Storage Scholars is a company that provides packaging and storage solutions for students. It stores all the necessary stuff of the student in a careful way by packaging it in a box and delivering it to the designated place.
The biggest problem in a student’s college life is packing his stuff and bringing it to the hostel and campus and taking it after college. This is a big headache for most of the students, so most of the student’s time goes into packaging and delivery.
College students go to different universities for their studies and they have to carry their belongings packed in boxes with them. In this, along with the passage of time, you have to talk with many delivery agents as well.
Sam Chasson and Matt Gronberg founded the Storage Scholars Company to solve the problem of packaging, storage, and transportation of student items.
Storage Scholars Appeared in Shark Tank Season 14 Episode 4 and Entrepreneur Asked Shark for $250,000 for a 5% Equity at a $5 Million Valuation. This company solves a real problem for students from every country face this kind of problem.
What Is Storage Scholars?
Storage Scholars is a moving and storage company that focuses exclusively on college students. When any new or foreign student goes to different colleges for studies, they also change their place of residence.
On moving to a new house, they have to buy a lot of new things like beds and furniture. Due to this, the student’s expense increases a lot because they do not have a good exit from it. Storage Scholars has come to solve this problem.
It packs all the student items in a box after the semester ends. If the student wants to move and store all their stuff, then they have to visit this company’s website.
To signup on to the website and tell what to store. They will provide complete boxes to store all your stuff. After packaging all the goods in the box, the time for pickup has to be set up.
The per month cost of storing the box is $17 but must be a minimum of 4 months. It also ships the user’s box but it will incur shipping costs and additional fees.
Apart from all this, this company stores Luggage, Plastic Bins, Furniture, Couches, Bedroom, Shelves, and Miscellaneous. However, a different price has been fixed for all these.
Till October 2022, this company has partnered with many campuses, this includes Elon University, High Point University, Washington and Lee, and many more.
|Company Name||Storage Scholars|
|Founder||Sam Chasson and Matt Gronberg|
|Product||Student Storage Made Easy|
|Asked For||$250K for a 5% Equity|
|Final Deal||$250K for a 10% Equity|
|Episode (Shark Tank USA)||S14 E4|
|Air Date||Oct 14, 2022|
|Business Status||In Business|
|Headquarters||Winston-Salem, North Carolina, US|
|Lifetime Worth (Sales)||$1.8M *estimated|
|Buy and Watch||Buy Now||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of Storage Scholars?
Sam Chason is the founder and CEO of Storage Scholars LLC Company, in 2017 he started this company with his friend Matt. Sam is the co-founder of Housing Scholars, a company that rents single-family homes to students.
Sam did his Bachelor of Science from Wake Forest University and did his schooling at Fox Lane High School.
Matt Gronberg is the Co-Founder and COO of this company and he has also done his degree from Wake Forest University.
Storage Scholars Before Shark Tank
Sam Chason started this company in 2017 along with his friend Matt. This business idea came to Sam when he saw that there are many students who are very concerned about transport and store.
This is a big problem for college students at the beginning and end of college. Along with his studies, the student is worried about the packaging and storing of the things he needs.
Sam thought of building a moving and storage company that focuses only on students. Sam shared this business idea with his friend Matt and together they started the Storage Scholars Company.
In the initial year of business, they got 64 customers and the important thing is that they did not get any complaints from this company.
In October 2022 this company is working on a total of 23 college campuses in 9 states of the United States. In March 2022, this company Appeared at the SEAHO (Southeast Association of Housing Officers) Conference.
By October 2022, this company has served a total of 7400+ customers. The entrepreneur is very excited to pitch in Shark Tank and wants to grow their company.
How Was The Shark Tank Pitch Of Storage Scholars?
Sam & Matt entered Shark Tank with their Move & Store company and asked Shark for $250k for a 5% equity at a $5 Million Valuation. They tried to understand the shark about their business and told that they have partnered with many college campuses in the United States.
At the start of the business, they got 64 customers and made $18,000 in revenue from them. Sam told Shark that he had paid off all the debts he had in his studies through his business.
Sam has 70% equity in this company and Matt has 30% equity. They have not taken investment from any investor till now. This year till October 2022, this company has made $1.86 million.
Kevin O’Leary is excited to make the offer so his offer was $250k for a 20% equity. Hearing Kevin’s offer, all the sharks started laughing.
Lori liked this business idea very much, but she believes that valuation to evaluation, then it is out. Daymond John likes this business so he matches Kevin’s offer for $250k for a 20% equity.
Robert Herjavec also liked this business idea very much, so he made a double offer of Kevin & Daymond offer of $500k for a 20% equity. Mark Cuban also offered this business $250k for a 12% equity.
The entrepreneur countered $350k for an 8% equity but Mark said no But he will take 10%. Entrepreneur counters Mark for $300k for a 10% equity. Mark also countered $250k for a 10% equity. Sam and Matt signed a deal with Mark Cuban.
Finalize: Mark Cuban invested $250k in Storage Scholars Company in return for 10% equity.
What Happened To Storage Scholars After Shark Tank?
Storage Scholars Liked the Business Idea in Shark Tank All the sharks liked the business concept and its revenue. This company’s service is very much needed for a student to move, store and deliver their goods.
There are many companies that do this logistics delivery service, but storage scholars focus on a different concept than all other businesses.
The shark had to say about this business that it is growing very fast, however, sometimes the fast-growing company goes down later.
Mike Lester, a Wake Forest University student who worked with the Storage Scholars Company, said.
Many viewers of Shark Tank believe that this business idea is very good and solves the student’s dorm room move problem.
As of October 2022, this company’s revenue is still $1.86 million and by the end of 2022, it can be around $2 million.
As of November 2022, storage scholars are providing service to more than 46 universities across the United States, including American University, Babson College, Belmont University, Boston University, and Many More.
What’s new on Storage Scholars
Last Update: August 8, 2023
According to PRNewswire, on February 2023, Worldwide Commercial Moving Company SIRVA partnered with Storage Scholars. SIRVA is the world’s most popular relocation and moving service company and currently, it is available in 190+ locations.
As of August 2023, they have covered 73 college campuses and their current plan is to make the company international.
Storage Scholars Shark Tank Update
Sam and Matt pitched very well in Shark Tank, their pitch was very energetic. The entrepreneur tried to convince the shark so that the shark would invest in their company and they could grow his company. This business is moving on a different concept from the rest of the delivery service company.
Mark Cuban can become a very good mentor for this business as he already has this industry knowledge. Mark told the entrepreneur that he would help grow this business. This year till October 2022, this company’s revenue is $1.86 million.
We’re following Sam Chasson and Matt Gronberg along with their company for further updates.
What Is Storage Scholar’s Net Worth?
In 2022, it has been a total of 4 years for the company, and so far it is growing very well. According to some reports, the average annual revenue of Storage Scholar is $1.5 million per year. At present, the Storage Scholar’s net worth can be up to $3M.
Is Storage Scholars Still In Business?
Most of the customers have given positive reviews to the Storage Scholars Company, and most of them are students. Because this company focuses on moving and storing students’ things.
At the present time, their team is slowly increasing, according to their website, there is a total of 8 important members in this company.
This private company is headquartered in Winston-Salem, North Carolina, United States. Its team is currently focusing on all college campuses in the United States.
Yes, Storage Scholars is still in business as of August 2023.