Cabinet Health Shark Tank Net Worth

Cabinet Health is a company founded by Achal Patel and Russ Gong, which appeared on episode 11 of season 14 of Shark Tank. They aim to reduce plastic waste in the healthcare industry by replacing single-use plastic medicine bottles with eco-friendly alternatives.

The product they presented on Shark Tank is the world’s first and only sustainable and refillable medicine system. The Cabinet Health system includes refillable, reusable, and shatter-proof glass bottles. These bottles are designed to keep medicines fresh and safe.

Users can easily refill the bottles with their prescribed medications, eliminating the need for single-use plastic bottles. The bottles are also designed to be durable, ensuring they can withstand everyday use.

Cabinet Health’s product is known for its eco-friendliness. The company uses refillable glass bottles to significantly reduce the plastic waste from medicine packaging. This makes it an excellent choice for individuals conscious of their environmental impact.

Additionally, Cabinet Health’s product has been certified by B Corporations, highlighting its commitment to social and environmental responsibility. The company has also been recognized as one of the 10 most innovative companies in the social good category by Fast Company magazine.

Cabinet Health’s sustainable medicine storage system helps individuals reduce plastic waste in the healthcare industry. The company’s successful funding and partnerships reflect its drive and determination to solve this global problem.

With its products available for purchase on its website and through online retailers like Amazon and Grove Collaborative, Cabinet Health is poised for growth in the coming years.

Cabinet Health offers a sustainable and refillable medicine system that replaces single-use plastic bottles. Its features include refillable glass bottles that keep medicines fresh and safe while significantly reducing plastic waste.

The company’s commitment to social and environmental responsibility, along with its successful funding and partnerships, make it a compelling choice for individuals looking to positively impact the environment.

Company NameCabinet Health
FounderAchal Patel and Russ Gong
ProductPlastic-free packaging for healthcare products
Investment Seeking$500,000 for 2.5% equity
Final Deal Accepted$500,000 for 7% equity + 2% Royalty
Shark NameTony Xu and Kevin O’Leary
EpisodeSeason 14, Episode 11
Business StatusIn Business
WebsiteVisit Website
Net Worth$20 million

What Is Cabinet Health?

Cabinet Health is a sustainable healthcare provider that aims to eliminate single-use plastic from medical products, starting with over-the-counter medications.

Cabinet Health offers a medicine system that replaces traditional plastic bottles with refill pouches made of earth-digestible materials. These pouches are 100% biodegradable and keep the medicine fresh and safe.

Cabinet Health Shark Tank Net Worth

The medication’s information, such as the pharmaceutical name, ingredients, dose, and expiration date, is listed on magnetic labels made of recyclable materials. These labels also have a QR code that allows users to easily order refills by scanning the code.

Cabinet Health’s glass bottles are shatterproof, stackable, and reusable, making them ideal for organizing a medicine cabinet. Consumers can save one pound of plastic waste a year using Cabinet Health’s system, adding up to hundreds of pounds over time.

The company aims to replace single-use pharmaceutical plastic with sustainable and high-quality alternatives in every medicine cabinet, pharmacy, and retail shelf.

Cabinet Health also focuses on reducing its carbon footprint, water waste, and material waste in its goods and activities. As a B-Corp-certified company, they prioritize environmental sustainability and strive to make healthcare more eco-friendly.

Cabinet Health offers starter or customized bundles for conditions such as allergies, discomfort, digestive difficulties, sleep and stress, and colds and flu on its website. The medications are currently filled at their partner pharmacy, HealthHavenRx, and are available in 49 out of 50 US states.

Cabinet Health has significantly progressed in reducing plastic waste since its inception in January 2020. They have diverted 2000 pounds of plastic and aim to reach 3000 pounds by 2023.

The company has received funding of $23.6 million from various investors and was recognized as one of the ten most innovative businesses of 2022 in the social good category by Fast Company.

Who Is The Founder Of Cabinet Health?

The founders of Cabinet Health are Achal Patel and Russell Gong. Achal has a degree in foreign affairs and pre-health and grew up around the over-the-counter (OTC) medicine business. His grandfather established an acetaminophen factory in India during the 1960s.

On the other hand, Russell has a degree from the MIT Sloan School of Management and served as an infantry officer in the U.S. Army for seven years.

The idea for creating Cabinet Health came from combining their experiences in medicine and sustainable product development. They were passionate about reducing plastic waste and addressing broader climate change issues.

Achal and Russell assembled a team of experts known as “Cabbies,” who shared their commitment to the environment and the fight against plastic waste.

