Flora Net Worth Shark Tank Update

How do plants communicate with humans for their needs? Obviously, they don’t have a system of uttering words to highlight what they are feeling inside of them and what they need. They do however wither or die out after dehydration or other problems but they are not able to signal their issues to us.

Aabesh De, the owner of Flora, has launched a system for humans to connect with plants. His product is a floral pod that is a patented plant sensor that detects the light, temperature, and moisture amount a plant needs to grow. Moreover, there is a floral app as well that can be used without the pod device to give reminders of giving water to plants, care guides, plant identification, and Proprietary plant I.D. in three steps only.

The owner came on Shark Tank to request $300K in exchange for 10% of his company. He also presented the shark with the Flora pod to highlight the functionality of his product. Let’s explore his journey on the show.

Flora Net Worth Shark Tank Update

Aabesh was looking for an investment of $300K in exchange for 10% equity in the company. At the time of the episode, he valued his company at $3 million. Aabesh successfully secured a deal with Lori for an investment of $300K for 15% equity in the company, along with 5% advisory shares and a $2 royalty per unit sold until the investment is recouped.

The investment adjusted the company’s net worth to around $2 million. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Flora in 2024 is around $12 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A
Lori Greiner	$300K for 10% equity	$300K for 15% equity + 5% advisory shares + $2 per unit royalty until investment is recouped	Yes

The Owner’s Backstory

Aabesh related that he is an immigrant from India. He was born in India and then moved to different areas around the world including Belgium, Colorado, and Indiana. He was working at Microsoft during COVID remotely. He was also working with plants at that time and was looking after them. However, he was not able to know their issues and sometimes ended up killing them.

He then started to work on an invention to look after plants and left his job at Microsoft too. Thus, he made the Flora Pod in order to detect the needs of plants around him.

Initial Pitch

The owner came on the show to seek $300K for 10% equity stake. The product is a Flora pod that helps to give humans the data to check on their plants and fulfill their needs. The company also offers an app that works in three steps. The steps to know the plant ID include registering the plant, guidance regarding the plant needs, and getting the weekly and monthly data regarding the plants progress.

Queries about the Product

Keevin asked the first question regarding the cost to make a single unit of the Flora and its selling price. Aabesh highlighted that currently it takes about $28 to make one and he is working on reducing it to $14 too. The product is selling for $49.

Corcoran inquired if a single Flora is enough for multiple plants. The owner replied that it can be paired with different plants just like air pods and works by moving the product around for different plants.

Herjavec was curious to know about the data that the pod provides to its owner. He pointed out that the Flora provides data about the level of moisture, temperature, light, and humidity that the plant currently possesses. The data varies from plant to plant on the basis of their nature.

Lori wanted to know the measurement of adding water or anything needed by the plant detected by the pod. Aabesh replied that the app provides exactly the measurement the plant needs.

The shark also asked about his competitors in the same field. The inventor of Flora highlighted that they have competitors with similar app but they only provide the service of picture identification and a few plant-care guides.

Herjavec and Cuban inquired about his sales. He related that he launched the business the previous year and made $192K in sales. From the total amount $144K came just from app subscription and $50K from the actual floral pod. This year he has made $100K so far.

Herjavec was curious to know his profits. Aabesh highlighted that he is not profitable yet and has spent $180K in it.

The shark also asked about his last year’s lost amount. He replied that it was about $500K that he lost last year.

Cuban wanted to know about his raised money. It was about $670K from friends and family mostly.

Herjavec was curious to know about the subscription fees. Aabesh replied that it charges $10 per month and $60 for a yearly subscription. He also added that currently around 3000 subscribers are using his app and registered users amount to 225K.

Shark’s Response and Final Decision

Herjavec was the first shark to drop the deal as he didn’t even have a plant in his house to be looked after.

Cuban also dropped because of the same reason as Herjavec.

Corcoran didn’t like the business’s subscription model and thus passed the deal too.

As Kevin was not interested in the plant-based businesses he decided to back away.

Lori then offered him $300K for 30% equity in his company.

Aabesh then counter-offered her $300K for 15% equity with a 5% advisory share and a $2 royalty per unit sold until $300K is paid back. Finally, Lori accepted the offer, and the owner left with a deal on his hands.

Product’s Availability

After appearing on the show, the sales have risen by over 500% since last month, which also increased downloads by over 10K. While the deal with Lori is still in process, there is hope it will be finalized soon. The Flora pod is currently available for purchase on the  Flora website, though prices have increased slightly since the episode appeared.

The good news is that the next version, Flora Pod V2, is on track for release in Fall 2024. This updated version will be 40% smaller, more battery-efficient, and include several tech upgrades.

Conclusion

The Flora Pod has gained a major push since its appearance on Shark Tank, with an increase in both sales and app downloads. By offering a solution that helps plant owners monitor and fulfill their plants’ needs through data on light, moisture, and temperature, Flora addresses a common challenge in plant care. With a pending partnership with Lori and plans for an upgraded version launching in Fall 2024, Flora appears to have made a successful entry into the plant care section.