank to pitch their company to the sharks. They want $300,000 in return for 5% ownership of their business. They gave an explanation of how their office boxes benefit remote workers. People may work in a calm and cozy environment in their backyard thanks to the ootBox’s compact size.
They displayed the company’s track record of success since its founding. They generated revenues of around $1 million in less than a year. The sharks were impressed but there were also some reservations.
The sharks analyzed the product with a lot of questions. A few of them said the cost was excessively expensive. It costs roughly $20,500 for the ootBox. However, Robbie and Allison clarified that customers are prepared to pay for a high-quality workstation.
How they would deliver the boxes to clients was a different question. According to them, the box can be placed in someone’s garden without the requirement for an additional permit because it is regarded as a shed. This increased the product’s attractiveness because it’s simple to assemble. However, some sharks remained skeptical.
Every shark had a unique viewpoint regarding ootBox. Initially, Lori Greiner was the first to go. Though she felt it was not the right idea for her but was excellent for the pandemic. Additionally, Mark Cuban left because he is drawn to companies that expand quickly on their own. He had doubts about ootBox’s potential for expansion.
Daniel Lubetzky was also out because he believed that there wouldn’t be much of a demand following the outbreak. Kevin O’Leary nevertheless made a proposal. He offered $300,000 for 5% of the sale, but he insisted on receiving a $1,000 royalty on each box sold until he reached $600,000. Robbie and Allison didn’t jump instantly in agreement.
What Went Wrong With The Company On Shark Tank?
A few sharks didn’t think ootBox was necessary in the long run. They believed it to be merely a tool for those who were forced to work from home due to the pandemic. Lori and Daniel believed that once people returned to the workplace. The demand would not last.
Additionally, Mark Cuban didn’t think the business could expand quickly enough for him. He prefers companies that can expand rapidly without a lot of assistance. In his opinion, there wasn’t enough room for significant expansion because ootBox could only manufacture a certain quantity of boxes every month. Because of this Robbie and Allison had a difficult time persuading every shark.
Product Availability
You can set up a mobile office in your garden with the ootBox. It is a fully functional office built out of shipping containers. It’s a cozy place to work with carpet and temperature control. It’s also simple to assemble the box. It is supplied to your home and requires simply a plug.
The product is offered on the business website. Pre-made and personalized boxes are available for purchase. While custom ones allow consumers to construct their own offices, pre-made ones are delivered more quickly. For about $20,500, you can purchase one ootBox. Although it is an expense. Consumers are prepared to pay for a calm businesslike office.
Conclusion
It was an incredible ride for ootBox on Shark Tank. Robbie and Allison attended the event in order to seek assistance in expanding their company. The sharks asked them a lot of questions and expressed misgivings. Ultimately however they struck a $300,000 agreement with Barbara Corcoran for 10% of their business.
Since the premiere of the show, the business has expanded significantly. Customers and companies are taking notice of them and they are selling more boxes. ootBox has a bright future ahead of them as they continue to assist people in finding peaceful areas where they may work from home. We may yet expect more new announcements from this forward-thinking organization the voyage is far from over.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