Before appearing on Shark Tank, Cabinet Health went through an extensive process of design iterations, factory visits, and pharmacy visits. The founders invested their life savings to develop version 1.0 of the sustainable and refillable medicine system.

They aimed to provide consumers and enterprises with plastic-free packaging for everyday medicines while offering high-quality products based on scientific advancements.

The Cabinet Medicine System they created features reusable glass bottles that are shatter-proof and stackable, ensuring an organized medicine cabinet. The child-resistant caps are color-coded for convenience and can hold magnetic labels.

These labels are made from 100% recyclable materials and contain essential information such as medicine name, ingredients, dosage, brand name equivalent, indications, instructions, warnings, and expiration date.

The labels also have QR codes that allow users to order refills or access more detailed information about the medicine.

Cabinet Health introduced refill pouches made from compostable materials to ensure the medicine remains fresh and safe. These pouches are made from wood cellulose and bio sealants, making them earth-digestible.

Users can simply empty the pills from the pouch into the glass bottle and attach the magnetic label to the lid.

Cabinet Health’s vision is to eliminate single-use plastic from medicine packaging and replace it with sustainable, high-quality, affordable alternatives. They strive to help customers reduce their plastic consumption and minimize their carbon footprint.

Before appearing on Shark Tank, Cabinet Health had already gained recognition for its technology, leadership, and design innovation. Fast Company named them one of the 10 most innovative companies of 2022 in the social good category.

How Was The Shark Tank Pitch Of Cabinet Health?

Cabinet Health is a company Russell Gong and Achal Patel pitched on Shark Tank Season 14, which aims to make everyday medicines more accessible and deliver them sustainably. They were seeking $500,000 for 2.5% equity in their company.

Cabinet Health Shark Tank Net Worth

The sharks were initially concerned about the small equity amount being offered. However, Cabinet Health’s refillable pouches and medicine containers, which can organize various medicines, impressed them. The company had already gained traction with over 700,000 customers.

When Kevin O’Leary expressed his concerns about the $20 million valuation, Russell and Achal explained that Cabinet Health had grossed over $14 million in revenue during the 2022 calendar year and claimed to be profitable per unit. They also projected profitability by the third quarter of 2023.

Barbara Corcoran, Mark Cuban, and Lori Greiner were uninterested and dropped out. However, Kevin O’Leary and guest shark Tony Xu were intrigued. The founders asked if Kevin and Tony would be willing to team up, and they agreed.

After negotiations, Kevin and Tony made a deal with Cabinet Health for $500,000 in exchange for 7% equity and 2% royalty until the sharks received $1 million in return.

Here is a table summarizing the Shark’s names, the initial investment they offered, the counteroffer by the founders, and the final deal accepted by the founders:

Shark’s NameInvestment OfferedCounter Offer by FoundersFinal Deal Accepted by Founders
Kevin O’Leary & Tony Xu$500,0007% equity + 2% RoyaltyYes

Since their appearance on Shark Tank, Cabinet Health has received significant media attention and attracted new customers. Although overall profitability is expected to be achieved in late 2023, the involvement of Kevin and Tony is expected to help the company exceed expectations in the coming years.

Cabinet Health’s Shark Tank pitch resulted in successful deals with Kevin O’Leary & Tony Xu.

Did Cabinet Health Get a Deal on Shark Tank?

Yes, Cabinet Health secured a deal on Shark Tank. Cabinet Health appeared on Shark Tank in Season 14, Episode 11, which aired on January 13, 2023.

During their pitch, the founders, Achal Patel, and Russ Gong, presented Cabinet Health as the world’s first compostable and refillable medicine packaging system. They sought a $500,000 investment for a 2.5% equity stake at a $20 million valuation.

After negotiations, Tony Xu and Kevin O’Leary offered $500,000 for a 7% equity stake plus a 2% royalty. Achal asked Tony, Kevin, and Lori Greiner to team up, but Lori declined due to the high valuation. Ultimately, Cabinet Health accepted the deal with Tony Xu and Kevin O’Leary.

Since its appearance on Shark Tank, Cabinet Health has continued its mission to reduce single-use plastic in the medicine industry. They have expanded their product offerings and partnered with various organizations.

In August 2022, they launched a successful crowdfunding campaign on the Republic platform, raising $217,640. Cabinet Health is still in business, with an estimated worth of $7.1 million.

The company has received significant funding, raising $23.6 million by June 2023. They have seen steady growth, with annual revenues reaching $25 million. Cabinet Health’s sustainable packaged medicines have also been rolled out in approximately 700 CVS stores across the United States.

