Tuesday, July 9, 2024

Moink 2024 Update – What Happened After Shark Tank

Moink Before Shark Tank

High-quality meat is becoming harder and harder to find as large companies focus on quantity over quality. These companies have taken over small farms, causing farm owners to struggle financially. Farm owners often have to get a day job to pay for the farm’s upkeep. As a result, farms were forced to produce low-quality meat, usually in unethical ways, to sell to big companies rather than selling it directly to consumers.

Lucinda Cramsy, who grew up in an eight-generation farming family, wanted family farms to be independent of big companies. She and her husband Adam founded Moink: a subscription box service that delivers high-quality meat to your doorstep. Lucinda took in other small farms to provide meat for customers. Moink’s meat is ethically sourced and tastes better than other meat on the market. Customers can pick the types of meat in each box, including fish, chicken, lamb, beef, and pork. Customers can also choose the cuts they want, making each box completely customizable.

Moink Before Shark Tank 1

Lucinda had avoided eating pork for seven years for ethical reasons, but her husband had once asked her for pork chops. She agreed on the condition that he raises the pig as her mom did; grass-fed and outdoors. The couple noticed the high quality of the pork after it had been well-raised. Coming together with neighboring small farms, Lucinda decided they needed a marketplace to sell their meat to consumers. She eventually came up with the idea of a subscription box, which allowed farms to plan their meat production ahead of time.

The idea quickly grew, and soon, Moink was taking in many small farms around the country. Moink vets each of its farms to ensure that cows are grass-fed, pigs are in a clean environment, chickens can roam and eat GMO-free grain, and animals are generally raised well. The vetting process means that all of Moink’s meat tastes better than others in the market and is ethically sourced. Each box contains 13-16 pounds of meat selected beforehand by the customer.

Lucinda wanted her business to grow nationwide to help small farm owners in the country and take back the “hijacked food system”. She decided to pitch her company on Shark Tank to find a business partner and investor for Moink.

Moink on Shark Tank

Lucinda went on season 10 of Shark Tank seeking $250,000 for 10% of Moink. She pitched her company, claiming it was a crucial step to help the farm industry in the US. She cited that just four companies controlled over 80% of the meat industry, leaving small farms to struggle financially. Lucinda gave each of the sharks a sample plate of meats produced by Moink’s farms. They loved the product.

Lucinda told the sharks her story: When she was young, her father took his own life and left their family to take over the farm. Her mother was left to take care of her and her siblings, struggling to put food on the table. The farm didn’t help them financially. Instead, it was costly to maintain it.

Lucinda wanted to prosper off her farm, so she sold fruits and vegetables at the market. She then developed her business to deliver the fruits directly to customers. She made the mistake of giving 51% of her business to a large company, which forced her to sell the other 49% for $5,000. After getting married, she realized there was a demand for ethically-sourced meat. She used the same method as her previous business, a subscription-based box, creating Moink as a result.

Moink On Shark Tank Sample In 2017 the company made $85,000 in sales. The following year Moink made $730,000 with a 71% retention rate. The company uses inbound marketing to acquire new customers. A single Moink box contains 13-16 pounds of meat, with an average serving costing only $4.50. Each box costs $127 to produce (includes shipping, boxing, and credit card costs) and sells for $159.

The sharks didn’t like the 20% profit margin the company had. They were disappointed even further when Lucinda said she netted only 10%. Kevin claimed that other large meat companies have more than twice Moink’s profit margins. Jamie Siminoff, a guest shark during the episode, defended her margins saying that small companies often start small to gain a customer base before increasing their margins.

Daymond John believed Lucinda was too sensitive about partnerships, so he was out.

Lori Greiner said she seldom ate meat, making her an unfit investor for Moink, a meat-based company, so she was out.

Mark Cuban mentioned he had already invested in another company that sells meat using a subscription service similar to Moink, so he was out.

Jamie Siminoff offered Lucinda $400,000 for 20% of Moink; more money for more equity. She agreed, believing this partnership would help small farms gain financial independence across the country.

Moink Now in 2024 – The After Shark Tank Update

Moink After Shark Tank 1 After the Shark Tank episode aired, the company saw a massive increase in box subscriptions. Moink’s deal with Jamie Siminoff successfully closed, and the company was able to focus on growing. Moink continued vetting and taking in farms to expand its production and help struggling small farms. Jamie Siminoff even bought a small farm in Lucinda’s hometown to allow him to visit the company’s base of operations at any time.

Shark Tank had an update segment in season 12 featuring Moink in 2019. Jamie visited Lucinda’s farm during the harvest festival to check on operations. Before 2019 was even over, the company had made $2.8 million in revenue. The company expanded its manufacturing facilities to Kansas City to increase production. Moink has welcomed many small farms to its team, helping many farming families in the country.

During the Covid-19 pandemic, people were forced to stay home, causing many restaurants to shut down. This motivated people to start cooking for themselves or ordering food through delivery services. Moink has seen a huge spike in sales with the pandemic as people started cooking their own meals. Moink’s subscription-box service was perfect for the pandemic restrictions as it allowed customers to get the meat they needed while staying home.

Moink continually expanded its farm base and managed to gain over a hundred farms in 2024. The company has been growing at an increasingly rapid rate. In 2024, Moink reported a whopping $74 million in revenue, over 1000% of what they made two years earlier. There are no signs of the company’s growth slowing down any time soon as Moink continues to deliver ethically-sourced meat to people’s doorsteps. For more updates and information about the company, visit Moink’s website here.

Omar Sheikh Alard
Omar Sheikh Alard
Omar brings a love for novels and anything tech-related to the Gazette Review. Fun fact: he was the reigning chess champion at his high school.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here