Whatever Happened To The Bouqs After Shark Tank?
We've all heard the saying "don't reinvent the wheel," but plenty of entrepreneurs and inventors have done just that when they appeared on "Shark Tank." Many products featured on the show are reimagined versions of everyday items, like the Pizza Pack microwavable food storage container or the locker-friendly Locker Board skateboard.
In May 2014, John Tabis followed in those entrepreneurs' footsteps when he went into the tank to pitch his company, The Bouqs, with his episode airing in May 2014. The Bouqs is essentially a simplified flower company. According to Tabis, Bouqs does three things differently than traditional florists. One, they offer a straightforward $40 price point, without any additional fees for things like "care and handling" (you can double or triple your bouquet size for an additional $10 or $20, however). Two, they ship directly from sustainable farms–specifically ones located on the side of a volcano near the equator. Three, they offer a yearly "concierge service" that takes the hassle out of gift-giving by automatically sending out flowers for every occasion year-round.
Tabis asked for $258,000 in exchange for a 3% equity stake in his company–far less than the typical 10% equity stake that's usually the starting point on this show. Unfortunately for Tabis, none of the sharks were interested enough to make an offer. Mark Cuban and Robert Herjavec thought the 3% stake was too small. Lori Greiner didn't think Bouqs had enough of a competitive advantage. Barbara Corcoran disliked the name. Kevin O'Leary was hung up on the six-day shipping turnaround time–-although as Tabis explained during his pitch, Bouqs was about to offer overnight shipping.
Tabis walked away unhappy, but he got the last laugh.
Robert Herjavec eventually had a change of heart
"Shark Tank" itself gave an update on The Bouq's progress during Season 9 Episode 20, which aired in January 2018. Tabis wasn't discouraged by the lack of a deal. After his "Shark Tank" episode aired, The Bouqs completed a round of seed funding that raised $1.7 million.
After that, the business continued to blossom. In 2016, when Robert Herjavec married his "Dancing with the Stars" dance partner Kym Johnson, he remembered The Bouqs and approached the company to do floral arrangements for the wedding. Herjavec was so impressed with the results that he took a second look at the business and decided to invest.
As Tabis explained during his pitch, the company had been in business for eleven months before he pitched it to the sharks, operating entirely online. In that time, they did $700,000 in sales. Three-and-a-half years later, they had done $88 million in sales. The company had grown from five employees to 60 and was in the process of moving to a larger office. All in all, that makes it one of the biggest "Shark Tank" success stories, even if the sharks didn't bite (at first).
The Bouqs has continued to grow since then
Since 2018, the success has continued. In January 2020, the company raised another $30 million in a round of strategic growth investment, which was provided by the Japanese investment company Yamasa. This was done with the goal of bringing The Bouqs into the Japanese flower market, which is worth $7 billion (via Tech Crunch). In December 2021, The Bouqs officially began operations in the Land of the Rising Sun (per PR News Wire). The Bouqs continues to do brisk business in both the United States and Japan today.
As of 2021, almost ten years after the company was founded, Tabis estimates that The Bouqs has delivered 140 million flowers worldwide. Today, The Bouqs is known as a leading disruptor of the global flower industry, which is valued at about $70 billion annually.
"That's the one I regret not doing, 'cause that's a deal I would've loved," Mark Cuban told ABC News in 2017, in reference to The Bouqs. Not bad for a company that all five sharks initially passed on.