Back in November 2016, Meagan Bowman opened Shark Tank Season 8 Episode 7 with her presentation of Eco Flower. Just as the name suggests, Meagan’s company sells scented eco-friendly flowers made out of recycled and sustainable materials that can be used for flower bouquets and other floral arrangements. Meagan came in asking for $400,000 for 10% equity of her company and ended up walking away with $400,000 for 20% equity. If you’re itching for an Eco Flower update, then you’ve come to the right place.
Shark Tank Eco Flower Update
- Entrepreneur: Meagan Bowman
- Business: Scented flowers made out of recyclable materials
- Ask: $400,000 for 10% equity
- Result: $400,000 for 20% equity
- Shark: Daymond John
Before we proceed with our Eco Flower update, let’s talk about the company first. Meagan’s business is aimed towards providing a sustainable alternative to flowers by using recycled materials to create lasting arrangements that come in a variety of scents. This includes Black Raspberry Vanilla, Strawberry Lemonade, and Japanese Cherry Blossom.
As a good initiative and product, it’s not surprising that the sharks loved Eco Flower almost immediately. The beauty of the flowers and scents were particularly noteworthy. However, as Robert Herjavec wondered, would ladies actually like receiving faux flowers? Both Barbara Corcoran and Lori Greiner agreed that they still preferred the real thing. Still, the three had no choice but to agree that there was a demand for Eco Flower, as it had already made lifetime sales of $2.8 million.
Unfortunately, things soured quickly for Meagan after she revealed that she no longer owned 100% of the business. One investor already owned 25% while two others have 50%. This left her with only 25%, causing Robert and Barbara to drop out, even though she explained that she hoped to buy out her current investors.
Mark Cuban was the next shark to go out, but not before commending Meagan for her efforts, explaining that the area was simply not his expertise. Lori and Kevin soon followed, as they thought there was too much competition out there already.
The last and only shark to make Meagan an offer was Daymond John, who asked for 25% equity in exchange for a $400,000 investment, sharing that he wanted to buy Eco Flower’s current investors out. Even though it was only the only offer on the table, Meagan still countered. Luckily for her, Daymond was in a negotiating mood and accepted her counter of $400,000 for 20% equity.
Unfortunately, we’ve got bad news for those looking for an Eco Flower update after Shark Tank. Instead of growing big after Daymond’s investment, the company’s other investors decided to hire a new CEO in John Allard, resulting in Meagan parting ways with the company.
This left JW Capital as a 50% owner of Eco Flower, which later bought out the rest of the company. Since then, it appears the company failed to meet orders and was mistreating its employees, and eventually shutting down.
However, we do have some good news to close out our Eco Flower update. Shortly after leaving the company, Meagan founded Sola Wood Flowers, which has been quite successful.
For more company updates from Shark Tank Season 8 Episode 7 be sure to check out the links below:
For more on Shark Tank Season 8, be sure to check out our Season 8 Products page.