How fun is it to renovate a wall by ourselves? Well, we were not familiar with this idea, until Pentablock came into the picture. Sounds interesting that without the dependency on masonry, we can build walls! Joel Norford created this innovative design.
Follow the article and know more about this unique product and its Founder.
|A unique interlocking construction block
|Asking of Company:
|$350,000 for 10% Stake
|$150,000 for 17% Stake + $200,000 Loan
|Shark on board (Investors):
|Shark Tank Episode:
|Season 02 Episode 12
|Mar 01, 2024
About the Founder
Pentablock is owned by Joel Norford. While traveling to Vietnam, he discovered the fundamental interconnecting block in a closed-down building. He became so fascinated with the concept that he included another layer of laminated stone. He also trademarked Pentablock for the final product.
Due to the concern over uniqueness and trademark rights, his goods received countless positive feedbacks from the customers as well as the Sharks.
Pentablock is a masterwork of masonry. It is a system of interlocking the porous bricks that eliminate the need for cement by utilizing a tongue-and-groove mechanism. This process ultimately reduces labor requirements and its associated costs.
The blocks can be ordered in two ways. Either it can be coated with whatever stone the buyer desires or they can be delivered in a plain and unadorned manner. After the blocks are set up, cement is poured inside of them to provide them with rigidity and durability. The interlocking mechanism is unbreakable. Therefore, it can be handled by both a skilled professional and a homeowner.
Shark Tank Appearance
On 30th June 2016, Pentablock by Joel Norford was promoted on Shark Tank, Australia. The owner requested for $350,000 investment in return for 10% ownership.
The company had only made $174 000 in revenue in its first year. This made some Sharks question the business’s estimated wealth. Norford indicated that to increase his profit by 300%, he would first concentrate on the Victoria region before expanding to the remaining parts of Australia.
One of the Sharks, Glen Richards offered $350,000 funding for a 33% equity. Norford was infuriated with this offer because the percentage was over 20%. Eventually, he turned down his proposal.
The Interlocking, mortar-free blocks make it simpler and quicker to construct attractive walls. This was the reason, renovation junkie Shark, Janine Allis, was drawn to it. She proposed a $150 000 capital at 17% and a $ 200,000 mortgage with a two-year repayment period. Norford finally agreed after a little debate with their fellow Sharks, and he left the Tank with satisfaction.
However, the estimated net worth of Pentablock between the years 2016-2018 was $1.5 million.
After Shark Tank
With high hopes, Joel Norford took Pentablock to the Shark Tank of Australia. Janine Allis succeeded in exceeding these demands and joined forces with the company.
Today, Pentablock is still in operation. If you plan to purchase the product, check their website Project Calculator to get the precise number of bricks that you’ll need. As of 2022, Joel Norford, the creator of Pentablock, has a fortune of $6.5 million.
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