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Simply Good Jars Shark Tank Update

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All of us are trying to maintain a healthy lifestyle by eating healthy foods and exercising, but a problem can be that due to the rise in portable fast food, we may begin to falter in our eating habits, but now thanks to a chef named Jared.

Cannon, there is a way to make healthy foods just as portable. Enter Simply good jars, with their portable as well as recyclable jars and quality salads specifically for an on-the-go healthy meal that can be shaken and eaten at any time or any place.  

Simply Good Jars at a glance.

Business ideaHealthy salads in portable jars
FounderJared Cannon
Asked for$500,000 for 7%
Accepted deal$500,000 for 10%
SharksMark Cuban, Lori Greiner
Business statusIn business
EpisodeSeason 12, Episode 16
WebsiteSimply Good Jars
Simply good jars at a glance

Index:

Founder Story:

Jared Cannon, the founder of simply good jars, started off as a full-time chef in the state of Philadelphia where he worked for 18 years, and during this time he was also going to a night school for his MBA and very often consuming late night fast food which was not very healthy. This is when he decided to start his own company centered around portable healthy meals.

He started to sell his new product in his locality, where it became a big hit and he now plans to expand to many other states through Department stores, retailers, and major food chains.

Did Simply Good Jars get a deal on Shark Tank?

Jared Cannon introduces himself to the sharks as being from Philadelphia and, asking for $500k in exchange for 7% equity in his company. He tells the sharks that he is a chef and he loves preparing salads and has found a way to serve a 5-star salad in a jar which is a portable yet still a healthy solution for the on-the-go consumer, with the jars being reusable and a meal to a person in need for every jar returned.

He passes the samples to the sharks and they all love it as even though it is portable, it’s still fresh and tastes great. Jared explains that it has a 9-day shelf life and he answers Mark’s question by observing that this idea has been trendy on Pinterest but has not been commercialized.

Lori asks about the coolers used for the jars and Jared says that before Covid-19, his main product was the cooler in which the jar meals were kept, in places where fresh food may not be available, like offices, airports, etc., but due to lockdown, he was in a loss and decided to sell the jars to retailers for door-2-door service along with contracts with grocery stores and cloud kitchens.

Mark asks about the prices, to which he says that they sell one jar meal from $8.99 – $10.99 with the price for wholesale being $5-$6, with a manufacturing cost of $2.50-$3.60.  Daymond asks about sales and Jared shocks the sharks by saying that they have no profits, but project to make $750 k that year but have lost $900k, which not surprisingly, makes some sharks hesitant to invest. He tries to win them over by saying that he has a team that can take his company further, having raised $2.5million him having given 49% of his company already to various groups and individuals.

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Kevin thinks that the company is like a previous company he had invested in which had also made losses before but later sold out for a big price. He puts forward a debt deal for 7% equity in which he gives a loan of $500k for 9.5% interest, with Lori also joining in. Mark also puts forward a loan deal for 3% interest but later changes when Jared says he wants a deal with both Mark and Lori for 4% equity each, to which they say they want 5% each, and Jared accepts the deal.

What happened to Simply Good Jars after Shark Tank?

The company has seen immense sales with over 1500% increase after appearing on shark tank and have opened the 3rd facility in Philadelphia and may be present in 28 states as of 2022. Their revenue was up to $ 4 million in 2021.

Product details:

  • Product has various options of salads with different option in layers and ingredients.
  • Price ranges from $8,99 – $10.99, depending on the product.
  • Their jars are made out of recyclable plastics ad can be returned by scanning the QR code on the packaging, which results in donations to food banks to help people in need.
  • Their headquarters are located in the Greater Philadelphia area.
  • They can be contacted through e-mail at, info@simplygoodjars.com.

Competitors of Simply Good Jars

Some competitors are

  • Pure Plates STL
  • Go Good Meals LLC
  • My Cuistot
  • Meal Prep kingz

What is the net worth of Simply Good Jars?

At the time of the pitch, Mark and Lori put the valuation at $ 5 million when they together bought a 10% stake in the company, and now the company has $4.5 million in annual revenue.

Is Simply good jars still in business?

Yes, this company is still in business and had around $475k in sales before appearing on shark tank, but is now making around $4.5 million in annual revenue, as of August 2022.

In January of 2022, the company WAWA seems to be willing to buy Simply good jars after they had some of the latter’s products in their outlets in Florida, and is also aiming for international expansion in Canada and Europe after patenting its packaging.

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FAQs:

What is Simply Good Jars?

Simply good jars, with their portable as well as recyclable jars and quality salads specifically for an on-the-go healthy meal that can be shaken and eaten at any time or any place.  

Who founded Simply Good Jars?

Jared Cannon, the founder of simply good jars, started off as a full-time chef in the state of Philadelphia where he worked for 18 years, and during this time he was also going to a night school for his MBA and very often consuming late night fast food which was not very healthy.

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