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Mr. Wonderful invests in CowPots; $200K for 20%

Mr. Wonderful invests in CowPots; $200K for 20%

Amanda Freund, along with Bessie the cow, appear on the television show “Shark Tank” to seek an investment for the CowPots made on her family’s farm in East Canaan. She came away successfully.

Photo provided

EAST CANAAN — For Amanda Freund, there is gold in cow poop.

The marketing manager of the East Canaan business that created and produces CowPots snagged a $200,000 investment in the operation from Kevin O’Leary, also known as “Mr. Wonderful,” on the ABC television program “Shark Tank” that aired Friday.

Freund’s father, Matthew Freund, ran Freund’s Farm, a multi-generational enterprise, with his brother Benjamin Freund. Seeking ways to diversify to ensure the farm’s survival, Matthew Freund came up with the idea of making biodegradable plant pots from composted cow manure to deal with the abundance of the byproduct in a sustainable way. Cows produce 100 pounds of manure a day.

The pots went on the market in 2006 after years of experimentation and are now sold around the world.

Although the herd was sold off to an independent farmer a few years ago, the cows are still housed at the farm and the manure remains plentiful. The production of the pots takes place in a barn onsite.

Amanda Freund explained that a marketing consultant they work with sent in a submission for her to appear on “Shark Tank.” She had preliminary conversations with representatives of the show last June and had meetings with production teams every week after that.

She finally heard that she would be a contestant and flew out to Los Angeles in September for the taping. A month ago, she heard the segment would be televised.

Accompanying her on the set was Bessie, an inflatable cow, who pranced gaily around the stage as Freund made her pitch. With poise and confidence, Freund presented facts about the business in detail, including profit margins and lifetime sales.
“We turn brown stuff into green stuff,” she said.

She also explained the business was branching out to use the composted manure for purposes beyond horticulture, such as packaging material. She showed the prototype for ones that would hold wine bottles. Candles could also be placed in them for safe transport.

In return for the $200,000, Freund said she was willing to give 10% equity in the business.

Three of the four sharks, while impressed with her plea, said CowPots didn’t fit into their businesses and turned her down.
Originally O’Leary, who also works with packaging, was reluctant to sign on. After some coaxing from the other panelists, he made an offer to invest if he received 25% of the business.

Freund countered with 20% and O’Leary came back with 22.5%. But Freund held firm, saying she couldn’t go above 20% and was about to leave when again, getting pressure from the others, O’Leary agreed to the 20%. The two hugged to settle the deal.
As Freund and Bessie exited the stage, Freund could be seen smiling broadly, hands in the air, obviously pleased she’d had a positive encounter with a shark.

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