Finding somewhere to store your stuff as a student can be painful, as storage companies are not tailored to a younger demographic. However, Storage Scholars is different – it provides an easy way for students to ship their belongings to school and store them for the summer. Founders Sam Chason and Matt Gronberg appeared on Shark Tank in 2023 and secured a deal with Mark Cuban. As of 2024, Storage Scholars is worth an impressive $2.5 million.
Who are the Storage Scholars?
Storage Scholars was founded in 2017 by Sam Chason and Matt Gronberg, two college students who met at Wake Forest University. Chason studied business and enterprise management, while Gronberg’s background was in biochemistry and molecular biology. Despite their different academic focuses, the pair became close friends and fraternity brothers, organizing social and philanthropic events together.
After noticing international students’ challenges in storing their belongings during school breaks, Chason launched Storage Scholars as a side hustle to help fund his education. He later brought Gronberg on board as the company’s COO. They expanded the business, partnering with universities nationwide to provide students with convenient storage solutions.
Who Is The Founder Of Storage Scholars?
Sam Chason and Matt Gronberg are the co-founders of Storage Scholars. Chason, from Austin, Texas, had the initial idea for the business, while Gronberg, from Winston-Salem, North Carolina, joined as the COO.
| Attribute | Detail |
|---|---|
| Founders | Sam Chason (Austin, Texas) and Matt Gronberg (Winston-Salem, North Carolina) |
| Founding Year | 2017 |
| Industry | Student storage and moving services |
| Service Offering | Provides packing, storage, and delivery of students’ belongings during summer breaks and campus transitions |
| Operational Reach | Initially focused on areas near North Carolina; expanded to 73 universities across the US |
| Key Features | Free pickup and delivery, per-item pricing model, web app for managing operations and customer bookings |
How Was The Shark Tank Pitch Storage Scholars?
In 2023, Sam Chason and Matt Gronberg brought their business to the Shark Tank, pitching Storage Scholars to the panel of investors. Their confident and clear presentation impressed the Sharks, who were particularly struck by the company’s $1.826 million in year-to-date sales. A bidding war soon broke out, with Kevin O’Leary, Daymond John, and Robert Herjavec all making offers.
Ultimately, the founders struck a deal with Mark Cuban, who paid $250,000 for a 10% stake in the company. The positive publicity from their Shark Tank appearance has been a boon for Storage Scholars, helping to raise awareness of their unique student-focused storage solution.
| Attribute | Detail |
|---|---|
| Shark Tank Appearance | Season 14, 2023 |
| Pitch Offer | $250,000 for 5% equity |
| Valuation | $5 million |
| Investment Deal | Mark Cuban offered $250,000 for 10% equity; and accepted the deal |
| Other Sharks | Daymond John, Robert Herjavec, and Kevin O’Leary also made offers |
| Post-Shark Tank Update | Positive PR and strategic growth; expanded to |
Storage Scholars Shark Tank Update:
The Storage Scholars episode aired in October 2023, and the company has continued to thrive in the wake of its Shark Tank success. With Mark Cuban’s investment and guidance, it has rapidly expanded its reach, partnering with 73 universities as of March 2024—up from just 15 the previous year.
This rapid growth has translated to impressive financial results, with Storage Scholars generating over $2 million in annual revenue. They have also been able to provide employment opportunities for their target demographic, paying out $804,000 in student wages to date.
What Happened To Storage Scholars After Shark Tank?
The Shark Tank appearance has been a game-changer for Storage Scholars. The positive PR and exposure from the show have allowed the company to secure new partnerships with universities nationwide. They’ve grown from serving 23 campuses before Shark Tank to supporting 140 as of 2024.
The capital influx from Mark Cuban’s investment has also enabled Storage Scholars to scale its operations, growing from 2 to 7 full-time employees and hiring 400 part-time student workers. This rapid expansion has led to impressive financial results, with the company now generating over $2 million in annual revenue.
Storage Scholars Net Worth:
As of 2024, Storage Scholars is valued at $2.5 million. This is a significant increase from their pre-Shark Tank valuation of $5 million, for which they accepted a $250,000 investment from Mark Cuban in exchange for a 10% equity stake.
The company’s strong financial performance, rapid growth, and positive customer reviews contributed to this impressive net worth. With continued support from Mark Cuban and their expanding university partnerships, Storage Scholars is well-positioned for even greater success in the years to come.
Storage Scholars Growth and Operations:
Since its Shark Tank appearance, Storage Scholars has experienced remarkable growth. The company now serves 140 university campuses, up from just 23 prior to 2023. This rapid expansion has been fueled by its ability to provide a convenient and affordable storage solution for college students.
To support this growth, Storage Scholars has grown its team from 2 to 7 full-time employees and now employs 400 part-time student workers. The company’s web app and logistics infrastructure have also been crucial in allowing it to scale its operations efficiently.
Storage Scholars Marketing and Sales:
Storage Scholars’ marketing strategy has focused on targeting the student demographic, leveraging their partnership with universities to reach their target audience. The company’s strong social media presence, with an average 4.7-star rating from over 10,000 reviews, has also driven customer acquisition and loyalty.
In terms of sales, Storage Scholars’ per-item pricing model has made its services highly accessible for cash-strapped college students. The convenience of its pickup, storage, and delivery services has also been a major selling point, helping the company consistently generate over $2 million in annual revenue.
Storage Scholars Social Media Presence:
Storage Scholars has a robust social media presence, with active accounts on platforms like Facebook, Instagram, and Twitter. The company uses these channels to connect with its target student audience, sharing helpful moving and storage tips and showcasing its services and partnerships with universities.
Their social media pages have also become a hub for customer reviews and testimonials, with Storage Scholars boasting an impressive 4.7-star average rating from over 10,000 online reviews. This strong social media presence has been vital in building brand awareness and customer trust for the company.
Storage Scholars Interesting Facts:
- The company was founded in 2017 by college students Sam Chason and Matt Gronberg, who met at Wake Forest University.
- To date, Storage Scholars has paid out $804,000 in student wages, providing employment opportunities for its target demographic.
- The company’s per-item pricing model, with costs ranging from $17 to $23 per month, has made their services highly accessible for college students.
- Storage Scholars has grown from serving 23 campuses before Shark Tank to supporting 140 university partnerships as of 2024.
What’s Next For Storage Scholars?
With their impressive growth trajectory and strong financial performance, Storage Scholars’ future looks bright. The company’s continued expansion into new university markets and potential for international student partnerships offer exciting avenues for further growth.
Additionally, Storage Scholars may explore diversifying their product offerings, potentially branching into other student-focused services beyond storage solutions. As it solidifies its position as the go-to storage provider for college students, the sky’s the limit for this innovative and student-centric company.
Final Words:
Storage Scholars has proven to be a true success story, transforming a simple idea into a thriving business and changing the landscape of student storage solutions. With its Shark Tank deal, rapid expansion, and impressive financial results, the company has firmly established itself as a force to be reckoned with in the student services industry.
As Storage Scholars continue to grow and innovate, it’s clear that they are poised to have an even more significant impact on the lives of college students across the country. With its unwavering commitment to convenience, affordability, and student empowerment, this dynamic company will remain a standout player in the future.
Table of Contents