Did you know the amount of pollution a meat processing plant generates in a year? What if I told you there is a way to minimize this by eating plant-based/veggie-based meat products.
The first-ever plant-based meat sausages taste wonderful and save you from pollution. This product is generated from misfit foods.
Misfit Foods at a Glance:
|Business idea||Half meat Half Vegetable-based sausages|
|Founder||Ann Yang and Phil Wong|
|Asked for||$250,000 for 5%|
|Accepted deal||$300,000 for 15%|
|Sharks||Mark Cuban and Daniel Lubetzky|
|Business status||In business|
|Episode||Season 12 Episode 15|
Misfit Foods Founder Story:
The owners of this enterprise the Georgetown university graduates Ann yang and Phil Wong aimed at reducing the wastage of food and helping the environment. The idea came to them after starting a misfit juices business in 2014 that used unsold fruits and vegetables to juice that was delicious and consumable juice.
Five years later they switched to what is now a sausage developing company that aimed at reducing the consumption of meat. This enterprise today has made drastic changes within small shifts in production. These products have a massive impact on your health as they reduce the risk of high cholesterol and type 2 Diabetes as well.
Did Misfit Foods get a deal on Shark Tank?
This pitch was meatier and a quick fix for all the decisions was taken quite fast as the founder Phil Wong and the sharks loved the product. There are many surprises that Phil Wong has in store for the sharks.
He first explains how the product sausages are made and tell the sharks that he seeks $250,000 for 5% of the company. This valuation got a lot of reactions from the sharks. The sharks try out the product laid out in front of them and the explanation of the flavors starts. Lori likes the product and the fact that it is low on sodium.
Misfit foods had created a reasonable no. of sales in the first year the figure was $800,000 to date and was on the track to create $1.2 million sales in the next year. The sales were done on wholefoods and online on his website. This sales figure of $2million made the sharks say whoa! Each pack of the sausages costs $2.191 and wholesale it is sold for $4.13and it retails for $5.99 to $7.99.
Kevin is the first one to go out on the deal because he has not made any money in this category. Robert is a vegetarian and he thinks the people would like to go one way or the other. He’s out. Daniel is the first one to make an offer of $250,000 for 15% which he thinks is generous. Lori is next who offers him $250,000 for 18%. The two sharks Mark Cuban and Daniel Lubetzky join in for the original offer. This offer is countered by Phil at $300,000 for 15%, which is accepted by Mark and Daniel.
What happened to Misfit Foods after Shark Tank?
The information regarding this business is minimal and all we know is after the deal was closed on the show the products and company name came on the website of Daniel. He has expanded his sales and started selling in Pennsylvania in a whole foods store and the sales are growing. The product has been sold in Delaware and Maryland plus many stores like imperfect foods, and fresh direct sell their products in stores.
- The product comes in many flavours as per the needs of the customer.
- This product is sustainable and is made from 60%meat and 40 % veggies making it healthy for the body.
- The product retails for $5.99 to $7.99 and wholesales for $4.13.
- The product has got some good reviews from customers and they love the product
- The product is proud to be helping the environment from meat consumption and the harm the meat production factories cause to the environment.
- The next thing is that the product is made from man raised chicken.
Competitors Of Misfit Foods:
- Plate joy
- Farm drop
- Imperfect produce
What is the Networth of Misfit Foods?
At the time of the shark tank appearance, Misfit Foods was valued at around $2 million.
Is Misfit Foods still in business?
Yes, Misfit foods are still in business today. They sell in retail outlets and online on their website and amazon. The company saw itself in many retail stores before shark tank and wanted a strong retail presence for the product which they saw as being their future. They go for an online presence on the website of Daniel Lubetzky and are known to sell on amazon. It has renamed itself as Phil’s finest in 2020.
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What is Misfit Foods?
Misfit Foods is the first-ever plant-based meat sausages that taste wonderful and save you from pollution
Who founded Misfit Foods?
Phil Wong is the founder of Misfit Foods