Pipcorn Shark Tank Update

Pipcorn is introduced as a mini popcorn snack that comes in various flavors and tastes Non-GMO, Gluten-Free, Vegan, and Whole Grain. It is a type of small kernel popcorn that doesn’t get stuck in teeth and it also comes in various flavors and varieties.

It is introduced to solve a major problem of eating popcorn which is that the popcorns get stuck in our teeth while eating them. These popcorns are made up of comparatively small kernels that pop into half-sized popcorns.

Pipcorn is a tasty and healthy choice of snack along with some nutritional benefits such as fibers, vitamins, and antioxidants. These are a low-fat substitute, all-natural, and organically packed line of snacks.

Pipcorn is available in five interesting flavors which are White Truffle, Sea Salt, Kettle with a hint of sweetness, Tangy Crabby, and Rosemary. A bag of four ounces costs $4.99. Pipcorn was introduced in 2012 and it was also featured in “Oprah’s Favourite List” in the year 2012 and 2013.

Pipcorn at a glance

SeasonSeason 6, Episode-09.
Business IdeaMini-Popcorn Snacks.
FoundersJeff Martin and Jennifer Martin.
Asked For$200,000 for 10% of Equity.
Accepted Deal$200,000 for 10% of Equity.
SharksBarbara Corcoran.
Business IdeaIn Business.
WebsitePipcorn
Buy on AmazonBuy Now!

Index:

Founder Story:

Pipcorn is developed by two young entrepreneurs who are also brothers and sisters named Jen Martin and his sister Jennifer Martin, they both are from New York.

The idea to develop Pipcorn came to Jen when they were moving from their apartment and all they had as a snack was unpoped, uncooked, heirloom, small corn kernels. They cooked that and made their popcorn which they loved a lot.

They showed keen interest in it and met a few Indian farmers who grow corn and eventually funded them. They then decided to pack and sell their product in many varieties and flavors in the market and then they incorporated their company named “Pip Snacks”.

Did Pipcorn Get a Deal on Shark Tank?

Founders introduced their products to sharks and told the story behind the product. They claimed that they have some financial issues to grow their business.

They gave the samples of Pipcorn to the sharks and asked for an investment of $200,000 for 10% equity in their company. Sharks loved the product and asked for their sales as they had already sold $200,000 of Pipcorns last year.

They had low margins because they were doing all the manufacturing and packaging by themselves. They wanted to hire a co-packager to reduce their cost and increase their margin. Sharks really liked the product but they can’t find their valuation up to $2 million.

Robert asked them what makes the Pipcorn better and they answered it is easily digestible, then Kevin asked them how he get his money back but they didn’t answer Kevin.

They tried to justify but Kevin goes out. Robert showed some interest and offered them $200,000 for 20% but they countered Robert and asked him for 10%.

See also  Lumi: What Happened After Shark Tank?

Later, Barbra also offered them a deal of $200,000 for 10% and a draft whenever the owner could take her money back. Robert told them that Barbra killed them with her offer and again offered them $200,000 but for 10%.

Owners asked Barbra to match her offer with that of Robert, but Robert rejected it. Finally, they accepted Barbra’s offer because she had a better track record of food items.

What Happened to Pipcorn after Shark Tank?

After the show, Pipcorn received a massive hike in its sales. They were able to generate sales of over $200,000 in just a few months after the show. Their annual sales figure is more than $1.1 million. They got more than 12,000 orders. As Jeff said, “they have over 11,000 new orders than ever before”.

But they faced various problems in completing and shipping those orders, but instead of taking it negatively, they took it positively and offered discounts to those who could wait long for their orders.

They also offered free shipping on their next orders. They also hired their co-packers on the west and east coast and started selling their products nationwide.

In the year 2019, a famous food company “Factory LLC” also invested $6 million into their business for an undisclosed equity stake. In late February of 2020, the company introduced its new line of products under the name “Heirloom Snack Crackers” line which is made up of upcycled corn flour.

They also started selling their products through various mega stores and online e-commerce sites like The Fresh Market, Central Market, Sprouts Farmers’ Market, and Amazon.

Competitors of Pipcorn

Pipcorn is introduced as a unique product of its kind but it also shares the same market with other snacks industry products. Thus, it faced tough competition to make its way into the snacks market. The top rivals of Pipcorn are:

Oogies, Skinny Pop, Quinn, Popcorn Indiana, Opopop, etc.

Net Worth of Pipcorn

Pipcorn’s valuation is increased to almost eight to ten times since they appeared in the show. As they were valued at approximately $2 million when they appeared in the show. Since then, they have become very successful as their revenue in August 2021 was valued at $5 million.

Is Pipcorn Still in Business?

Pipcorn is still in business and doing very well in the market as it is presently available in more than 150 chains of stores and several other grocery stores throughout America. Pipcorn has a secure revenue of more than $5 million annually.

Pipcorn Social links:

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FAQs:

What is Pipcorn?

Pipcorn is introduced as a mini popcorn snack that comes in various flavors and tastes Non-GMO, Gluten-Free, Vegan, and Whole Grain. It is a type of small kernel popcorn that doesn’t get stuck in teeth and it also comes in various flavors and varieties.

Who founded Pipcorn?

Pipcorn is developed by two young entrepreneurs who are also brothers and sisters named Jen Martin and his sister Jennifer Martin, they both are from New York.

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