Saturday, April 13, 2024

Umaro Foods 2024 Update – What Happened After Shark Tank

Umaro Foods Before Shark Tank

Umaro Foods is an Albany, California-based food chain that makes plant-based bacon from seaweed. Seaweed is known to supply the human body with the most natural protein possible. The seaweed being used to make these products is naturally harvested from the ocean. While many consumers like real bacon made from meat, it really isn’t healthy. Hence, the founders of Umaro Foods have turned to seaweed as an alternative. The founders chose to use seaweed for many reasons, such as it being a living plant that doesn’t need to be watered or fertilized. They even claim that using seaweed to make this plant-based bacon gives it the closest taste to regular bacon.

 

The founders of Umaro Foods are Beth Zotter and Amanda Stiles, along with their team. Their team consists of them, their director of business operations, Royal Sayewitz, and their protein scientist, Tim Arapov. Aside from being the founder and CEO of Umaro Foods, Beth works as a technology entrepreneur; she works with renewable energy. She previously worked with Cyclotron Road and the Bio Architecture Lab. Aside from being the co-founder and CTO of Umaro Foods, Amanda has her Ph.D. in plant biochemistry, and she used to work with Ripple Foods on their research team. Zotter and Stiles officially launched Umaro Foods in 2022, and they have been working on developing an innovative technology regarding farming seaweed from the ocean. In fact, they have plans to create a mass production cycle in the Gulf of Maine in order to farm more seaweed. As of now, China produces the most seaweed, with a market value of $16.7 billion. Umaro Foods 3

Since the launch of Umaro Foods, Zotter and Stiles have gained funding from the Department of Energy as well as other corporations. For instance, the company raised $3 million in investments from Impact Science Ventures, Alexandria Venture Investments, Sustainable Food Ventures, Clear Current Capital, Ponderosa Ventures, and the Ahimsa Foundation. This funding happened in January 2022, about a week before they were scheduled to appear on Shark Tank. Now, you may be wondering why the founders want to appear on Shark Tank if they’re doing so well. It’s possible that they may be interested in some guidance from a shark in expanding Umaro Foods. Nonetheless, this company is likely to be fine with or without a shark’s help.

Umaro Foods on Shark Tank

Beth Zotter and Amanda Stiles make their debut on the Shark Tank stage with their plant-based alternative to bacon. The founders are hoping to get a deal worth $500,000 in exchange for 2% equity in their startup business, Umaro Foods. They’ve brought each shark a BLT sandwich with plant-based bacon instead of real bacon. After tasting it, all the sharks except for Robert Herjavec seem to like it. Zotter and Stiles begin pitching their business to the sharks, mentioning how beneficial seaweed is. They then relate this to their business by sharing how they have had previous experiences using seaweed. Beth mentions that she’s used it as fuel, and Amanda mentions that she’s used it in other foods.

 

Continuing with their pitch, Zotter and Stiles reveal that they already have a few patents in place for their developing technology. Now, at the time of filming, Umaro Foods has yet to see any sales; however, that could change if the shark tank effect reaches them after the show. The founders explain that their vegan bacon costs $7.30 to manufacture and is priced at $12.60 for retailers and $18.99 when being sold to restaurants. Zotter and Stiles reveal that they are working towards making seaweed-based salami, pepperoni, and other meats in the future. Umaro Foods 1

Robert Herjavec was the first to drop out after claiming that he couldn’t see their valuation being valid without them having sales thus far. Shortly after, our guest shark, Emma Grede, followed him out. She claims to like the idea, but she agrees with Robert about the valuation. Eventually, Zotter and Stiles receive an offer from Kevin O’Leary. He presents them with an offer of $500,000 in exchange for an 8% equity stake in Umaro Foods. The founders then ask Kevin for a $1 million investment in exchange for 8% equity. Mark Cuban immediately chimed in, saying he’d offer them that deal. Meanwhile, Lori Greiner moves in with an offer of $500,000 in exchange for 4% equity. While the founders liked Lori’s deal as well, they asked Mark if he’d consider doing the $1 million deal in exchange for 7% equity. Mark accepts their counter.

Umaro Foods Now in 2024 – The After Shark Tank Update

Since Beth Zotter and Amanda Stiles took the stage of the Shark Tank with their plant-based bacon company, Umaro Foods, they’ve done a great job of remaining in business. As of December 2022, the deal the founders made with Mark Cuban has been said to have closed due to them getting another round of funding. Nonetheless, Umaro Foods has grown since then. In fact, Zotter and Stiles received an investment from an NBA star known as Chris Paul. The stars’ investment will go towards getting Umaro Foods into more restaurants. Though, as of January [this year], Umaro Foods is already in about 17 restaurants, and Zotter and Stiles are continuously working to get their products on store shelves. Some of those restaurants are The Egg Shop, Sorrell Restaurant, and D’Andrews Bakery. Umaro Foods 5

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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