Cabinet Health Shark Tank Episode 11 Update & Net Worth

Cabinet Health Shark Tank Episode 11 Update & Net Worth

Cabinet Health, founded by Achal Patel and Russell Gong, appeared on Shark Tank Season 14, Episode 11 seeking $500,000 for 2.5% equity in their sustainable healthcare company. The company aims to reduce single-use plastics by offering refillable and compostable medicine containers.

Despite initial concerns from the sharks about the valuation, Kevin O’Leary and guest shark Tony Xu made a deal for $500,000 in exchange for 7% equity and a 2% royalty until $1 million was repaid. Cabinet Health has continued to grow, and its estimated current net worth is $7.1 million.

What is Cabinet Health? How Does it Work?

Cabinet Health is a sustainable healthcare company that provides plastic-free, refillable medicine containers and compostable pouches for everyday medications. The company’s mission is to eliminate single-use plastic in the pharmaceutical industry, offering consumers an eco-friendly alternative.

 Customers receive a reusable glass container with their medicine, which can be refilled with pills from compostable pouches. The pouches are made from wood cellulose and other biomaterials, ensuring that the entire system is environmentally friendly.

Cabinet Health focuses on offering high-quality medications while promoting sustainability.

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Cabinet Health Shark Tank Episode 11 Season 14: What Happened at Shark Tank Pitch?

In Shark Tank Season 14, Episode 11, Achal Patel and Russell Gong pitched Cabinet Health to the sharks, asking for $500,000 in exchange for 2.5% equity. The entrepreneurs highlighted the environmental impact of single-use plastics in the pharmaceutical industry and presented their sustainable solution.

 The company had already generated $14 million in sales in the previous year and had 700,000 customers. Despite concerns about the valuation and profitability, Kevin O’Leary and Tony Xu teamed up to offer $500,000 for 7% equity plus a 2% royalty until $1 million was repaid, which the entrepreneurs accepted.

Cabinet Health Shark Tank Pitch Summary

What Happened To Cabinet Health After Shark Tank?

After their appearance on Shark Tank, Cabinet Health received significant media attention, leading to increased interest and a surge in customers. The company has continued to grow, achieving an annual revenue of $25 million by mid-2023.

 Cabinet Health expanded its product line to include various over-the-counter medications, all available in sustainable packaging. The company’s products are now stocked in 700 CVS stores nationwide, marking a significant m

ilestone in their mission to reduce single-use plastic in the pharmaceutical industry. However, the company is not expected to reach overall profitability until late 2023.

How Much Is Cabinet Health Worth?

Cabinet Health is estimated to be worth $7.1 million as of 2023. The company has raised a total of $23.6 million in funding, including $17 million in December 2022. The business is positioned within the growing global pharmaceutical packaging market, which was valued at $127 billion in 2022 and is expected to reach $265.5 billion by 2030.

Is Cabinet Health Still in Business?

Yes, Cabinet Health is still in business as of June 2023. The company continues to innovate in the healthcare packaging industry, promoting its mission to reduce plastic waste. With a strong retail presence and ongoing product development, Cabinet Health is poised for continued growth.

Which Episode Number was Cabinet Health on Shark Tank?

Cabinet Health appeared on Shark Tank Season 14, Episode 11, which aired on January 13, 2023. The episode featured the company’s pitch for sustainable healthcare packaging solutions and led to a successful deal with sharks Tony Xu and Kevin O’Leary.