GreenBox is a pizza packaging box that made its mark on Season 6 of Shark Tank and revolutionized the packaging industry with a particular focus on pizza boxes.
GreenBox is an ingenious product devised with sustainability and user convenience in mind, redefining how we utilize and dispose of our pizza boxes.
GreenBox’s main feature is its multifunctional design. The top lid of the box can be broken down into four individual, sturdy plates, eliminating the need for extra dishes or the use of plastic disposables, which are environmentally detrimental.
Conversely, the lower half of the box can be folded into a compact, closable container. This unique design makes storing leftover pizza in your refrigerator much more streamlined.
Rather than taking up excess space with a full-sized pizza box, you are left with a smaller, convenient package. This feature not only reduces waste but also saves valuable refrigerator space.
Made from 100% recycled material, GreenBox exemplifies an eco-friendly approach. Using recycled cardboard lessens the need for deforestation associated with creating standard cardboard.
In addition, the box’s design mitigates waste since it eliminates the need for extra plates and storage containers.
GreenBox is not merely a pizza box; it’s an efficient solution to everyday problems posed by typical pizza boxes.
It simplifies the dining and storing process and leads toward a greener planet by reducing waste, promoting recycling, and mitigating the harmful environmental impacts of deforestation and single-use plastics.
GreenBox is the ideal choice for environmentally-conscious consumers who value convenience and sustainability.
|Entrepreneur||Ned Kensing And Jennifer Wright-Laracy|
|Product||Eco-Friendly Pizza Boxes That Convert Into Storage Units|
|Investment Asking For||$300,000 For 10% equity in GreenBox|
|Final Deal||$300,000 For 10% equity in GreenBox. With $300,000 To Be Repaid|
|GreenBox Episode||Season 5, Episode 27|
|GreenBox Business Status||Acquired|
|GreenBox Website||Visit Website|
|GreenBox Net Worth||$0|
What Is GreenBox?
GreenBox is a company that provides sustainable packaging solutions. They offer a range of eco-friendly packaging products made from recycled or alternative materials with a lower environmental impact.
GreenBox aims to help businesses reduce their carbon footprint and promote sustainability in the packaging industry.
GreenBox specializes in creating packaging solutions that are both environmentally friendly and cost-effective. They offer a variety of products, including corrugated boxes, paperboard containers, and molded fiber packaging.
Using 100% recycled corrugated cardboard is one of GreenBox’s notable innovations. This environmentally friendly material provides excellent product protection during shipping and handling.
GreenBox also offers custom printing options for branding and marketing purposes. In addition to recycled materials, GreenBox utilizes alternative materials such as molded fiber from renewable resources like bamboo or sugarcane bagasse.
These materials are biodegradable and compostable, further reducing the environmental impact of the packaging. GreenBox is committed to sustainability throughout its entire production process.
They prioritize energy efficiency, waste reduction, and responsible sourcing of materials. Businesses can demonstrate their environmental commitment by choosing GreenBox as a packaging solution.
GreenBox provides businesses with high-quality, sustainable packaging solutions that align with their environmental values while maintaining functionality and affordability.
Who Is The Founder Of GreenBox?
GreenBox was co-founded by Ned Kensing and William Walsh, two individuals with a shared vision for a more sustainable approach to packaging.
Ned Kensing, an experienced environmental scientist, had been deeply involved in sustainable development throughout his career.
He was deeply convinced about creating solutions to tackle the environmental issues caused by excessive packaging waste.
On the other hand, William Walsh, with a background in design and manufacturing, had always been intrigued by how everyday objects can be redesigned for better efficiency and less waste.
The duo joined forces to tackle the problem of wasteful and environmentally detrimental pizza boxes that had been largely overlooked.
The idea for GreenBox came to them while casually dining on pizza. They observed the unnecessary waste generated from using additional plates and the inefficient storage method when dealing with leftovers.
This moment of insight led to the creation of the first GreenBox prototype. They decided to re-engineer the humble pizza box into something functional, efficient, and environmentally friendly, leading to the birth of GreenBox.
Before appearing on Shark Tank, the founders focused on perfecting the GreenBox’s design and ensuring its production would have a minimal environmental impact.
They also started a targeted marketing campaign, mostly focused on local pizzerias and food delivery services in the New York area.
The product was well received by businesses and their customers, garnering attention for its innovation and sustainability. Despite their local success, however, they sought a larger platform to scale their product, which led them to Shark Tank.
By the time they presented GreenBox to the Sharks, they had a proven product and a successful small-scale business model ready to be taken to the national level.
How Was The Shark Tank Pitch Of GreenBox?
GreenBox founders Ned and Jen appeared on Shark Tank in January 2015, seeking an investment of $300,000 in exchange for 10% equity in their business, valuing GreenBox at $3 million.
Despite a nervous start, where Ned struggled to articulate his pitch, the entrepreneurs delivered a compelling presentation. The tension of the initial stumble dissolved into laughter, which ultimately helped to ease the atmosphere.
The presentation then focused on the problems posed by traditional, bulky pizza boxes, with Jen introducing the innovative GreenBox solution.
Ned demonstrated the product’s transformation into plates and a small leftover box, impressing the Sharks with its ease of use and 100% recycled materials.
Inquiring about the business, the Sharks learned about the two-phase plan Jen had devised: proving the product’s concept (which they believed they had achieved) and securing a licensing deal with a major pizza chain.
Jen also revealed that GreenBox had distribution through Whole Foods and several smaller nationwide distributors.
She confirmed that the product was protected by a full utility patent and disclosed that they had sold over ten million units, with 1.7 million sales in the previous year alone.
