Storage Scholars Shark Tank Net Worth

Storage Scholars is a storage solution company that appeared on episode 04 of season 14 of Shark Tank. Sam Chason and Matt Gronberg founded the company after they recognized the challenges college students face during semester breaks, particularly those living in dormitories.

The company offers various convenient services to cater to the needs of college students. One of the main services provided by Storage Scholars is packing. 

They ensure that students’ belongings are properly packed using boxes of different sizes and provide the necessary packing materials. They even help with organizing the contents to ensure a smooth move.

In addition to packing, Storage Scholars handles the moving process, including pickup, delivery, and shipping. They coordinate the logistics, whether the student’s items need to be transported locally or shipped long distances, ensuring safe and timely pickup and delivery.

For students who require storage solutions, Storage Scholars offers flexible and affordable storage services. Students can rent storage spaces of various sizes according to their needs. 

The company’s website makes it easy for students to set up and manage their storage plans, with options to extend the rental period if needed.

What sets Storage Scholars apart is their focus on providing a friendly and reliable service tailored specifically for college students. They aim to simplify the moving and storage process, making it as seamless and straightforward as possible for students. 

By offering a range of convenient services – from packing and moving to storage solutions – Storage Scholars ensures a stress-free experience for students facing storage challenges.

Storage Scholars is an excellent choice for college students because it addresses their specific needs and provides a comprehensive solution for managing their belongings during semester breaks. 

Students can focus on their academic journeys without having to worry about storage problems thanks to the company’s efficient packing, moving, and storage services.

What Is Storage Scholars?

Storage Scholars is a company that provides packaging and storage solutions specifically tailored for college students. Storage Scholars aims to alleviate the common problem faced by students when it comes to packing and transporting their belongings during transitions between home, hostel, and campus.

The company offers a convenient and hassle-free service to students by packaging their items in boxes and delivering them to the designated location. Students can sign up on the Storage Scholars website, specify what needs to be stored, and request the necessary boxes. After packing their belongings, students can schedule a pickup time.

Storage Scholars Shark Tank Net Worth

Storage Scholars charges a monthly fee of $17 for storing the box, with a minimum storage period of 4 months. Additionally, the company provides shipping services for those who need their boxes shipped to a different location, with shipping costs and additional fees.

In addition to regular student items, Storage Scholars also offers storage solutions for luggage, plastic bins, furniture, couches, bedroom essentials, shelves, and miscellaneous items. Pricing for these additional storage options varies.

Since its inception, Storage Scholars has partnered with numerous campuses across the United States, including notable institutions such as Elon University, High Point University, and Washington and Lee.

Who Is The Founder Of Storage Scholars?

The founders of Storage Scholars are Sam Chason and Matt Gronberg. Sam Chason, the CEO of Storage Scholars, started the company during his freshman year at Wake Forest University in 2016.

He noticed a need on campus for storage solutions, particularly for students who lived internationally or out of state and struggled with what to do with their belongings over the summer. This sparked the idea for Storage Scholars.

Sam wasted no time and began building the company from his dorm room while still being a college student. In the first year, he had 64 customers and managed all aspects of the business, from accepting box deliveries to handling logistics.

He found creative solutions, like asking his resident assistant for help and renting vehicles through someone else’s name since he was too young to rent them himself.

During his sophomore year, Sam met Matt Gronberg, who initially joined as a driver while pursuing pre-med. Matt’s dedication and hard work impressed Sam, and he eventually became a partner in the company.

Together, they have navigated the highs and lows of running a business while maintaining a strong friendship.

Before appearing on Shark Tank, Storage Scholars had already established a significant presence. They expanded their services to two other campuses in Florida and New York, thanks to help from friends in those locations.

The company had paid over $500,000 to college students and served 23 schools across nine states, with plans to further double their reach in the next year.

They had completed over 7,400 campus moves and employed several talented Campus Co-founders and Campus Marketing Managers.

The founders’ vision for Storage Scholars extends beyond student storage. They aim to become a trusted name in the industry, providing moving services for graduating seniors as they transition to their first apartments and even assisting customers with their future home moves.

The ultimate goal is to have customers choose Storage Scholars repeatedly throughout their lives, similar to choosing a preferred toothpaste brand.

Sam Chason and Matt Gronberg founded Storage Scholars to address the storage needs of college students. Sam recognized the opportunity during his freshman year and worked tirelessly to build the company while still being a student.

With Matt joining as a partner, they have grown Storage Scholars into a successful business before their appearance on Shark Tank.

How Was The Shark Tank Pitch Of Storage Scholars?

The founders of Storage Scholars, Sam Chason and Matt Gronberg, appeared on Season 14, Episode 4 of Shark Tank to pitch their business idea.

