What Happened to Bee Thinking After the Shark Tank Pitch?
What is Bee Thinking?
Bee Thinking is a beehive and beekeeping equipment company. It offers a diverse selection of products to a wide range of clients. If they want honey or honey products, Bee Thinking has them covered.
They could buy honey, candles, or other comparable products. The company also offers bees, hives, and beekeeping equipment such as beekeeping suits to those who are interested in beekeeping.
The hives are made of Western Red Cedar, which makes them durable.
Bee Thinking provides three types of beekeeping hives: the Top Bar Hive, which is lightweight and easy to access, the Warre Hive, which is the most user-friendly, and the Langstroth Hive, which is the “traditional” box hive that most people are acquainted with.
The prices of the hives range from $199 to well over $400, depending on the features and extras that are included.
Who are the Founders of Bee Thinking?
Matt Reed and Jill Reed started Bee Thinking. When the Reeds formed the company, they were already well-known professionals.
Jill worked in the wine industry, while Matt was an IT professional.
After Bee Thinking was purchased by Bee Built in 2017, little is known about the Reeds’ present activities.
After committing an act of kindness, Matt Reed was inspired to start Bee Thinking.
When he saw a hungry bee and fed it honey, more bees came to his window the next day. He saw this as an opportunity to become a beekeeper.
Matt, as previously said, quit his job to dedicate his whole focus to beekeeping.
As a young bee enthusiast, I found that keeping bees was a mutually beneficial relationship.
He created a business out of his passion for beekeeping while simultaneously safeguarding the environment.
Matt’s passion for beekeeping was highly accepted, with people from all across the country demanding his beehives.
As orders from other countries began to arrive, the demand for Bee Thinking beehives skyrocketed.
What Happened to Bee Thinking During the Shark Tank?
Matt Reed appeared on Shark Tank season 6 episode 24 in quest of $400,000 in exchange for a 10% ownership in his firm. This is equivalent to a $4 million valuation.
Matt explains how he got into beekeeping and began building beehives. When he started a blog, people were pleading with him to sell his hives.
This year, the firm made $500,000 with a $120,000 profit. People buy his hives, he argues, to help the environment. The hives cost $150 to make and $360 to sell.
Mr. Wonderful recalls the apple orchard bees from his grandmother’s apple orchard.
He says that his grandmother used to own an apple orchard and that she planted beehives across the orchard to increase crosspollination and apple production.
Caring for them entails harvesting and earning money from honey.
Matt explains the many sorts of hives and how bees live in them. Mr. Wonderful claims to have proved his business, but he’s out since it’s not worth $4 million.
Mark is impressed, but he worries that bringing in an investor would increase his stress, so he declines.
Lori Greiner tells Matt that he did an outstanding job and that he is wonderful himself. She maintains that she is not a fan of honey and hence has no desire to invest in Bee Thinking. Lori has already departed.
Robert’s problem is that Bee Thinking was unable to generate sufficient sales, and Matt omitted to emphasize that if he had more money, he could have more inventory and sell more. Robert Herjavec has announced his departure from the firm. So he’s left.
Daymond John argues that if he invests $400,000, it will take years for him to repay his investment and create a profit.
He argues that scaling up Bee Thinking will take a long time, and that while he is unquestionably a client, he will not invest and has said that he is out.
The Sharks all wish Matt Reed the best of luck with his business.
What Happened to Bee Thinking After the Shark Tank Pitch?
Matt shuttered the store in 2017 because he couldn’t keep up with demand.
A year later, he relaunched it under the new moniker Bee Built. He’s still in business as of August 2021, with a $3.5 million annual revenue.
What is the Bee Thinking’s Net Worth?
Matt Reed appeared on Shark Tank season 6 episode 24 in quest of $400,000 in exchange for a 10% ownership in his firm. This equates to a valuation of $4 million.
Current valuation is evidently higher since the Company has grown.
Who are the Bee Thinking’s Competitors?
Bee Thinking Competitors confronts some competition in its market sector, including Bee Well Honey Farm, Betterbee, Lappe’s Bee Supply & Honey Farm, and Bee Craft.
Bee Thinking FAQS
1. Is Bee Thinking’s revenue only from honey sales?
No, the Reeds sell their hives, bees, and other beekeeping supplies.
Bee Thinking sells bees in areas of the United States such as Alabama, Georgia, New York, Ohio, Pennsylvania and Virginia.
2. What is the Company official website?
Their website is at www.beethinking.com
3. What are the most popular products?
Bee thinking offers a variety of products, such as the Top Bar Hive, Warre Hive, and Langstroth Hive. These come with a wide selection of prices and features.
4. Where is Bee Thinking Headquartered?
It is headquartered in Portland, Oregon.
5. When was Bee Thinking aired on Shark Tank?
It was aired on April 10th, 2015
6. Is it privately owned or publicly traded?
Bee Thinking is privately owned by Matt Reed and Jill Reed (cofounders).
7. Who is the CEO of Bee Thinking?
The CEO of Bee Thinking is Matt Reed.
8. How much was Matt Reed and Jill Reed seeking in the Tank?
The asking price was $400,000 in exchange of 10% ownership in his firm. This is equivalent to a $4 million valuation.
9. Did they find any investment from the Sharks?
No, they didn’t find any investor on the show.
10. Is Bee Thinking still in business?
Yes, Bee Thinking is still in business as of August 2021, with a $3.5 million annual revenue.
11. What Happened to Bee Thinking after the Shark Tank?
Bee Thinking shuttered in 2017 because it couldn’t keep up with demand. But, a year later, it was relaunched under the new moniker Bee Built.
12. What are the prices of hives?
The hives cost $150 to make and $360 to sell.