While the pitch was well-received overall, there were reservations from the Sharks.
Kevin O’Leary, who owns shares in Boston Pizza, brought up the reluctance of major pizza chains to incur added costs unless there were corresponding sales increases.
He felt that promoting the eco-friendliness of GreenBox would require additional advertising expenditure.
Despite these concerns, Kevin agreed to an offer contingent on his ability to negotiate a licensing deal with a major chain, including repaying the investment from the royalty streams.
Lori Greiner and Robert Herjavec also presented a joint offer of $300,000, but they requested a larger equity stake of 30%. They assured Ned and Jen of their commitment to GreenBox, confident in their ability to secure a licensing deal.
However, Barbara Corcoran opted out, expressing disbelief in the product’s concept.
After a brief deliberation, Ned and Jen accepted Kevin’s offer, much to the surprise of the other Sharks. This marked the end of their memorable presentation on Shark Tank, where they successfully pitched their innovative, eco-friendly product, GreenBox, despite the shaky start.
Final Deal: Kevin O’Leary agreed to invest $300,000 at a 10% stake in GreenBox.
Did GreenBox Get a Deal on Shark Tank?
Yes, GreenBox did get a deal on Shark Tank. The founders, Ned Kensing and Jennifer Wright-Laracy appeared on Season 5, Episode 27 of Shark Tank and pitched their innovative pizza box made from 100% recycled and recyclable corrugated cardboard.
They asked for a $300,000 investment in exchange for a 10% equity stake in their company. Kevin O’Leary offered the deal and invested $300,000 for a 10% stake in GreenBox, with a royalty arrangement until the investment was repaid.
What Happened To GreenBox After Shark Tank?
Following their appearance on Shark Tank in 2015, the trajectory of GreenBox continued on an upward path despite the deal with Kevin O’Leary not coming to fruition.
The exposure they gained from the show significantly boosted their brand awareness, leading to steady business growth.
While the team couldn’t secure a licensing deal with any major pizza chains, they did sign a contract with a medium-sized pizza chain in Boston.
Their sales increased substantially by nearly 40% in 2016, which allowed them to ramp up production and secure partnerships with Cumberland Farms, Quiktrip, Whole Foods Market, and other regional chains.
The company reported that at one point, their product was being used in over a thousand locations.
Further publicity was gained when the company was featured on Henry Ford’s Innovation Nation in 2016 and attended several trade shows, emphasizing the box’s environmental benefits and innovative design.
By 2019, GreenBox had become widely recognized and used by pizza chains nationwide, including on-campus pizzerias at colleges like Purdue University.
In a significant development, GreenBox announced in 2020 that Pratt Industries, a leading corrugated packaging company in the United States, had acquired the business.
Despite the acquisition, the GreenBox team maintained they would continue to operate the business from within Pratt Industries.
GreenBox continues to operate and remains widely used by pizza chains nationwide, now under the Pratt Industries umbrella.
They are experiencing technical issues with their website, but the company maintains an active presence on social media platforms like Facebook and Instagram, where interested parties can follow their journey and updates.
Despite the ups and downs, the GreenBox story represents a journey of innovative sustainability in the food packaging industry.
GreenBox Shark Tank Update
After appearing on Shark Tank, the GreenBox pizza box received significant attention and exposure. The product was showcased on major news and daytime talk shows, including The Chew, Fox and Friends, and Rachel Ray. This widespread coverage helped to promote the environmentally friendly and innovative nature of the GreenBox.
The GreenBox received positive reviews and recognition, including being named one of Time Magazine’s “50 Best Inventions 2009.” This endorsement further added to the credibility and desirability of the product.
Following its appearance on Shark Tank, the GreenBox entered a licensing deal with Whole Foods. This partnership allowed the GreenBox to be carried in half the Whole Foods stores nationwide.
The convenience factor of the GreenBox, combined with its eco-friendly design, made it a suitable fit for the pizza delivery industry.
While specific details about the negotiations on Shark Tank and subsequent business developments are not provided in the given information, it can be inferred that GreenBox’s appearance on the show helped to boost its visibility and secure important partnerships.
Is GreenBox Still In Business?
Our research shows that GreenBox is still in business. Since being acquired by Pratt Industries in 2020, GreenBox has continued to thrive under new ownership. The company’s pizza boxes, which can transform into plates and smaller containers for leftovers, are still being used by pizzerias of all sizes across the United States.
The recycled containers have also found a place in national chains like The Cheesecake Factory. GreenBox products are now available on international retail sites like Amazon and Webstaurant Store.
While details about the company’s current value are unavailable, the brand’s presence and positive user reviews indicate its ongoing success.
Ned Kensing, one of the co-founders, still appears to be Vice President of Sales for GreenBox.
The acquisition by Pratt Industries has helped boost GreenBox’s profile and ensured its continued growth in the pizza packaging industry.
What Is the Net Worth of GreenBox?
According to our research, the net worth of GreenBox has been unavailable since the company was acquired. The valuation of GreenBox was $3 million after securing an investment from Kevin O’Leary on Shark Tank.
Also, read about other businesses that appeared on Season 6 of Shark Tank:
- Lumi Shark Tank Update | Lumi Net Worth
- Scholly Shark Tank Update | Scholly Net Worth
- Zoom Interiors Shark Tank Update | Zoom Interiors Net Worth
- PullyPalz Shark Tank Update | PullyPalz Net Worth
- BrandYourself Shark Tank Update | BrandYourself Net Worth
- Melni Connectors Shark Tank Update | Melni Connectors Net Worth