Shark Tank Sensation: GrooveBook Bought by Shutterfly for $14.5M [VIDEO]
I've mentioned multiple times on the show how much I love "Shark Tank". It is, quite literally, the only TV show that I do not miss. And if I'm too busy to watch it live (quite often) I make sure to catch it a week or two later on the DVR.
In all the seasons of "Shark Tank" there's only been one product I've been compelled to purchase after seeing it on the show. That's the Groovebook app. In short, GrooveBook lets subscribers upload 100 photos a month and get a bound book of those photos in the mail for just $2.99. Door to door. A great value and a great product.
So it's no surprise to me that Groovebook is the first idea pitched to "Shark Tank" that has been acquired by a publicly traded company. ABC reports Shutterfl has acquired GrooveBook for the low, low price of $14.5 million. Apparently I wasn't alone in thinking it was a fantastic idea:
The episode aired in January, and in the months since, GrooveBook's growth has been staggering. More than a million people have downloaded the app, more than 200 million photos were uploaded and subscriptions were up 1,400 percent.
Take a look at this report from Good Morning America: