Thursday, July 18, 2024

Snacklins 2024 Update – What Happened After Shark Tank

Snacklins Before Shark Tank

Pork rinds are delicious snacks that one can find themselves craving on any day of the week. However, they are by no means vegetarian and are usually oily and high in calories. When Samy Kobrosly was discussing vegetarian pork rinds at a barbecue joint with his chef friend, they realized its potential in the snack market. Samy and his friend worked together to figure out the recipe for vegetarian pork rinds.

Snacklins Before Shark Tank 1 In 2015, from a Washington DC Barbecue joint, Snacklins was born. Snacklins is a vegetarian “pork rind” snack produced using simple and healthy ingredients. Each bag of Snacklins chips is only 80 calories! Yes, that’s 80 calories for the whole bag. Snacklins chips are also known for their simple, easy-to-pronounce ingredients. Snacklins chips are made using mushrooms, onions, and yucca, which are then fried with cauliflower oil. For flavoring, Snacklins simply uses barbecue sauce or soy-ginger sauce.

Snacklins are completely vegan, GMO-free, gluten-free, dairy-free, and paleo-friendly snacks. Their labeling as a healthy light vegan snack caused the company to gain much appeal from customers online and on social media platforms. The company started in health food stores but quickly grew and started securing shelf space in various well-known stores around the country.

Samy knew Snacklins would revolutionize the pork rinds snack industry and be a go-to snack for anyone concerned with their health. To ensure the company’s success and successful expansion, Samy decided to take Snacklins to Shark Tank to find a business partner willing to invest in the company.

Snacklins on Shark Tank

Samy Kobrosly was on season 11 of Shark Tank to pitch his company, Snacklins. He showed the sharks the ingredients of each bag of chips and told them its major selling point: only 80 calories for the whole bag! The sharks were interested, and Samy gave each of them a sample. The sharks loved it.

Snacklins on shark tank 2 Samy told them that, as a Muslim, he was forbidden from eating pork. As a result, he found an alternative to pork rinds by creating Snacklins. He claimed that, unlike other chips and junk foods, Snacklins uses fresh non-powder ingredients in its shelf-stable chips. The company currently only has two flavors but plans to add many more in the future.

Samy was seeking $250,000 for a 2.5% stake in the company. The sharks wanted to know the numbers behind the $10 million valuation. He stated that he only owned 30% of the company, and the rest was distributed between family, employees, and investors. Samy cited that Snacklins had made $200,000 in sales during the previous year. The company expects to finish the current year at $2 million, a tenfold increase within a year.

Samy claimed that Snacklins started with 36 stores 18 months ago but currently has 850 stores nationwide. The company had chips on shelves of small stores as well as major stores across the US such as Wholefoods, Walmart, 7-Eleven, and more. He demonstrated his commitment to the company by telling the sharks how he traveled across the country only four hours after his child was born to finalize the deal with 7-Eleven.

The company has a 30% gross margin. Each Snacklins chips bag costs $0.90 to produce and sells for $1.99-$2.99. Snacklins had spent a lot of money building its own factory, giving it complete control over the quality of each bag of chips produced. Snacklins, at the time of the pitch, had raised $1.5 million. Samy claimed the company was only 11 months away from being profitable, so he needed a shark to help fund these months and act as a strategic partner as the company expands.

Snacklins On Shark Tank 1

Barbara Corcoran mentioned one of the companies she had previously invested in, Pipcorn. Pipcorn had proven a massive success, with over 3,500 stores and $12 million in sales; however, she hadn’t seen a penny in return for her investment as the company had low margins and required more investments to secure shelf space. Because she didn’t want to go through that same experience with Snacklins, she was out.

Lori Greiner loved the “80 calories for the whole bag” concept, but she thought it was too early to invest in such a company, so she was out.

Rohan Oza disliked the idea of the company having its own manufacturing facility as it was challenging to maintain and not economically viable, so he was out.

Mark Cuban disagreed with the other sharks; he mentioned a company he had invested in that had bought its own factory from the beginning. He said the company is doing well and is netting over $8 million, a part of which is going to him. However, he believed that the 2.5% equity that Samy was offering was too little, so he wanted him to make another offer.

Samy doubled the offer: $250,000 for 5%, but Mark refused. Mark’s counter-offer was $250,000 for 5% straight equity and 5% in advisory shares. After some consideration, Samy accepted Mark Cuban’s offer.

Samy believed Mark Cuban was the perfect business partner for Snacklins as his connections and capital could pave the way for the company.

Snacklins Now in 2024 – The After Shark Tank Update

Within a week of airing on Shark Tank, Snacklins had over $100,000 in sales, more than they had ever made. The deal with Mark successfully closed, and Samy was able to continue working on Snacklins. He secured contracts with multiple national and regional franchises such as Stop and Shop and Whole Foods. The company worked hard to be available across the country as it secured shelf space across many stores.

Snacklins AFter Shark Tank 1 Near the end of 2020, Snacklins rebranded its products to ensure each bag reflected its contents. Snacklins also removed its previous flavor, soy-ginger, and replaced it with Teriyaki, to make it available for people with a soy allergy. The company released four new flavors: Sea Salt and Vinegar, Cinnamon Churro, Chesapeake Bay, and Nacho. Snacklins also released a limited-time flavor called “Mala Spice Mix.” The company also added a new 3oz multi-serving bag; more than three times the smaller bag. Snacklins made $3 million in revenue in 2020.

Snacklins had an update segment on season 13 of Shark Tank. The update segment showed the massive growth the company has seen since its appearance on Shark Tank. Mark Cuban said he loved the product and was happy with the investment he made. The company has since grown over fourfold since 2020. Snacklins reported $13 million in annual revenue in 2024.

The company has seen much love from customers across the nation. Samy hasn’t stopped developing Snacklins since the day he founded the company. Snacklins revolutionized pork rinds by making them healthier, vegan, and low on calories. Snacklins will continue to grow as Samy works on expanding the business, fully supported by Mark Cuban. For more information and Updates on Snacklins, visit the company’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.
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