Highlights
- Ned Kensing and Jennifer Wright-Laracy pitch GreenBox, a 100% recycled pizza box that doubles as plates and a storage container, seeking $300,000 for 10% equity.
- Despite initial pitch challenges, they secure a deal with Kevin O’Leary for $300,000 in exchange for 10% equity, contingent on securing a major pizza chain deal. However, the deal did not close.
- In April 2020, GreenBox was acquired by Pratt Industries, the 5th largest corrugated packaging company in the USA, allowing the business to continue growing under new ownership.
Overview
| Category | Details |
|---|---|
| Name | GreenBox |
| Founders | Ned Kensing and Jennifer Wright-Laracy |
| Industry | Packaging, Eco-Friendly Products |
| Product | Multi-Tasking Pizza Box |
| Funding | Secured $300,000 offer from Kevin O’Leary for 10% equity (deal did not close) |
| Investment Ask | $300,000 |
| Equity Offered | 10% |
| Valuation | $3 million |
Ned Kensing and Jennifer Wright-Laracy want the Sharks to invest in GreenBox, a 100% recycled, “multi-tasking” pizza box, in episode 620. GreenBox is unlike any other pizza boxes on the market: it holds your pizza, breaks down into plates, and transforms into a storage container. With its multiple uses, GreenBox re-purposes itself, saving energy used to do dishes by eliminating the need for plates and Tupperware.
The GreenBox was actually invented by William Walsh, a best friend of both Ned and Jen, during his college years. He lived in a house with a bunch of football players, and they never had clean dishes – so he began tearing the box into plates. It wasn’t until years later that the three of them formed the company now known as “GreenBox” (previously ‘Ecovention’) and patented the product. GreenBox inventor William Walsh tragically passed away in November of 2011.
Out of the Box
The three came up with the idea to market the product in 2009 as Jennifer was completing Columbia Business School’s Executive MBA program. There weren’t many Wall Street jobs available at the time, so she – along with Ned and William – decided to manufacture and market GreenBox. The idea gained instant kudos from a variety of sources: it was voted one of the top 50 inventions of 2009 and The New York Daily News called it “the Swiss Army Knife of Pizza Boxes!”
The idea of selling packaging as a business is a first in the Shark Tank. GreenBox’s main business is wholesaling product to the pizza shop industry, but they are available direct to consumers in Whole Foods stores just about everywhere.
GreenBox was, until rolling out in Whole Foods, a New York city company. With a Shark’s money and business savvy, they’re looking to bring the GreenBox to every pizza shop in the USA and beyond. Will this business net a Shark?
GreenBox Shark Tank Recap
Ned and Jennifer enter seeking $300K for 10% of the business. Ned stammers and stumbles at the outset of the pitch, so does Jen. They start over and then tell the story of GreenBox. Ned demos the product as Jen explains it, the Sharks “ooh and ah.”
Ned hands out pizza on the torn plates. Robert asks who they’ll sell it to. Jen says they wanted to prove the concept and move to a licensing model. They reveal they’ve sold over 20 million pizza boxes through wholesale and licensing channels. The GreenBox would cost fractions of a cent over regular boxes. Kevin thinks it won’t help sell more pizza.
Mark thinks even fractions of a cent would increase costs too much; he’s out. Kevin offers $300K for 10% contingent on doing a deal with one of the major pizza chains. Lori and Robert offer $300K for 30% contingent on licensing with a large pizza company; they’re confident they’ll get a deal. Barbara doesn’t believe in the product enough, she’s out.
Ned and Jen confer and decide to take Kevin’s offer!
RESULT: DEAL for $300K for 10% with Kevin.
GreenBox Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The company never closed the deal with Kevin. They continued to operate their business, growing strategically. In April, 2020, the company was acquired by Pratt, the 5th largest corrugated cardboard manufacturer in the USA. This statement appeared on their Facebook page:
It’s time to let some big news “out of the box”…
The GreenBox business has been acquired! 🎉
We kicked off 2020 with an exciting announcement! The GreenBox business has been acquired by Pratt Industries, the 5th largest Corrugated Packaging Company in the USA (and the world’s largest, privately-held 100% recycled paper and packaging company). Jump for joy with us! 🙌🏻
The best part: Pratt has been our manufacturing partner for the last decade, so there is no better home for the #GreenBox brand. This acquisition will allow the GreenBox business we’ve built to flourish — and that’s all we could ever ask for. ☺️What about us? Not to worry. The GreenBox crew isn’t going anywhere. Jennifer Wright & Lexi Fanning have joined Pratt, and they’ll be manning the GreenBox business in-house at Pratt Industries. Talk about being in good hands. 💚
Questions? Comments? Congratulations? Send us a message! We’re pumped about this new partnership and can’t wait to bring Pratt’s capabilities to the GreenBox brand.
-The GreenBox Team
Posts About GreenBox on Shark Tank Blog
Company Information
Video
land that shark ned!
Already have these boxes in Middle East Pizza Hut.
Middles East Pizza Hut boxes ARE their creation. They have since developed other types of Green Boxes. Awesome, much needed product!