Storage Scholars is a company that helps students move out of their university at the end of the semester. They were seeking an investment of $250,000 for a 5% equity stake in their business.

Storage Scholars Shark Tank Net Worth

During the pitch, the Sharks expressed interest in the company. Lori Greiner wanted to know about the company’s sales, and Sam and Matt revealed that they had generated over $1.8 million in gross revenue in the current calendar year.

Kevin O’Leary and Daymond John both made an offer of $250,000 for 20% equity. Robert Herjavec offered $500,000 for 20% equity.

Mark Cuban, the final Shark to make an offer, initially offered $250,000 for 12% equity.

After receiving the offers, Sam and Matt decided to accept Mark Cuban’s offer on slightly different terms. The final deal was $250,000 for 10% equity.

This meant that Mark would invest the requested amount in exchange for a 10% ownership stake in the company.

Below is a table summarizing the Shark’s offers and the final deal:

Shark’s NameInvestment OfferedCounter Offer by FoundersFinal Deal Accepted
Kevin O’Leary$250,000N/AN/A
Daymond John$250,000N/AN/A
Robert Herjavec$500,000N/AN/A
Mark Cuban$250,00012% equity$250,000 for 10%

In conclusion, Storage Scholars successfully secured an investment of $250,000 for a 10% equity stake from Mark Cuban on Shark Tank.

Did Storage Scholars Get a Deal on Shark Tank?

Yes, Storage Scholars did get a deal on Shark Tank. The founders, Sam Chasson and Matt Gronberg pitched their moving and storage company for college students to the Sharks. They asked for $250,000 for a 5% equity at a $5 million valuation.

After negotiations, they eventually accepted a deal from Mark Cuban, who invested $250,000 for a 10% equity in the company. Since appearing on Shark Tank, Storage Scholars has continued to grow and expand its services.

Storage Scholars is still in business and has partnered with Worldwide Commercial Moving Company SIRVA to enhance its offerings further.

What Happened To Storage Scholars After Shark Tank?

After appearing on Shark Tank, Storage Scholars, the business started by Sam Chason and Matt Gronberg, accepted Mark Cuban’s offer of $250,000 for a 10 percent ownership stake in the company.

Storage Scholars Shark Tank Net Worth

With Cuban’s support, the company quickly expanded to operate at 48 schools across the United States. The growth of Storage Scholars was attributed to Cuban’s platform and connections with schools across the country.

As a result, the company experienced rapid expansion and success following its appearance on Shark Tank.

Storage Scholars Shark Tank Update

After appearing on Shark Tank in October 2022, Storage Scholars, a moving and storage company focused on college students, received an investment of $250,000 from Mark Cuban in exchange for a 10% equity stake.

This investment allowed Storage Scholars to expand its business further and continue solving the problem of packaging, storage, and transportation of student items.

Since its appearance on the show, Storage Scholars has experienced significant growth and success. By October 2022, the company had partnered with 23 college campuses across nine states in the United States, serving over 7,400 customers. The company’s revenue had reached $1.86 million.

In February 2023, Storage Scholars partnered with SIRVA, a worldwide commercial moving company, to enhance its services. This partnership with SIRVA, available in over 190 locations, further strengthened Storage Scholars’ position in the industry.

As of August 2023, Storage Scholars has expanded its reach to 73 college campuses and has plans to become an international company.

The business continues to focus on its core mission of providing convenient and reliable moving and storage solutions for college students.

Storage Scholars’ appearance on Shark Tank allowed the company to secure valuable investments and gain exposure to a wider audience.

The guidance and support from Mark Cuban have helped propel the company’s growth and solidify its position in the market.

Overall, Storage Scholars has continued to thrive and remains in business, catering to the needs of college students across the United States. Its success is a testament to the value it provides in simplifying the moving and storage process for students.

Is Storage Scholars Still In Business?

Yes, Storage Scholars is still in business. The company, founded by Sam Chason and Matt Gronberg, offers storage and moving services specifically designed for students. 

Since its appearance on Season 14 Episode 4 of Shark Tank, Storage Scholars has expanded from Wake Forest University to over 20 different universities. 

The company aims to provide a stress-free moving experience for students by utilizing a key-access system.

Storage Scholars Shark Tank Net Worth

Storage Scholars has generated significant revenue, with more than $1.8 million in gross revenue reported in the current calendar year. Customers interested in their services can visit the Storage Scholars website for more information. 

With their ongoing presence and growth across universities, Storage Scholars continues to provide valuable storage and moving solutions for students.

What Is the Net Worth Of Storage Scholars?

According to our research, Storage Scholars’ net worth is estimated at $5 million. The valuation of Storage Scholars was $2.5 million after securing an investment from Mark Cuban on Shark Tank.

Also, read about other businesses from episode 04, season 14 of Shark Tank:

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