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Hungry Harvest Shark Tank Update

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Hungry Harvest is a doorstep fresh farm food delivery service based in America supplying weekly or biweekly subscriptions. What’s unique about them? The company primarily produces the food that may be thrown away in the trash that is they purchase the farm food that is often rejected from the farms for the reason of not being unhealthy or damaged but only because it looks ugly. They aim to bring ‘The Plant Power to People’ by rescuing farm food and reducing food waste. 

Every harvest that gets delivered saves 10 pounds of food from being called waste. But this is not where the company stops, they extend their services through their own community market, that is they offer fresh produce markets in partnership with community organizations like public schools, community colleges, Hospitals, and Community centers.

Hungry Harvest at a glance:

IdeaStainless, odorless, clean, conditioned, and protected world
FoundersDavid Zamarin
Asked For$200,000 for 20%
Accepted Deal$200,000 for 25% equity
SharksMark Cuban and Lori Greiner
Business statusIn Business
Episode No.Season 9, Episode 15
WebsiteHungary Harvest

Index:

Founder Story:

Evan Lutz, a social entrepreneur from Baltimore is the founder and CEO of Hungry Harvest. He was a student at the University of Maryland in 2014 when the idea of creating a waste-free future stroked his mind.

He tried convincing people that there is nothing wrong with the products that are not in shape, and he did this by putting on a fruit stand in front of the Stamp stand Union college park and then relocating it to the inside of the college park Starbucks and to then had his own office. He observed that food waste is an issue, and around 6 billion pounds of food is wasted in the United States itself. He always wanted to be an entrepreneur and so in his last year of his college, he started to work for a company known as a food recovery network.

What happened to Hungry Harvest on Shark Tank?

Since the day Evan created Hungry Harvest, he targeted the company to pitch in on Shark Tank one day and that came true in season 7.  After mugging and revising his pitch, he laid off it on the show. He asked for $50,000 for 5% of the equity in the company valued at $1 million. Did Evan crack a deal?

See also  Floating Mug Shark Tank Update

Yes, he did. Though other Sharks were not ready and Kevin compared Hungry Harvest to Plated, there was Robert who seemed interested and offered $100,000 for 10% of ownership in the firm. After counteroffering, Evan made a deal with Robert for $100,000 in exchange for 10% of the company and succeeded in achieving his target.

What happened to Hungry Harvest after Shark Tank?

As soon after closing the deal with Robert, the company raised around $500k and that took it to the next level. The company was able to expand to Virginia, Philadelphia, Florida, mid-Atlantic in New Jersey, Maryland, Delware, and some areas of North California and they expanded their product line which included organic and multiple add-ons.

The number of followers and investors raised, and daily visitors on the official website increased from 150 to 3000. In 2016 they opened their first Produce in SNAP at an elementary school. In 2020 the company received a $7.25 million investment.

What’s the net worth of Hungary Harvest?

The company’s net worth was $1 million during the pitch and after the deal with Robert, the company was valued at $800,000.

Hungry Harvest has raised $20.9M in funding over 5 rounds. Their latest funding was raised on September 10, 2020. They have 6 investors and 1 lead investor.  Danone Manifesto Venture and Maywic Select Investments are the most recent investors. Other investors are Creadev, Quadia, Desert Bloom, and Conscious Venture Lab.

Hungry Harvest creates its model through investments and partnerships. The annual revenue of the company in 2020 was $4 million. The certified organic vegetable bags range from $35 to $55.It donates 2 pounds of vegetable produce to the needy.

Who are the Competitors of Hungry Harvest?

  • Hello Fresh
  • 80 Acres Farms
  • Agro Fresh
  • Imperfect foods
  • Misfits Market
  • Full Harvest
  • Randalls
  • Fresh To Home
  • Licious
  • Oddbox

Is the Company Profitable?

According to Lutz, it’s not. After earning $37000 in the very first six months of the company and a little more than $100,000 in the next few months. However, lost almost $20,000.

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FAQs:

What is Hungry Harvest?

Hungry Harvest is a doorstep fresh farm food delivery service based in America supplying weekly or biweekly subscriptions.

What's the net worth of Hungry Harvest?

The company’s net worth was $1 million during the pitch and after the deal with Robert, the company was valued at $800,000.

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