With Modern Picnic, lunchboxes have never looked so luxurious. The company sells a line of fancy food containers disguised as tote bags and backpacks. From the outside, you'd never guess it's for grubs and swarms of animals. Founder Ali Kaminetsky recently appeared on “Shark Tank,” but no deal was made. Following “Shark Tank,” “Modern Picnic” is worth $6 million.
The story of Ali Kamenetsky
Ali came up with these stylish lunch boxes after graduating from college and interning in Macy's purchasing program. The bubbly brunette's career is booming and she's been promoted to full-service assistant buyer.
To save money and stay healthy, she brings lunch to work every day. However, she disliked the design and sustainability of the lunch boxes. She looked around the store, but there were only options for men and children. This encouraged her to fill this gap in the market.
Build a modern picnic
The aspiring inventor prototyped the first modern picnic bag in 2018. Since it was a unique product, the process of bringing it to life was tricky, but Ali made it work.
Within a year, she was selling vegan leather lunch boxes directly to consumers. The company has gone viral several times and received coverage from 20 well-known publications. One video on TikTok alone generated 3.8 million views, that’s the power of social media!
That popularity helped the startup close a $900,000 pre-seed round in 2021, led by Fandango founder Michael Cline. By 2022, Modern Picnic's total sales exceeded $3.5 million, with over 17,000 units sold. Before the year ended, they raised $102,250 from 158 investors on the crowdfunding platform Republic.com.
On “Shark Tank”
Since founding Modern Picnic, friends have been urging Kaminetsky to apply for Shark Tank. “Shark Tank” producers used TikTok to find companies to produce the show, which undoubtedly helped TikTok's popularity. Alibaba entered Tank seeking US$400,000 to acquire a 6.5% stake, valuing the company at US$6.1 million.
After Shark Tank
Modern Picnic is expecting a huge sales increase after its memorable pitch on “Shark Tank.” The business doesn't have many direct competitors, but that may change after the show. Companies that appear on Shark Tank are often ripped off after the fact. Since this is a good product, it should also go viral again on social media.
Please visit ModernPicnic.com to view all their products and collections. The same items can also be found on the company's Amazon store, where one of its best-selling products, “The Luncher,” has a 4.8-star rating out of 265 customer reviews.
Regular prices range from $59 to $250, but if you want to buy in bulk or plan to resell, visit the wholesale page on Faire.com. Currently, Modern Picnic has four full-time employees responsible for day-to-day operations, but it's unclear whether they will expand as sales are expected to grow. According to verifymarketreports.com, the lunch box market is expected to be worth US$200 billion by the end of 2030.
Categories: Shark Tank
Source: svlsf.edu.vn