Numilk, a company that makes plant-based milk, got its big chance on the popular TV show “Shark Tank.” For many entrepreneurs, this is the moment they dream of—a chance to take their business to the next level. But what happens after the show ends? In this blog post, we’ll explore what has happened to Numilk since their appearance on “Shark Tank” and how the company has grown since then.
Background Of Numilk
Numilk, co-founded by Joe Savino and Ari Tolwin, is a company that specializes in plant-based milk. They are known for their commercial machines, which are used by cafes and restaurants to make various types of fresh plant-based milk. But the company’s offering extends beyond just commercial use. Numilk also launched a home countertop machine, making it easier than ever for consumers to enjoy fresh, plant-based milk at home.
Numilk Shark Tank Update
Numilk’s appearance on season 12 of “Shark Tank” was a turning point for the company. They secured a $2 million deal with billionaire investor Mark Cuban. This deal included $1 million for 7% equity and an optional $1 million loan at 3% interest for an additional 3% in advisory shares.
Since their appearance on “Shark Tank”, the company has seen significant growth. By 2023, Numilk’s net worth had reached an impressive $70 million. As of July 2024, their annual sales revenue is approaching $13 million, with lifetime sales exceeding $55 million.
Numilk has expanded its presence across the USA, with commercial machines now in over 170 locations, including coffee shops and independent grocers. The company also successfully launched a Kickstarter campaign for their Numilk Home machine, which has been available for purchase since early 2024.
Numilk Shark Tank Pitch
During their pitch on “Shark Tank”, Numilk was able to impress the sharks with their innovative approach to plant-based milk production. Their successful pitch resulted in a deal with Mark Cuban, which has been instrumental in the company’s growth and success.
Despite facing setbacks due to the COVID-19 pandemic, Numilk has shown resilience and adaptability. They pivoted their strategy to focus more on coffee shops and smaller retailers after the pandemic delayed launches with major retailers. They have also phased out their kiosk machines in grocery stores to prioritize the Numilk Home and Pro lines.
Post-Shark Tank Developments
Numilk’s appearance on Shark Tank was a game-changer. They landed a sweet $2 million deal with Mark Cuban – $1 million for 7% ownership plus an optional $1 million loan.
But then the pandemic hit, forcing Numilk to pivot from their original grocery store kiosk model. They got creative and used Cuban’s investment to develop a home version of their machine. Smart move!
Numilk didn’t stop there. They expanded their product line with the Numilk Home for consumers and the Numilk Pro for cafes and restaurants. Plus, they introduced yummy new flavors like almond, oat, hemp, and even specialty blends like Goldenmilk and Moonmilk.
In March 2021, Numilk launched a Kickstarter for the home machine, raising over $222,000 from nearly 900 backers. People clearly wanted Numilk in their kitchens!
Numilk Milestones
Numilk has been busy since their Shark Tank debut. They partnered with appliance giant Hamilton Beach to manufacture the home machines, set to launch in 2024.
Meanwhile, their commercial machines can now be found in over 200 cafes nationwide. That’s a lot of delicious, eco-friendly plant milk being made!
Marketing has been key to Numilk’s growth. In 2023, they teamed up with Tiny Bully to create a waitlist and launch campaign for the home machine. It generated major buzz and sales, building a devoted fan base.
Numilk Current Status
Today, Numilk is valued at a whopping $55 million. Not too shabby for a company that started with a simple mission to make plant-based milk easier and more sustainable.
Speaking of sustainability, Numilk is making a real difference. By cutting out packaging waste and reducing carbon emissions, they’re showing that delicious milk can be eco-friendly too.
Conclusion
Numilk’s journey from “Shark Tank” to where they are now shows how hard work, smart decisions, and the right partnerships can lead to success. Getting a deal with Mark Cuban was a big win, but their ability to adapt, especially during the challenges of the COVID-19 pandemic, has been key to their growth.
With a strong focus on making plant-based milk easy and eco-friendly, Numilk has become a leader in their industry. Today, they continue to grow, making fresh plant-based milk available to more people while helping the environment. Their story is a great example of how a simple idea can turn into a successful business with the right support and determination.