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Chapul Shark Tank Update

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Chapul was introduced as an Insect-based Natural Protein Bar which is made from raw insects called crickets and contains a very rich amount of natural protein. They are grown in a set period of time and harvested at a certain time. Raw Insects are kept in a deep freezer which kills them and slowly keeps their metabolisms stable, after that they are converted into a protein bar that comes in various varieties and flavors.

The motive of this product is to provide its consumers with a rich amount of protein into a form of a “chocolate bar” which is very tasteful for protein lovers or for someone who wants a rich source of protein.

Chapul at a glance

SeasonSeason-05, Episode-21.
Business IdeaInsect-based Natural Protein Bar.
FoundersPet Crowley.
Asked For$000,000 for 00% of Equity.
Accepted Deal$000,000 for 00% of Equity.
SharksMark Cuban.
Business IdeaIn Business.
WebsiteChapul
Buy on AmazonBuy Now!

Index:

Founder Story:

Chapul was founded, introduced, and developed by a young entrepreneur named “Pet Crowley”. He is from Salt Lake City, Utah. He has a keen interest in eating insects and after that, he came to know about insects that they have 10 times more protein than any natural foods. He wanted to make insect eating more convenient so that more and more people would take advantage of eating it. He researched the internet for the best way to preserve insects and make delicious foods from them and ended with a bar that is easy to be consumed by almost everyone and may be preserved for a long time.

He started his company called Chapul along with some employees and started making the bars initially with Chocolates. They are all handmade bars that are made by Pet along with his employees. Later, he added various other flavors in the range of his insect bars.

Did Chapul get a Deal on Shark Tank?

Chapul was introduced on ABC’s famous reality TV show Shark Tank in Season 5 and Episode 21. The owner, Pet represented his product as insects based, homemade, all-natural protein bars, that come in various varieties and flavors which are:

  • Peanut Butter,
  • Chocolate,
  • Dark Chocolate with Coffee and Cayenne,
  • Coconut Ginger Lime, etc.
https://www.youtube.com/watch?v=rUN8yLEcHI4

He also distributed the samples of his bars to sharks and asked about an investment of $50,000 in exchange for 5% equity in his company. Sharks found the idea interesting but they can’t relate with Chapul Bars as some Sharks denied even tasting the insect bars that contained insects in them. The founder said that the idea was new and cannot be accepted by the market.

Sharks also questioned Pet where they get this idea from? and he explained that he did research on various good sources of protein and comes to know that crickets are the best source of it. Sharks also asked him about the sales as he was able to make $50,000 as revenue from sales last year and he is expecting an increase in the of Chapul at 30% month over month. He mainly sold his products from Natural Food Stores, Rock Climbing gyms, bike shops, cross fits gyms, and so on.

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Sharks didn’t find the idea of Pet impressive and all Sharks backed themselves except Mark Cuban who offered to sell his company to him. But the owner didn’t want to sell his company. Therefore, he asked Mark to change his offer. Later, Mark told him to give a better offer to him. He then asked him for an investment of $50,000 in exchange for 10% equity in his company, which Mark rejected. Later, he again asked for the investment amount at 15% equity of his company, this was also rejected by Mark again. Later, Robert offered him $50,000 in exchange for a 20% share of his company. But Mark accepted the offer of $50,0000 at 15% of equity. Here is how Pet got a deal on Shark Tank.

What Happened to Chapul after Shark Tank?

After the show, Chapul received a massive increase in its sales as the effect of the Shark Tank show as it was able to put its products in 3000 to 4000 retail stores in different parts of the country. After a few years it has successfully launched its products in over 217 sprout stores from there it manages to make revenue of over $750.000 annually.

Later in the year 2019, it stopped its bar manufacturing and started making protein powders that became its perfect product. It also featured its Cricket flour which was loved by its customers. As of January 2020, it was able to generate more than $5 million in sales.

Later in February 2022, it again raised over $2.5 million from Mark Cuban and several other investors to build a Cricket farm where it grows the insects for its own consumption. The farm is estimated to be finished in early 2023, after that Chapul will be able to generate over $20 million in sales annually.

Competitors of Chapul:

Chapul is introduced as an insect-based natural protein bar that is a very new and unique product in the market therefore Chapul has no competitors existing in the market.

Net Worth of Chapul:

Chapul was valued at approximately $3.33 million at the time of its Shark Tank appearance with annual sales of $50,000. But today the company is generating annual sales of over $5 Million and it also planned to increase its sales up to $20 million annually from the year 2023. However, the data about their valuation is not available anywhere.

Is Chapul Still in Business?

Yes, Chapul is still in business and doing great in its business area as it is the only player in its market segment and it has captured the entire market in the country. Later it expanded its product line by introducing various other products into the market.

Chapul Social Links:

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FAQs:

What is Chapul?

Chapul was introduced as an Insect-based Natural Protein Bar which is made from raw insects called crickets and contains a very rich amount of natural protein. They are grown in a set period of time and harvested at a certain time.

Who founded Chapul?

Chapul was founded, introduced, and developed by a young entrepreneur named “Pet Crowley”. He is from Salt Lake City, Utah. He has a keen interest in eating insects and after that, he came to know about insects that they have 10 times more protein than any natural foods.

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