Kasey Gandham and Mike Shannon were two businesspeople who developed a product to assist students. They observed the high cost of textbooks for students. Numerous students invested approximately $1200 annually solely on textbooks. The textbooks were required for just a brief period. They considered a method to simplify and reduce costs. They launched a service for lending digital textbooks.
This service enabled students to borrow books for a minimal charge. Students had the option to select the book they required. Once the payment is completed the book will be accessible immediately. This service assisted students in saving money. The name of the company was PackBack Books. They appeared on Shark Tank to seek funding.
They sought $200,000 for 10% ownership of their business. Will the entrepreneur get a deal on Shark Tank? Check out the Kodiak Cakes update to find out!
Packback Net Worth Shark Tank Update 2025
Kasey Gandham and Mike Shields went on Shark Tank asking for $250,000 for 20 % of their company. This meant they thought their business was worth $1,250,000. They made a deal with Mark Cuban for $250,000 for 20 %, keeping the valuation the same. The episode was aired on April 4, 2014. The company evolved into an AI-based study and writing platform used by universities. Using the viral/heavy-traction method, the current net worth of PackBack is estimated to be around $30–35 million in 2025.
After appearing on Shark Tank the company got a deal. Mark Cuban agreed to invest $250,000 in exchange for 20% of the business. This was a bit more than Kasey and Mike had asked for but they accepted the deal. After Shark Tank the company continued to grow. In 2018 the company raised $4.2 million in funding. By 2019 PackBack had over $10 million in funding.
They also reached over 200 universities. They had more than half a million students using their service. The company changed its name and dropped “Books” from it. Now they are called PackBack. They started offering more than just textbooks. They added AI-powered software for college classrooms. This helped students and teachers in a new way. PackBack is still growing and offering new services.
Yes PackBack did get a deal on Shark Tank. Kasey and Mike asked for $200,000 in exchange for 10% of their company. Mark Cuban was interested in their idea. He liked the concept but thought the equity was too low. Kasey and Mike raised their offer to 17.5%. Mark still felt the company was worth more. He countered with an offer of $250,000 for 20% equity.
Kasey and Mike agreed to this deal. They walked away with the investment they needed to grow their business. Mark Cuban’s experience and belief in the idea helped them a lot.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | $250,000 for 20% equity | N/A | Yes |
Packback Shark Tank pitch
Kasey Gandham and Mike Shannon developed the concept for PackBack while they were attending school. They both noticed the high cost of textbooks. They realized that students were paying excessive amounts for books that they required for just a brief period. They also understood that students frequently purchased secondhand textbooks. These books were less expensive but not consistently in stock.
They believed there must be a superior method. They chose to establish a service that would allow students to rent digital textbooks. The concept was straightforward. Students would pay for the books only when they required them. This cost less than purchasing or leasing them for an entire semester. The two founders began developing the concept in 2012. They encountered numerous obstacles.
A major issue was securing the support of publishers. Publishers were accustomed to selling physical books or leasing them for an entire semester. Convincing them required a considerable amount of time. However, Kasey and Mike refused to quit. They understood that the students required their assistance. They continued to work diligently and develop their platform. In the en,d their efforts were rewarded.
When Kasey and Mike first appeared on Shark Tank they had a simple and clear pitch. They wanted $200,000 in exchange for 10% of their company. They explained that students were paying too much money for textbooks. Their solution was a digital textbook lending service. They showed the Sharks how their platform worked. Students could rent books for a small fee.
The books would be available to read instantly after payment. Kasey and Mike had already done some testing and found that students only needed to rent each book four times. This made their service affordable. They also mentioned that they were working with a big textbook publisher. The goal was to get all major publishers to join their platform. This would make the service even more useful for students.
They also mentioned that publishers took 75% of the revenue. This was a big challenge. But they knew it was necessary to get the publishers on board. The business model was clear. The idea was strong. They just needed help to grow their platform.
The Sharks found the concept intriguing but had numerous inquiries. Daymond John was the initial Shark to pose inquiries. He wished to learn additional details about the company and the product. He inquired about the rivalry. He was also interested in finding out how many students were utilizing the platform. Kasey and Mike indicated that they were still in the initial phases. They were concentrating on attracting additional students and publishers.
They possessed a reliable strategy but required more time. Barbara Corcoran feared that the business might not expand quickly enough. She believed the model was promising but it could be a bit premature. She was uncertain whether students would utilize the service wisely. Kevin O’Leary was worried about how long it would take to get all the publishers involved. He believed it could require too much time to attract sufficient students.
Robert Herjavec was eliminated as well. He did not share the same vision for the business. He believed it may not succeed over time. Every Shark except Mark Cuban exited.
Mark Cuban was the only Shark who stayed. He liked the idea and thought it was smart. He also had experience in the industry. He knew that the textbook market was huge and that PackBack had the potential to succeed. But he thought the equity offer wasn’t enough. He wanted a bigger stake in the company. Kasey and Mike countered his offer. They asked for 17.5% instead of 10%. Mark still wasn’t satisfied.
He wanted to protect his investment and made a new offer. He offered $250,000 for 20% of the business. Kasey and Mike thought about it. They agreed to the deal. They accepted Mark’s offer. The final deal was set.
What Went Wrong With Packback On Shark Tank?
The main difficulty for PackBack was attracting publishers to the platform. The textbook sector was gradually adapted. Publishers were accustomed to selling physical books or leasing them for an entire semester. They preferred not to alter their model immediately. This made it difficult for Kasey and Mike to grow the business rapidly. The Sharks were equally worried about the duration needed to onboard additional publishers.
They wished for the company to expand more quickly. That was the reason the other Sharks chose not to invest. They believed it would take too much time to achieve profits. Despite these obstacles, Mark Cuban had faith in the concept. He recognized the opportunity and chose to invest.
Product Availability
PackBack Books is an online platform where students can rent digital textbooks. The service is simple to use. Students log into the website. They select the book they need. They make the payment and get instant access to the book. PackBack is available to students across the United States. The service works with many universities. The platform offers textbooks for a wide range of courses.
The pricing is affordable. Students only pay for the time they need the book. This makes it cheaper than buying or renting books for a full semester. PackBack also offers AI-powered software for classrooms. This software helps students and teachers in new ways. The service continues to grow and improve.
Conclusion
PackBack Books started as a simple idea to help students save money on textbooks. The company faced many challenges but never gave up. After appearing on Shark Tank the company grew and raised millions of dollars. They expanded their services and added AI-powered tools for classrooms. The company is still growing and helping students save money.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
