PittMoss founder Mont Hanley has a net worth that could reach $22 million by 2021. After reading an article in Sierra magazine on the dangers of peat moss, he decided to create a peat-moss alternative. With his innovative idea, he sold his first batch within two months.
PittMoss is a Pittsburgh-based company that creates and manufactures eco-friendly potting soil. The company has raised over $1.2 million in venture capital and angel investor investments. Some of its investors include Shark Tank investor Mark Cuban, Blue Tree Allied Angels, and Innovation Works. The company also has a large backlog of orders.
The company first came up with the idea for environmentally-friendly potting soils in 1994. However, it took until 2012 to begin the proof-of-concept phase. Three years later, Mark Cuban invested in the startup. PittMoss has a long way to go to rival Scott’s Miracle-Gro, so it is not yet worth investing your money in the company.
PitMoss has a potential to become the top contender in the field. Founded in 1994, the company uses recycled paper to make potting soil. The founder spent 20 years perfecting its formula before pitching it to Shark Tank in 2014. The Sharks liked the idea so much that he is now working on expanding his business globally. It is estimated that 73% of the entrepreneurs who pitch on Shark Tank did not get a deal.
Initially, PittMoss sold its products only to commercial growers. However, it has since expanded into retail sales. Its innovative product is 20% cheaper than peat moss and free of pollutants. The company also sells its products to commercial greenhouses. The company is now worth $2.4 million. This company will need to increase sales by a million dollars annually to achieve its goal. This is a good start but the company will need to make the profits first before it can make any exits.
Since the product is made from recycled materials, it is an environmentally friendly and sustainable alternative to peat moss. It is widely available at home improvement stores, garden centers, and online. While peat moss is harvested using water extraction methods, these are not environmentally friendly. The product is made from recycled cellulose fibers, keeping materials out of landfills.
The cost of Pittmoss is significantly cheaper than peat moss, and it retains moisture much longer than standard peat moss. The company says this saves farmers money by not needing to irrigate their crops as frequently. Since the business is only one year old, Mont has already sold his first batch of Pittmoss. Mont quit his day job and cashed out his 401Ks to start the company.
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