Eco Nuts is a company that produces and sells natural laundry detergent made from soap berries. The company was founded in 2009 by Mona Weiss and Scott Shields, who appeared on Shark Tank in 2012 but did not get a deal.
Eco Nuts claims to offer an eco-friendly, economical and hypoallergenic alternative to conventional detergents. But how much is the company worth? In this post, you will get all the information related to the income.
How Much is Eco Nuts’ Net Worth?
The price that someone would be ready to pay for a firm or its value, is the last aspect that establishes its net worth. Depending on the market and industry, a multiple of the company’s sales or profit is often used for valuation.
Although the firm doesn’t reveal its worth, several outlets have estimated that Eco Nuts’ net worth varied from $1.16 million to $1.3 million in 2021, depending upon the data quality and the method of appraisal.
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Eco Nuts Revenues & Sales
Eco Nuts offers its goods online and in more than 3,000 retailers in the US, Canada and Australia, according to the company’s website. The firm sells a range of goods including dryer balls, liquid detergent, soap nuts, stain removers and items for infant care.
The pricing varies based on the goods and size from $4.99 to $34.99. Although the corporation does not provide its yearly sales or revenue numbers. Eco Nuts’ yearly sales were expected to reach $1 million by 2021.
In 2012, the company’s debut on Shark Tank, another source pegged its revenues at $500,000. With a 10% annual growth rate, the company’s revenues would be around $1.3 million.
Expenses & Profits of Eco Nuts
Among the expenses that Eco Nuts must cover are those for raw ingredients, packaging, shipping, marketing, payroll, taxes and legal counsel. Although the business does not provide its costs or earnings. It is assumed that the business had a 50% gross margin or that it generated $0.50 for every $1 in sales.
Eco Nuts’ gross profit was estimated to be around $650,000 (50% of $1.3 million), while its net profit was approximately $130,000 (10% of $1.3 million).
Eco Nuts Shark Tank Journey
In 2012, Mona Weiss and Scott Shields, the founders made an appearance on Shark Tank, however none of the sharks offered them a deal. Their package, marketing and valuation failed to satisfy the sharks and they ended up asking for $175,000 for 15% stock instead. The founders also made some mistakes in their pitch such as misrepresenting their market share and insulting one of the sharks.
Is Eco Nuts Still Doing Business?
Nevertheless, it is also evident from the search results that Eco Nuts is no longer operational. The owners of Eco Nuts said in March 2022 that they would be closing and that orders would not be taken after that. The firm is closed as of June 2022 and its founders have stopped working altogether. Despite this setback, Eco Nuts continued to grow and reached $1 million in sales in 2021.
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