Did Earth Log Strike a Deal On Shark Tank?
Is your old fireplace keeping you warm this winter and offering you the benefits of an eco-friendly atmosphere? If not then you may choose Earth log. It is a reasonable fire log that is made by using recycled paper and candle wax that has a lot of advantages like an instant fire starter, burns longer, is hotter in its warmth, and most importantly smells better. It will give you the comfort of nature in your own cosy home.
All the warm benefits come close to the heart after knowing that it is available at a reasonable price. Tom Seneti represented his eco-friendly solution for fire logs to the sharks in Shark Tank season 6 episode 10 to get an investment of $160,000 for a 20% interest in Earthlog. This implies that the valuation of the company was $800,000. Now let’s learn whether he was able to strike a deal and whether Earth Log is still business today.
Earth Log is a pre-made fire log that is friendly to the environment. They burn hotter than average firewood. That is why they produce less smoke. You may clean the ash easily also. The fire logs are prepared by using scrap paper and candle wax which enables them to be scented.
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Who is the founder of Earth Log?
Tom Sanetti is the founder of Earth Log. He was born in Huntington Veach, California. He completed his graduation from Cypress College.
He was a managing partner at High in the Desert and a vice president at Eagle American Investments LLC in the early 2000s. Sanetti became the CEO of American Green Products in 2011. He has occupied the same post till now. When he found it difficult to find a way to burn his heaps of junk mail, Tom Senetti finally incorporated scrap paper with scrap candle wax for making fire logs.
He made the fire logs for himself only. He then shared the product with acquaintances who then pressured him to sell them. He then went on to promote his fire logs which are prepared by using recyclable materials and he was able to make deals with well-known retailers.
He wanted to create a product that would assist in decreasing the environmental effect of an unlimited supply of junk mail and he wished his product to be made in America. The company is going to launch new products like a citronella log that would help the institution to keep the bugs away.
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What occurred to Earthlog on Shark Tank?
Tom appeared on Shark Tank season 6 episode 10 intending to get an investment of $160,000 in exchange for a 20% ownership in Earthlog. This translates into a $800,000 valuation.
He went over his belongings. Mr. Wonderful claimed to purchase ten boxes of fireplace logs every year and wanted to know how he could identify his logs from the others. Earth log is less expensive and the smell is better.
He then distributed each of the sharks a piece of the Earth log with complete packaging. The price of a case of six is nearly $22 whereas the competition costs about $1 more in every blog. They managed to sell $200,000 in four years. Last year they sold $50,000. Tom remembered his four-year venture from the kitchen table to large-scale production.
Mr Wonderful thought that it was a commodity and questioned why he had sold it to a big box store. He claimed to have a four-store Costco deal but he was not able to complete his orders. He got a letter of intent from Albertsons to Allen 3200 stores all over the nation.
Tom was in charge of manufacturing. He needed the funds to automate manufacturing and fulfil the orders. Mark liked the concept but he thought that Tom had to do more work to change Earth Log into a full-fledged corporation. Mark Cubanegt the deal eventually. Nick approved Mark’s words. He also added that to develop a company all over Earth Log would need a lot of hard work and he left the deal.
Daymond agreed with Mark and Nick. He also thought that it was just too early for an investor to invest his money and he therefore dropped out of the deal. Mr. Wonderful explained the story of how he gave up half of his company to sell it for $4 billion and then went out of the deal.
Lori was the mast shark. She compared Earth Log to the product Screen In which was started in a garage and with the help of Lori they developed sales to $1 million in less than a year. She liked Earth Log and wanted to make an offer. She wished to make a modest offer considering the amount of work needed to bring Earth Log to the point where it can produce adequate things to sell to large retailers.
She was ready to invest $160,000 in exchange for a 35% share in the company. Tom accepted the offer instantly without a second thought.
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What occurred to Earth Log after the Shark Tank pitch?
Senetti, the founder of Earthlog after Shark Tank, made a video to help customers and interested parties up to speed on the growth of the company. Earth Log has built and retained connections with large retailers like TJ Maxx, Marshalls, and Home Goods. Lori’s contract fell through. The company went bankrupt in 2018.
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Yes, they struck a deal on Shark Tank. The founder of Earth Log, Tom Senetti was able to make a deal on the Shark Tank show with one of the Sharks named Lori Greiner.
The deal was $160,000 in exchange for a 35% stake in the business. But, the deal eventually fell through after the Earthlog Shark Tank Episode.
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Tom Sanetti is the founder of Earth Logs. The idea for Earth Logs came about when he was making an effort to find a practical way to burn junk mail. After integrating scrap paper with candle wax, he started using the logs himself, and soon, friends were asking where they could get some.
He finally began to sell them and went on Shark Tank to take his business to the next level. He manufactured Earth Logs through his company American Green Products, where he still works today.
Is Earth Log still in business?
No, Earth Log went out of business in 2018. The website is extinct and they have zero social media presence.
Who are the competitors of Earth Log?
Earth Log has various competitors like Duraflame xtraTime Firelog and Kingsford Charcoal.
What are the ingredients in Earth Log?
Earth Log is a ready-made fire log that is composed of wax and recycled paper. These eco-friendly fire logs are available in three sizes.
Is Earth Log eco-friendly?
Yes, the logs are made using recycled paper.
Are they safe?
As per Tom Senetti, the fire logs have been experimented on by the Underwriters laboratories and have been certified as safe indoors.
He noted that Earth Log will burn cleaner than conventional fireplace logs.
Does it clean the air in the house?
Yes, as per Senetti, the Earth Log does not eject nearly as much smoke. That is why it is a good product for those who are suffering from dust allergies and asthma.
Senetti also said that there were no chemicals or bio-accumulate dioxins in the fire logs. That is why they are completely safe to use indoors too.
Though the company Earth Logs secured a deal. But it was never fulfilled. The company has gone out of business as of now. But it has proved itself as a potential company in the market.
How environmentally friendly are Earth Logs?
According to the website of Earth Log, they are more environmentally friendly than traditional fire logs as they leave much less ash behind and take less energy to dispose of them.
Who is the inventor of Earth Log?
Tom Senetti is the inventor of Earth Log. He is a native of Huntington Beach, California.
How much was Tom Senetti looking for in Shark Tank?
Tom Senetti was looking for an investment of $160,000 in return for a 20% stake in Earth Log.