Saturday, April 13, 2024

Misfit Foods After Shark Tank – 2024 Update

Misfit Foods Before Shark Tank

Misfit Foods is a company that makes healthy, vegetable-style sausages; however, they are also made of meat. For instance, their vegetable sausages are made up of 50% chicken and 50% vegetables. Though, in addition to their sausages, they also make products that are only 40% vegetables and 60% ground beef. To make their healthy creations, this company uses any oddly-shaped produce that wouldn’t necessarily be found in stores. These produce products are from small farms. Misfit Foods was created with the intention of giving consumers a better, more sustainable product to choose from when choosing meats. But who created this brilliant concept?
Phil Wong founded his company, Misfit Foods, in 2014. Before he started his business, Phil attended Georgetown University where he studied Science, Technology, and International Affairs. During his time at Georgetown University, he became a Scholar and Impacts Fellow for ThinkImpact. He stayed with ThinkImpact for about three months. It wasn’t until he met his co-founder, Ann Yang, who also attended Georgetown University, that they started Misfit Foods. Originally, Misfit Foods was a juice company in which they made cold-pressed juices from the oddly-grown produce.
In 2019, Phil and Ann expanded their inventory and started making their vegetable-based sausages. They made this switch after realizing how much many consumers, as well as the earth, could benefit from a healthy, sustainable meat option. As common as it may be that vegan diets can be the best option, not everyone wants to give up meat entirely. Because Misfit Foods gives consumers the choice of products that still contain meat, that makes the switch to a healthier lifestyle a bit easier.
Within the first year, after Phil and Ann launched Misfit Foods, the company saw $1.2 million in sales. Now, this could be due to their unique products, or the fact that they have a variety of partnerships with stores in which they sell their products. For instance, Phil has worked with Fresh Direct, Imperfect Foods, Good Eggs, and a few other company’s to sell his Misfit Foods. Additionally, Phil has moved forward into selling his products on his website, as well as in Whole Foods. Although it already appears that Phil and Ann have made Misfit Foods a success, they would like a shark to help them with their distribution, as well as growing their business further. HarvestBowl MisfitSausages scaled 1

Misfit Foods on Shark Tank

Phil Wong appeared on Shark Tank to pitch his creation, Misfit Foods, seeking $250,000 for a 5% equity. He pitched his company to the sharks while they taste-tested the food. While explaining the different products and flavors he’s made, the sharks are already intrigued. Phil went on to explain his sales to the sharks. He told them that he was currently at around $800,000, but that he was sure he’d make $1.2 million in sales soon. Each sausage pack costs him about $2.91 to make, and sells for $4.13.
About 20% of his overall sales prior to Shark Tank came from his products being sold at Whole Foods. The other 80% is from his Misfit Foods website. With that, he tells the sharks that his marketing is costing him under 5% and that his profit margin is at 29%. Lori Greiner speaks up first to tell Phil that she likes the food. She also likes that the sodium count is low. The first shark to go out is Kevin O’Leary. He states that making money would be tricky in this industry.
Next up, Robert Herjavec explains that he likes the idea considering he is a vegan himself; however, he will not invest in Misfit Foods due to the competition. He goes out. Soon after, guest shark Daniel Lubetzky makes Phil an offer. He thinks the business is a great idea and would like to offer $250,000 for a 15% equity in the company. Following him, Lori makes her offer. She offers Phil $250,000 and an 18% equity.
Mark Cuban was the last shark to state him interest in Misfit Foods. He likes the idea as well and would like to partner with Daniel; together, they offer the $250,000 and a 15% equity. This team up sparks some negotiations with Phil as he decides what he wants to do. He eventually counter-offers Mark and Daniel up to a $300,000 offer and the 15% equity. After some further negotiations, the deal with Mark and Daniel was accepted. Misfit Foods On Shark Tank

Misfit Foods Now in 2024 – The After Shark Tank Update

Phil Wong made a successful appearance on Shark Tank and ended up with two investors, Mark Cuban and Daniel Lubetzky. Unfortunately, the deal with Mark and Daniel did not end up happening; however, the business is doing great.
At this time, Misfit Foods is still in business and Phil has officially changed the name to Phil’s Finest. Although the deal with the sharks didn’t work, Phil had stated that he was grateful for the chance to be mentored by the duo. That being said, the company has had many successes following their time on Shark Tank.
As of 2024, Misfit Foods has sold over 2 million packages of sausages, as well as 150,000 of their ground beef products. Earlier this year, the company has started selling with more businesses. Some of those businesses are Sprouts Farmers Market, Riverwards, Park Slop Food, Misfits Market, and Umami Cart. Misfit Foods has also expanded to markets all around the United States. These products can also be found on Amazon.
Although his company has reached quite far, Phil still wants to expand it more and get his products on the shelves of more stores. Misfit Foods has been featured on a variety of media platforms. One of the biggest ones being Forbes. Along with these successes and the ones to come in the future, Misfit Foods is known to have a net worth of $2.1 million.
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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