On a recent episode of “Shark Tank,” Justin Crowe presented his company, Parting Stone, which transforms cremated ashes into solid stones, seeking $400,000 in funding. The unique concept struck a chord with the Sharks but also led to awkward moments, particularly involving guest Shark Gwyneth Paltrow, as Barbara Corcoran’s unsettling phrasing during negotiations created visible discomfort across the panel.
Pitch Details and Financial Concerns
Justin Crowe explained that Parting Stone had not turned a profit over its previous three years and anticipated several more years before breaking even. While the Sharks found the heartfelt nature of the product compelling, this lack of profitability caused hesitation. Corcoran initially declined to invest, but after Kevin O’Leary and Lori Greiner made offers, she returned with a counteroffer, sparking a tense exchange due to her unusual wording.
Barbara Corcoran’s Controversial Royalty Proposal
Corcoran offered
“I will give you the $400,000 cash, not for 7% but for 10%, but I would like a $20 royalty for every dead person and every dead animal.”
—Barbara Corcoran
The bluntness of her proposal unsettled the Sharks, with Paltrow visibly uneasy and asking,
“Is there a nicer way to say that?”
—Gwyneth Paltrow. Corcoran admitted she was uncertain how to phrase it differently, creating a moment that was both tense and reflective of the somber nature of the product.
Deal Negotiations and Competing Interests
Despite the awkward moment, the proposal opened discussions about royalty-based deals, which Crowe was willing to consider. Meanwhile, Mark Cuban left the pitch early due to a conflict of interest, having previously invested in Eterneva, a company that also memorializes ashes by converting them into diamonds. Kevin O’Leary and Lori Greiner were keen to invest and ultimately made a joint offer of $400,000 for 10% equity, including royalties of $20 per direct-to-consumer sale and $12.50 for business-to-business sales until the investment was repaid.
Aftermath and Business Growth
Following the agreement, both O’Leary and Greiner expressed satisfaction with the deal. Cuban, while not investing, showed support by discussing the idea with Adele Archer from Eterneva, prompting amusement from Paltrow. According to the Shark Tank Blog, the deal closed quickly after airing, and Crowe raised prices for Parting Stone’s services. The episode’s exposure resulted in a 100% increase in direct consumer sales and boosted funeral home interest.
In January 2023, Parting Stone secured $2.3 million in Series A funding, which included the Sharks’ investment. These funds are being used to establish a laboratory in Australia, set to open in early 2024, aiming to enhance the company’s operations and growth.
Impact and Future Prospects of Parting Stone
The Parting Stone pitch sparked a rare mixture of emotional resonance and unease on “Shark Tank,” highlighted by Gwyneth Paltrow’s candid reaction to Corcoran’s unsettling language. The deal reflects a shift towards unique, sentiment-driven products in the marketplace and introduces new discussions on royalty agreements within the show.
The continued investment and growth plans signal that Parting Stone is poised to expand its impact on the memorial services sector, blending innovation with sensitive end-of-life rituals while navigating complex investor dynamics.
