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Quevos Shark Tank Update

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Quevos is a brand of chips that is crunchy, delicious, and healthy. Chips are not generally associated with being healthy, but Quevos is a snack that is fit for people that have diabetes and also for people who are on a Keto diet.

Quevos chips are made with egg whites, coconuts, and milk, making them low in carbs, so that people do not have to keep checking their carbohydrates every time they have a bite of something tasty. Quevos chips offer four flavors- Quevos Rancheros, Sour Cream and Onion, Dill Pickle, and Honey Mustard. Quevos chips are available on Amazon and are sold in packs of five, each pack costing $3.

Quevos at a Glance:-

IdeaEgg white chips manufactures in different flavors.
FoundersNick Hamburger and Zack Schrier
Asked For$200,000 for 5% equity
Accepted Deal$200,000 For 10% equity + $200,000 on line of credit
SharksDaniel Lubetzky
Business statusIn Business
Episode No.Season 12, Episode 11
WebsiteQuevos
Buy on AmazonBuy Now!

Index:

Who are the founders of Quevos?

Nick Hamburger and Zack Schreier are the founders of Quevos. Zack is a diabetic and he had to keep his carbohydrates in check every time he had a bite of some snack, even as basic as chips, so that he could take an insulin shot whenever needed.

One day when he was cooking eggs, he decided to make chips out of the crunchy leftover part that is often thrown out. He met Nick and they spent two years coming up with Quevos. Due to their investment in this start-up, they dropped out of college. They ran the first production run and it ran out of stock instantly. In 2019, they started a Kickstarter campaign that raised $70,000.

Did Quevos get a deal on the show?

Zack and Nick came on the show in season 12, episode 11. Quevos‘ founder came on the show seeking an investment of $200,000 for 5% equity in exchange. After that, Nick and Zack gave a demonstration of their product and the motive behind it. They handed out samples to the sharks. Nick and Zack shared that they are about to touch $ 3 million in sales by the 2020 end, despite Covid- 19 they are doing good in sales which reflects two things: either they are very smart entrepreneurs or they have very good and loyal products or brands.  

During the pandemic period, they shifted 80% of their business online and to other media. They needed investment to start their production and enjoy prosperity. Robert Herjavec shared that he liked the product but wasn’t impressed much with the taste, so he went out. Kevin O’Leary appreciated their innovation and had the idea of selling on D2C. Kevin gave an offer of $200,000 for 10 cents per bag until the investment amount is recovered. Daniel Lubetzky also gave an offer of $200,000 for a 10% equity. Lori Greiner said Daniel would be great for Quevos and went out.

Mark Cuban said he didn’t want to go with a single product and so he went out. Nick and Zack gave a counteroffer to Daniel of $250k for 10 % equity in exchange. Daniel changed his offer to $200,000 for 10% equity plus $200,000 on a line of credit. Quevos again countered it with $300,000 for a 10% equity in exchange. Daniel Lubetzky modified his offer for the last time to $300k for 10% equity along with 2% advisory shares. Nick and Zack take a moment for discussion and grab Daniel’s deal of $200k for 10% +$200 on the line of credit offer. Finally, counters came to settle down with a signed check.

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What happened to Quevos after the Shark Tank Show?

After the show, the deal made between Daniel and Quevos was finally closed and was listed on Daniel’s business list too. The deal was closed before the show aired. Daniel seemed to be very passionate about Quevos and was in a rush to make it an international brand by using its potential. Daniel’s investment was used for rebranding and relabelling the product, initially.

Once the show aired, within two weeks, Quevos had sales of $500k. Daniel did another round of funding for Quevos of $1.3million. After that, $3.6million was raised from other investors. During the pitch, they asked for a valuation of $4 000,000. After getting some offers, Nick and Zack took a deal at the valuation of $2,000,000 along with $200,000 on the line of credit.

After the show, Quevos spread over 1000 stores. Quevos can be easily identified in GNC, Whole Foods, Vitamin Shoppe, and Wegman’s. Quevos has a variety of flavors, like sea salt, cheddar, cracked peppers, rancheros, dill pickle, honey mustard, and sour cream, and onion ( each pack of flavors costs $29.9 m) like the Quevos sample pack costs $39.9. 

After a few years, they got an update segment in episode 1309. In this episode, they shared that they are spread in over 1500 stores. Nick and Zack revealed in an interview that Shark – Daniel Lubetzky had changed their and Quevos ‘lives. 

Competitors in Quevos are:-

  • Hi-Fi Bar
  • Oorja Nutrition 
  • Zinta
  • Vision healthy foods
  • Festive Foods
  • GF Mall

What is the net worth of Quevos?

The valuation of Quevos during the show was $4,000,000 and by the end of the show, it was valued at $2,000,000. The estimated net worth of Quevos is more than $2 million.

Is Quevos still in business?

Quevos is still in business as of 2022. Daniel is a constant backpacker for Nick and Zack. Quevos made various additions during the years grabbing stores from 400 to 1000 and then, 1000 to 1500 offline stores. In 2019, they had sales of $260,000 and by 2020, they had reached $1.1million.

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FAQs:

What is Quevos?

Quevos is a brand of chips that is crunchy, delicious, and healthy. Chips are not generally associated with being healthy, but Quevos is a snack that is fit for people that have diabetes and also for people who are on a Keto diet.

Who founded Quevos?

Nick Hamburger and Zack Schreier are the founders of Quevos. Zack is a diabetic and he had to keep his carbohydrates in check every time he had a bite of some snack, even as basic as chips, so that he could take an insulin shot whenever needed.

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