Moink is a subscription service for a box of meat. ‘Moink’ is the combination of sounds that farm animals make, i.e. ‘moo’ and ‘ink’. Moink offers humanely raised and ethically sourced meat to its customers. Moink has various options, such as grass-fed beef, wild-caught fish, free-range chicken, and pastured pork.
A box costs $159 and contains around 12 to 14 pounds of meat. Moink also offers delivery options for every 3, 4, or 6 weeks. The FedEx shipping charges are free for the lower 48 states.
Moink Meat at a Glance:-
| Idea | Meat Subscription based service business |
| Founders | Lucinda Cramsey |
| Asked For | $250,000 for 10% equity |
| Accepted Deal | $400,000 For 20% equity |
| Sharks | Jamie Siminoff |
| Business status | In Business |
| Episode No. | Season 10, Episode 15 |
| Website | Moink |
Index:
Who are the founders of Moink Meat?
Lucinda and Adam Cramsey are the founders of Moink. They used to live in New York City but moved back to the midwest, where they were originally from. Lucinda had decided to give up pork but Adam wanted to raise a fresh range of pork. His inspiration was Lucinda’s mother. They shared their idea and collaborated with their neighboring farmers, who had the same vision.
They all raise their farm animals openly and do not keep them locked up all the time. Their animals can roam freely. They did not like the way big corporations sell meat in the market and hence, decided to go with a subscription system that helps them to plan for the future too. The Ramseys wanted their vision to come true about all the meat lovers going for the true source of meat and protein, and not the processed ones, and for that, they needed a shark’s help.
Did Moink Meat get a deal on the Shark Tank?
Lucinda, who is the founder of Moink Meat, came to the shark tank seeking an investment of $250,000 in exchange for 10% equity in the business. Lucinda started her pitch and demonstrated her Moink in front of sharks. It was visible that Lucinda was passionate about her business. She disclosed her sales figures, which impressed all the sharks.
Lucinda shared that Moink meat covers 80% of the meat market as they had $85,000 in sales in 2017, which increased directly to $730,000 by 2018. Sharks were disappointed when they came to know that even though after having tremendous sales, Moink meat was enjoying only a profit margin of 10%. Lori Greiner was the first shark to move out as she is a pescatarian. Daymond John said he couldn’t find her a good entrepreneur and went out.
Mark Cuban had already invested in Echo Valley Meats and, due to a conflict of interest, he went out. Jamie supported Lucinda by saying, I think sharks forget their old days. Mark and the other sharks seemed to be pissed off by Jamie’s statement. Jamie then gave an offer of $400,000 in exchange for 20% equity more than Moink pitched for. Lucinda took a moment and made a deal with Jamie and took her signed check.
What happened to Moink Meats after the Shark Tank Show?
The deal with Simioff closed off and Moink reappeared in season 11. Lucinda decided to expand her business because of the exponential growth that she experienced after appearing on Shark Tank. She added fifteen new farms to her team and now has a little more than 100 farm partners.
During the pitch, the valuation of Moink Meat was $2,500,000 and by the end of the show, Jamie gave an offer of $2,000,000. After the show, they come back again in the shark tank in episode 1107.
Apart from increasing the sales online, Lucinda wanted to reach more and more grocery stores with the help of Simioff. They ship all over the United States except in Alaska and Hawaii. The biggest and only criticism that they face is the price of their product.
No one argues about the premium quality, but people would like it if they had to pay less than $159, even if it is a small box. Other than that, people seem to love the idea of Moink and want to support it as much as they can. As of 2022, they have a total revenue of $74 million.
Competitors of Moink Meat are:-
- Carnivore Club.
- Blue Cedar Beef.
- Force of Nature.
- Moink Box.
- Omaha Steaks.
- Porter Road.
- Crowd Cow.
- ButcherBox.
What is the net worth of Moink Meat?
The valuation of Moink Meat during the show was $2,500,000 and by the end, Jamie valued it at $2,000,000. The estimated net worth of Moink is $7.4 million.
Is Moink Meat still in business?
Moink Meat is still in business. As of 2022, they are doing great in sales and product service. Moink Meat was criticized due to its price factor, but they are still managing to hit sales of $74 million. Bizz Bucket wishes them great success and prosperity.
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FAQs:
What is Moink?
Moink is a subscription service for a box of meat. ‘Moink’ is the combination of sounds that farm animals make, i.e. ‘moo’ and ‘ink’. Moink offers humanely raised and ethically sourced meat to its customers.
Who founded Moink?
Lucinda and Adam Cramsey are the founders of Moink. They used to live in New York City but moved back to the midwest, where they were originally from. Lucinda had decided to give up pork but Adam wanted to raise a fresh range of pork.