Overview
PittMoss is a sustainable and eco-friendly alternative to peat moss, which is commonly used in potting soils and seed-starting mediums.
The founder, Mont Handley, developed PittMoss as a solution to the environmental harm caused by harvesting peat moss from wetlands.
PittMoss is made mostly from recycled paper and other organic materials, making it a low-cost, green product.
Shark Tank Appearance
In 2015, Mont Handley appeared on season six of Shark Tank, seeking a $600,000 investment for 25% equity in his company.
Although the Sharks were initially drawn to the eco-friendly product, they found some issues with the business strategy and the high valuation for a startup with only $22,000 in sales.
Kevin O’Leary offered $600,000 for 40%, but he invited Robert Herjavec and Mark Cuban to share the deal. After some negotiation, the three investors made a deal for $600,000 for 35%.
After Shark Tank
After the Shark Tank episode aired, PittMoss encountered some manufacturing issues.
Founder Mont Handley stepped down as CEO in 2016 and was replaced by Brian Scott, but he still has a seat on the board.
The company raised an additional $1.2 million in funding from Innovation Works, Blue Tree Allied Angels, and Idea Foundry. With this funding, the startup finally fulfilled its potential and generated a lot of orders through its website, PittMoss.com.
The product is now available on Amazon, where it has a 4.2-star rating from 21 users.
Today, PittMoss is planning to expand globally to boost its $3 million annual revenue and is worth an estimated $4.5 million.
Mont Handley’s Background
Mont Handley, the founder of PittMoss, is a resident of Chicago, Illinois.
He served in the United States Army as a clerk and military policeman before pursuing a bachelor’s degree in history at Purdue University.
He gained experience in the nursery industry and later worked as the Director of Planning and Environmental Services for Portage, Indiana.
Mont also worked as a senior sales manager at the South Shore Convention and Visitors Authority and was later hired as the national sales director of the travel arrangements company VisitPITTSBURGH.
Founding PittMoss
Mont Handley first had the idea of a peat moss alternative in 1994 while working at a local nursery. He became aware of the harm caused by conventional peat moss to the environment and set out to find a solution.
In 2011, he developed PittMoss, which uses recycled paper and other organic materials to create a sustainable and low-cost alternative to peat moss.
After shipping out the first batch, Mont saw the potential in his invention and quit his job to focus on the business full-time.
Lessons From PittMoss’ Success
Based on the Shark Tank episode about PitMoss, here are three practical tips for aspiring young entrepreneurs:
1. Identify and solve a real problem
PitMoss addresses a significant environmental issue by creating a sustainable alternative to traditional peat moss. Entrepreneurs should focus on developing products that solve real problems, as this can attract customers and investors who are passionate about the cause.
2. Demonstrate market validation
Show that there is demand for your product through sales figures, customer testimonials, or market research. PittMoss highlighted their sales and market traction, which helped build credibility and interest from the Sharks.
3. Be transparent about finances
Clearly communicate your financial situation, including sales, costs, margins, and needs.
The PitMoss team provided detailed financial information, helping the Sharks understand the business’s current state and future potential, which is crucial for securing investment.
You might also like: