Wednesday, July 10, 2024

GoOats 2024 Update – What Happened After Shark Tank

GoOats Before Shark Tank

Today, oats and oatmeal seem to be making a comeback in the food industry. Not only does it make a great breakfast, but it’s good and quick for snack foods as well. But why would oats be becoming popular again? Oats are one of the many grains that are high in nutritional value. They provide many benefits, such as being a great source of vitamins, antioxidants, fiber, and minerals. Not to mention they are believed to reduce the potential risk of heart problems, lower blood sugar levels, and promote weight loss. When you think of oats, the first thing that comes to mind is likely oatmeal, right? Now, not only can making oatmeal be a tricky task, but not everyone likes traditional oatmeal. That’s why one entrepreneur decided to take matters into his own hands and invent a better way to eat oatmeal. What might that snack be? It’s GoOats!

GoOats are bite-sized oatmeal bites that are great for a quick snack or breakfast on the go. GoOats are healthy and nutrition-enriched bites that are packed with essential vitamins, fibers, proteins, calcium, and antioxidants to provide the body with energy. Hence, they make a great on-the-go breakfast. GoOats are available in four different flavors: Apple Cinnamon and Strawberry, Cran-Walnut and Strawberry, Blueberry and Maple Brown Sugar, Maple Brown Sugar and Apple Cinnamon, and Blueberry and Apple Cinnamon. These bites consist of ingredients such as steel-cut oats, cane sugar, whole milk, and sweet cream butter. In addition to that, GoOats can be cooked in an air fryer, oven, or toaster, and they can be stored in the freezer or refrigerator. GoOats Oatmeal Bites 5

So, who is the mastermind behind GoOats? Nahum Jeannot is the founder and CEO of the company, with lots of experience within the food industry. Nahum attended the Restaurant School at Walnut Hill College in 2008. While he was in college, he worked at the Four Seasons Hotels and Resorts. In 2011, he was promoted to line cook at the Union League Club of Philadelphia, where he later earned a bachelor’s degree in Culinary Arts and Related Services/Hospitality Management. In March of 2012, Nahum left his job with the Union League Club of Philadelphia and became a line cook with W Hotels before spending time as a sous chef and an executive chef. Shortly before he founded GoOats, he had a job with Goodwinhouse Bailey’s Crossroads. His final job before becoming an entrepreneur was at the Hyatt Regency Tysons Corner Center, where his responsibility was as a banquet chef. Though he quit this position in June of 2020, just four months after launching GoOats.

GoOats officially launched in February of 2020. The inspiration for this product was provided by his mother and his grandmother. When he was younger, Nahum remembers his mother and grandmother always preparing a nutritious bowl of oatmeal for him and his siblings every morning. Despite how busy their schedules got, they always made sure there was time to feed the kids good food. This morning tradition became a favorite of Nahum’s that he was eager to share with the world. Nonetheless, a bowl of oatmeal tends to be a messy breakfast food, which made the founder turn it into a clean, bite-sized food.

After launching his business, Nahum spent a good two years working on ways to increase his numbers with different marketing tactics. Now, he has gotten GoOats to be sold in more than 60 Whole Foods Market locations and Heinen’s markets along the mid-east coast and in the Midwest. They’re also selling on Amazon. In 2020, Nahum participated in Score DC’s Perfect Product Pitch, which he won. Shortly after that, he turned to a few professionals, who provided him with advice on how to grow goats further. And what’s the first step? to pay a visit to the sharks. GoOats Oatmeal Bites 3

GoOats on Shark Tank

GoOats appeared on Shark Tank for their Season 2 12-episode show. The founder, Nahum Jeannot, is asking for a $150,000 investment in exchange for a 10% stake in GoOats. Nahum shares his story with the sharks and pitches his business to them. As he’s explaining his business, the sharks taste their oatmeal bite samples; they are impressed with the taste of them, and they commend the founder for creating such a delicious, easy-to-prepare food.

Nahum goes on to reveal his sales numbers. He states that he only spends $1.35 to make the GoOats bites before retailing them for $2.99 and $4.99. In 2017, Nahum only did $13,000 in sales; however, he then did $57,000 in sales in 2018 and 2019. His margins are sitting at $1, which the sharks aren’t impressed by. In fact, they criticize him a bit for having that low of a margin. Mark Cuban also makes a comment about GoOats’ sales numbers, saying “that’s not enough.” Nonetheless, Barbara Corcoran presents Nahum with an offer of $150,000 in exchange for a 25% stake in his business. She claims that she will help GoOats get into big-box retailers. Though this is his only offer, the founder holds off to hear what the other sharks have to say. The remaining sharks back out of the deal, and Nahum counters Barbara for a 15% stake. She declines and says she isn’t willing to go below a 20% stake. Nahum accepts her offer.

GoOats Now in 2024 – The After Shark Tank Update

Nahum Jeannot’s appearance on the Shark Tank was a close call; however, he did end up leaving the stage with a deal from Barbara Corcoran. The transaction has not yet closed as of January 2024. Since the show aired, GoOats has been able to remain in business, and it appears to be doing well. In fact, there has been some talk about the founder planning to release some new flavors soon. Until then, the four available flavors are still Apple Cinnamon and Strawberry, Cran-Walnut and Strawberry, Blueberry and Maple Brown Sugar, Maple Brown Sugar and Apple Cinnamon, and Blueberry and Apple Cinnamon. However, at the time of writing, the Apple Cinnamon and Strawberry flavor, the Maple Brown Sugar and Apple Cinnamon flavor, and the Blueberry and Apple Cinnamon flavor are currently sold out. GoOats Oatmeal Bites 1

It wasn’t long after the founder appeared on Shark Tank that the business completely sold out of inventory on Amazon and the GoOats website. By 2021, GoOats had made its way into a variety of new stores. Some of those stores are Heinen’s, Dawson’s, Costco, Gelson’s, Whole Foods, and Sprouts. While it has not yet been released when Nahum will be launching the new flavors, it will be interesting to see what he comes up with. Furthermore, GoOats had an estimated annual revenue of $2 million as of 2024. 

Melissa Buechler
Melissa Buechler
Graduated from Washington Virtual Academies and have been a freelance writer for about 2 years now. In my spare time, I enjoy spending time with my pets, gaming, etc.
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