Packback is a college textbook pay-per-use rental service. This was started by Kasey Gandham and Mike Shannon in 2011. As of November 2023, Packback’s net worth is $4.2 million. They’re pulling in a whopping $3.1 million in annual revenue.
In March 2014, they appeared on Season 05 of Shark Tank USA and made a deal with Mark Cuban, for $250,000 for 20% of equity. The final valuation was $1.25 million, down from the founder’s initial estimate of $2 million.
Packback witnessed significant growth after its pitch on Shark Tank. On August 7th, 2018, Packback will be ending support for Packback Books.
Packback Net Worth
| Net worth | $4.2 million (2023) |
| Annual Sales Revenue | $3.1 million (2023) |
| Profits | – |
| Lifetime sales | – |
| Investor | Mark Cuban |
| Founders | Kasey Gandham and Mike Shannon |
| Employees | – |
Packback Net Worth Timeline
| Net Worth 2023 | $4.2 million |
| Net Worth 2022 | – |
| Net Worth 2021 | – |
| Net Worth 2020 | – |
| Net worth valuation in 2014 after appearing on Shark Tank | $1.25 million |
| Net worth valuation in 2014 before appearing on Shark Tank | $2 million |
Packback Pitch on Shark Tank
| Company name | Packback |
| Product | A college textbook pay-per-use rental service |
| Episode | Season 05 Episode 21 |
| Founders | Kasey Gandham and Mike Shannon |
| Asked for | $200,000 for 10% equity |
| Final deal | $250,000 for 20% equity |
| Shark | Mark Cuban |
| Location | Chicago, Illinois |
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Packback Founders
Kasey Gandham and Mike Shannon founded Packback in 2014. Both Kasey and Mike graduated from Illinois State University. They have an academic background in Finance and Marketing. Along with their promising entrepreneurial skills, they could create a successful business of their own. Packback’s founders, Kasey Gandham and Mike Shannon’s net worth is unknown as of 2023.
Key accomplishments
| Year | Accomplishment |
| 2014 | Packback got featured on Shark Tank |
| 2020 | Packback’s owners secured a spot in the Forbes “30 under 30 – Education” By 2020 the company was aible to raise $10.7 million in venture funding |
Conclusion
From their beginnings on Shark Tank to their current status as a thriving business, they have proven that with the right idea and execution, anything is possible. We can’t wait to see the future for Packback and its continued success.