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What is GrooveBook?
GrooveBook is a monthly subscription service that turns smartphone photos into a bound photo album for $2.99. Its unique groove binding allows for flexible mailing and easy photo removal.
GrooveBook's Shark Tank Pitch Recap
Brian and Julie Whiteman pitched GrooveBook, a monthly photo book subscription service, seeking $150,000 for 20% equity. Their unique groove binding allows for inexpensive shipping. They revealed a low-profit margin due to overhead costs. Mark Cuban offered $150,000 for licensing rights, while Kevin O'Leary offered $750,000 for the whole company. The founders countered Kevin at $6 million. Ultimately, Kevin went in with Mark for $150k for 80% of the rights to license Groovebook as a service to other companies, which the founders accepted.
Who invested in GrooveBook?
Mark Cuban
Kevin O'LearyGrooveBook's Pitch Highlights
Brian discovered the groove binding method out of frustration while trying to make the photo book flexible for mailing.
The groove binding is patent-pending.
The founders initially wanted every American household to afford their product.
They valued their company at $6 million during the pitch, despite seeking $150,000 for 20% initially.
GrooveBook Shark Tank Update
- Sales tripled in 5 days after airing.
- Grew to 500,000 subscribers.
- Acquired by Shutterfly for $14.5 million.
- Shutterfly discontinued GrooveBook in 2022.
Key Milestones
January 2014 - Shark Tank Appearance
Appeared on Shark Tank and secured a deal with Mark Cuban and Kevin O'Leary.
November 2014 - Acquired by Shutterfly
GrooveBook was acquired by Shutterfly for $14.5 million.
April 2022 - Service Discontinued
Shutterfly announced the discontinuation of the GrooveBook service.
