Cabinet Health is one of the world’s most sustainable healthcare companies, producing plastic-free medicine containers and pouches.
Users can conveniently order medications such as Allergy Relief, Pain Relief, Cold & Flu, and Sleep & Stress through this portable online pharmacy. Each order includes reusable glass containers and pills packaged in compostable refill pouches. Users simply transfer the pills from the compostable refill pouch to the refillable glass bottle.
Every packet includes a cabinet bottle, pills, and a magnetic label to affix to the cap for easy identification.
The compostable refill pouches are made from wood cellulose and other biomaterials, while the cabinet bottle is crafted from 100% recyclable glass.
| Company Name | Cabinet Health |
| Founder | Achal Patel and Russ Gong |
| Founded | 2018 |
| Product | sustainable healthcare plastic free packaging |
| Asked For | $500k for 2.5% equity |
| Final Deal | $500,000 for 7% equity + 2% Royalty |
| Shark | Tony Xu and Kevin O’Leary |
| Episode (Shark Tank USA) | S14 E11 |
| Air Date | Jan 13, 2023 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | New York City, New York, United States |
| Lifetime Worth (Sales) | $25 Million *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Cabinet Health?
Cabinet Health was launched in 2019 by co-founders Achal Patel and Russell Gong.
Achal Patel
Achal is the co-founder and CEO of the company. He studied Foreign Affairs at the University of Virginia and has held various positions at Deloitte Consulting.
Russell Gong
Russell is the co-founder and president of the company. He studied Artificial Intelligence at the MIT Sloan School of Management and served as an infantry officer in the United States Army for eight years.
How Was The Shark Tank Pitch Of Cabinet Health?
Achal and Russ entered the Shark Tank, presenting Cabinet Health as the world’s first compostable and refillable system for high-quality medicines and supplements. They requested $500,000 for 2.5% equity in their company.
The selling price of their starter set ranges from $10 to $20, which includes a glass bottle. Their profit margin on this product is between 60% and 80%.
So far, they have attracted 700,000 customers. Achal, a third-generation healthcare entrepreneur, noted that his grandfather built the first acetaminophen factories in India.
This year, Cabinet Health has generated $14 million in sales and is now profitable on a unit basis. They are investing significantly in research and development, with $8 million in inbound cash this year, although their net profit stands at a negative 20%. Lori Greiner questioned why the net profit was negative.
The company has invested $2.5 million in research and development this year and projects $25 million in revenue over the next 12 months, alongside a projected negative 10% net income.
To date, they have raised $13 million, with their latest funding round valuing the company at $81 million. Mark Cuban stated that the opportunity was not a fit for him, so he was out.
Kevin O’Leary expressed that he could not proceed at the $20 million valuation. He countered with an offer of $500,000 for 12.5% equity. Tony Xu, a strong advocate for sustainability, offered $500,000 for 10% equity.
Achal then suggested that Tony, Kevin, and Lori form a partnership. However, Lori Greiner remarked that the valuation was excessive and chose to withdraw.
What Happened To Cabinet Health After Shark Tank?
After their appearance on Shark Tank, DoorDash CEOs Tony Xu and Kevin O’Leary released a video praising Cabinet Health for addressing the plastic problem in medicine.
In August 2022, the company launched a crowdfunding campaign on the Republic platform, raising a total of $217,640. In 2021, Cabinet Health generated annual revenue of $10 million.
Within weeks of the episode airing, over 96,000 visitors flocked to the company website.
Currently, Cabinet Health is performing well, with annual revenue reaching $25 million. By May 2023, their sustainable packaged medicines were rolled out to approximately 700 CVS stores across the country. As of May 26, 2023, they offer 14 SKUs of Cabinet Health medications, including Allergy Relief and Pain Relief.
Cabinet Health appeared on Shark Tank on January 13, 2023, where they highlighted a significant issue in the medicine industry and presented their cabinet glass container as an innovative solution.
We’re following Achal Patel and Russ Gong, along with their company, for further updates.
What Is the Net Worth of Cabinet Health?
Cabinet Health is estimated to be worth $7.1 million. In December 2022, this healthcare packaging company raised $17 million in investment, bringing its total funding to $23.6 million by June 2023.
Yes, Cabinet Health is still in business as of June 2023.
