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Rumi Spice Shark Tank Update

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Have you ever wondered if the spices you use are in their purest form or are adulterated with chemicals that can substantially hurt the well-being of yours and your loved ones?

Rumi Spice is here to rid you of this worry!

The company presents to you a wide range of assortments of pure Afghan Spices and hand-made artisanal Saffron products so that now, you can sit back and use your spices in all the delicacies you like.

Rumi Spice at a Glance:

IdeaEthically sourced Afghan Saffron and Spices.
FoundersEmily Miller, Kim Jung, and Keith Alaniz
Asked For$250,000 for 5%
Accepted Deal$250,000 for 15%
SharksMark Cuban
Business statusIn Business
Episode No.Season 8, Episode 23
Buy on AmazonBuy Now!

Index:

What is Rumi Spice?

Rumi Spice is a company that aims to bring top-notch Afghan spices into the eyes of the world with a noble motto of helping the farmers and the local artisans get their deserved share of wages.

The company looks to impart the flavors of Afghanistan with its special assortments of saffron and spice blends.

The founders state that 90% of the world’s population has been plagued with adulterated copies of pure Afghan spices.

Most people consume low-Quality saffron from either Spain or Iran due to a lack of awareness and Rumi Spice is here with the pure signature products right from its generating ally.

Founder Story:

The founders of Rumi Spice have a noble mission behind the startup. The company operates in Afghanistan, mainly working with the farmers to extract the world’s most expensive spice.

Started by three military vets, Rumi Spice believes that the farmers of Afghanistan deserve more shares of the real saffron produced in the world (around $15.7 million according to the World Bank) along with better pay and dignity for what they do.

They strive to provide the farmers with their long-due wages using the company.

They also aim at reducing the stigma around Middle-eastern countries and their war-ridden image in the minds of most people.

They have employed about 4000 women to help them with their ever-increasing business even among natural calamities and global pandemics.

Did Rumi Spice get a deal on Shark Tank?

Rumi Spice founders entered the Tank with an ask of $250,000 for 5% equity in the company, valuing it at around $5 million.

They explained their product and handed out samples of pure saffron, which takes about 150 hours of processing for just one gram.

They explained their motto and sales to the Sharks. A single jar of saffron costs them around $8.3 while they sell it for $35. Till the time of entering the Tank, they had made a business of about $400,000 and were estimating a sale of $750,000 by the end of the year.

After their pitch, Sharks Daymond, Mark, and Robert were most interested in the product. While Daymond had issues with the pricing of the products and claimed that they were out of reach for ordinary masses, both Mark and Robert made an offer for the founders.

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Mark with $250,000 for 15% and Robert with $250,000 for 25%. The founders eventually went with the better valuation offer and sealed the deal with Mark Cuban.

What happened to Rumi Spice after Shark Tank?

It seems that the deal with Mark did not go down with the company because it is not listed on his official website. Yet, this has certainly not deterred the founders from their motive.

In 2018, they secured $2.5 million in a deal with venture capital. The company grew even in the wake of Covid-19 when most of the business shut down completely.

The founders have also hired a CEO, Patty Doyle, to run the business while they handle the forefront. In, December 2018 they closed a round of series A investment with InFrontier which was worth $2.5 million.

Despite Afghanistan suffering the worst drought in its history of 20 years, the company continues to work tirelessly for the benefit of farmers.

They have also started sourcing Black Cumin from HInduKush Mountains to carry on with their long-ranged aim. As of 2022, the company is still in business with an annual revenue of $5 million.

Product Details:

  • The company offers a range of products including saffron, cumin, and spice blends.
  • Some of the famous spice blends are-Afghan curry braise, Ethiopian berbere, fennel seasoned salt,garam masala, and kofta spice mix.
  • The saffron blends offered can be used in various dishes such as paella, saffron rice, and St.Lucia buns.
  • The company offers a spice blend collection that contains all 12 of its unique spice blends.
  • Afghan spices such as coriander, cumin, turmeric, hand-crafted saffron-infused honey, and saffron-infused skin-care products are some of the most popular products that the company offers.

What is the Net Worth of Rumi Spice?

Rumi Spice was valued at $5 million before entering the Tank and it got offered a valuation of approximately $1.67 million from Shark Mark Cuban, which they accepted willingly.

As of November 2022, the company does an annual sales of around $5 million. As of February 2023, The company has an estimated net worth of around USD $13.5 million.

Who are the main competitors of Rumi Spice?

The main competitors of Rumi Spice are- Two Snooty Chefs, Vivi Foods, Shop Chef AJ, Botanical Dash, Michigan Spice co, Allens Scottish Shortbread, and many more.

The spice market is a very cluttered market since most of the sellers sell adulterated but cheap spices. It is also extremely difficult to differentiate between pure and adulterated spices making the market even tougher to conquer.

Is Rumi Spice still in business?

Yes, Rumi Spice continues to be in flourishing business clocking an annual revenue of $5 million. The company has carried on with its mission of helping farmers across Afghanistan to gain their deserved wages and respect for the hard work they do.

We hope that the company keeps doing so and in the process keeps inspiring entrepreneurs to never give up on their aim.

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FAQs:

What is Rumi Spice?

Rumi Spice is a company that aims to bring top-notch Afghan spices into the eyes of the world with a noble motto of helping the farmers and the local artisans get their deserved share of wages.

What's the net worth of Rumi Spice?

Rumi Spice was valued at $5 million before entering the Tank and it got offered a valuation of approximately $1.67 million from Shark Mark Cuban, which they accepted willingly.

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