Sam Chason and Matt Gronberg launched Storage Scholars, a business that offers storage and moving alternatives to students. They carefully keep everything that is needed for the students. After packing the items, they move them to the allocated location.
The company was established to assist students with moving their belongings to the college campus and dorm when they arrived. They provide a real-world solution to an annual challenge that kids experience.
Shark Tank season 14’s fourth episode featured Storage Scholars. The company’s founders requested $250,000 in exchange for 5% ownership. Let’s see if they were able to get a deal from the sharks now. Here is more about Storage Scholars.
Storage Scholars Net Worth
Sam Chason and Matt Gronberg, the founders, made an appearance on Shark Tank and struck a deal with Mark Cuban. Storage Scholars has a $2.5 million market value as of 2023.
Sam Chason is from Austin, Texas, while Matt Gronberg is from Winston-Salem, North Carolina. While attending Wake Forest University, the two became friends. Matt pursued studies in molecular biology and biochemistry, while his spouse focused on business and enterprise management.
During their time in college, they did a number of things together besides launching a business. They both joined Pi Kappa Alpha Fraternity and started planning social and charitable events there. Sam and Matt were both 2020 graduates.
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The two founders oversee a sizable operations and IT team despite not receiving pay. Keith Chason, their CTO, gets a salary of $70,00 each year. Executive in charge of business development, Chelsea Goodwin, makes $62,000 annually. Forty percent of the company’s sales income is attributed to its entire wage expenses.
Storage Scholars Founding the Company
Chason wanted to have a successful side business so he could pay for his education. He saw that the majority of overseas students only had room for two large luggage. They purchased the remaining items close to school, but there was nowhere to store them over the summer.
He started Storage Scholars in 2017 to assist students with moving and providing a secure location to store their belongings over the summer. Later on, Matt was appointed COO by Sam.
To grow their company, they collaborated with a number of institutions and organizations. They expanded to include more states, but at first, they chose to remain close to North Carolina in order to preserve the caliber of their services.
Shark Tank Pitch
Sam Chason and Matt Gronberg, who run a firm providing moving and storage services for students, were looking for a $250,000 investment for a 5% equity position.
Lori Greiner asked about the company’s sales during the current year during the pitch. Sam and Matt disclosed that the gross revenue generated by Storage Scholars exceeded $1.8 million.
Kevin O’Leary made an offer right away, putting up $250,000 in exchange for a 20% equity stake. Daymond John made the same offer in response. Lori Greiner opted to back out of the agreement.
Robert Herjavec made a $500,000 offer for a 20% stock position. Mark Cuban, the last Shark, said that he would consider making a bid, although at first, he only offered $250,000 for 12% stock.
Winston-Salem business Storage Scholars, founded by two alums from @WakeForest, makes deal with Mark Cuban on ‘Shark Tank’ https://t.co/1qHB13ak2R #colleges #universities #highered #startups #TriadInno @greater_ws @winstonstarts @ScholarsStorage @WakeForestNews #RealityTV pic.twitter.com/RX8vouZZfi
— Lloyd Whittington (@TriadBizLloyd) October 15, 2022
Sam and Matt evaluated all four offers before deciding to accept Mark’s but with a few changes. They agreed to exchange 10% equity in their company for $250,000.
What Is Storage Scholars?
A moving and storage firm called Storage Scholars only serves college students. Any new or international student who attends multiple institutions for their education also moves to a different residence.
They have to buy a lot of new furniture and beds when they move to a new house. As a result, the student’s expenses rise significantly because they lack a suitable way out. Storage Scholars is here to help with this issue.
After the semester is over, everything for the students is packed into a box. The student must visit this company’s website if they wish to relocate and store all of their belongings.
Must register on the website and specify what needs to be stored. They will give you entire boxes to store everything you own. Once everything has been packed inside the box, the pickup time needs to be scheduled.
The box needs to be stored for a minimum of four months at a cost of $17 per month. It ships the user’s box as well, but there will be extra fees and shipping charges.
In addition to all of this, this business keeps plastic bins, furniture, beds, bedsides, luggage, and miscellaneous items. For each of these, a separate cost has been established, nevertheless.
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