Cabinet Health’s appearance on Shark Tank allowed them to secure investment and gain exposure for their innovative approach to sustainable medicine packaging.

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What Happened To Cabinet Health After Shark Tank?

Cabinet Health, a healthcare company focused on providing plastic-free packaging for daily medications, made a significant impact after appearing on Season 14 of Shark Tank. Founders Russell Gong and Achal Patel sought a $500,000 investment for a 2.5% equity stake in their company, aiming to reduce single-use plastics in the pharmaceutical industry.

They impressed Kevin O’Leary and Tony Xu during their pitch, who eventually offered $500,000 for 7% equity and a 2% royalty. This deal valued Cabinet Health at $7,142,857. The investment and exposure from Shark Tank propelled the company forward in its mission to revolutionize pharmaceutical packaging.

Cabinet Health Shark Tank Net Worth

Cabinet Health’s sustainable approach involves creating compostable medicine packaging to minimize plastic waste. Their online pharmacy platform offers a variety of eco-friendly medications.

With increased funding and expertise from their new partners, the company continues to work towards a greener future for the healthcare industry.

Following their appearance on Shark Tank, Cabinet Health experienced remarkable growth. They attracted over 700,000 customers and generated $14 million in revenue. The company’s commitment to sustainability and research and development has positioned it as a leader in the industry.

Cabinet Health formed strategic partnerships with organizations like Doordash, HealthHavenRx, and B Corporations. These collaborations expanded their customer base and global presence. They also gained recognition from the Global Impact Fund for their positive social and environmental impact.

Media coverage from reputable sources such as Fast Company and The Cinemaholic increased awareness of Cabinet Health’s innovative solutions. The company’s dedication to sustainability and eco-conscious practices has resonated with consumers and investors alike.

Looking ahead, Cabinet Health continues to focus on innovation and sustainability. They aim to expand their product range and adhere to FDA regulations while providing recyclable, plastic-free packaging. Collaborations with like-minded partners and maintaining an informative online presence are integral to their growth strategy.

Cabinet Health’s appearance on Shark Tank propelled its mission forward, resulting in significant growth, partnerships, media recognition, and a promising future in the fight against climate change.

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Cabinet Health Shark Tank Update

After appearing on Shark Tank in January 2023, Cabinet Health, a healthcare company providing plastic-free packaging for medications, experienced some notable developments in its business.

Following their pitch on the show, Cabinet Health received positive feedback from the DoorDash CEOs, Tony Xu and Kevin O’Leary, who praised the company’s efforts in solving the plastic problem in the medicine industry.

In August 2022, after the Shark Tank episode aired, Cabinet Health launched a crowd-safe campaign on the Republic platform and raised $217,640. This demonstrated public support for their eco-friendly packaging solutions.

By May 2023, Cabinet Health successfully rolled out its sustainable packaged medicines in approximately 700 CVS stores across the United States. This expansion allowed more consumers to access their plastic-free medication options.

Cabinet Health offers 14 different SKUs (stock-keeping units) of medications, including Allergy Relief and Pain Relief. This diversification of their product line aimed to cater to a broader range of customer needs.

Cabinet Health Shark Tank Net Worth

Regarding financial performance, Cabinet Health reported an estimated annual revenue of $25 million. The company received a significant investment of $17 million in December 2022, bringing its total funding to $23.6 million by June 2023.

Although the Shark Tank investors expressed concerns about valuation and profitability during the pitch, Cabinet Health’s ongoing success demonstrates the viability and demand for their plastic-free medicine packaging solution.

Cabinet Health continues to operate as an active business, striving to reduce plastic waste in the pharmaceutical industry and gaining recognition from media outlets such as Business Insider, Crain’s New York Business, and Axios.

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Is Cabinet Health Still In Business?

Yes, Cabinet Health is still in business. Cabinet Health is a healthcare company that provides plastic-free packaging for medicines. They offer non-controlled, oral-dose prescription medications with sustainable packaging.

The company was founded in 2018 by Achal Patel and Russ Gong. They aim to solve the single-use plastic problem in the pharmaceutical industry by creating plastic-free medicine cabinets. Cabinet Health has partnered with HealthHavenRx to fulfill prescriptions using their sustainable pouches.

The company has received funding and raised $23.6 million from investors. They have also been featured in various media outlets. Cabinet Health is headquartered in New York City, employs 5 to 20 people, and continues to operate in the healthcare industry.

What Is the Net Worth Of Cabinet Health?

Our research shows Cabinet Health’s net worth is estimated at $20 million. Cabinet Health was valued at $7.15 million after securing an investment from Tony Xu and Kevin O’Leary on season 14 of Shark Tank.

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