Plant-based milk has become a trend in recent years, with almonds being one of the most popular sources. Numilk is a device that helps you make fresh almond milk from simple ingredients. Founders Ari Tolwin and Joe Savino appeared on Shark Tank Season 12 and have a deal with Mark Cuban. Numilk is valued at $55 million as of 2024.
After Shark Tank
Numilk began negotiating with Whole Foods after the Shark Tank appearance. During this time, they also launched a Kickstarter campaign and raised over $222,000 from 888 backers. Their machines are currently available in 150 stores across the U.S., mostly on the East Coast.
On their website, the home version is available for pre-order for $249.95, and the pro version is priced at $1,299. They are looking to establish more wholesale partnerships with grocery stores and coffee shops. In February 2021, Numilk was approved for a $212,005 PPP loan from Silicon Valley Bank, which helped retain 9 jobs.
Numilk wasn’t progressing as expected and was having supply chain issues. Kickstarter customers were growing impatient as the comments section was filled with people asking for refunds. Numilk struck a deal with Hamilton Beach to make the Home and Pro machines.
Updated sales figures for 2023 have not yet been released, but Numilk is presumably still losing money and is currently valued at $55 million. According to LinkedIn, the company has 10 full-time employees! Hopefully they didn’t blow through all of Mark Cuban’s investment!
Founder
Ari Tolwin and Joe Savino are from New York City and have been passionate about entrepreneurship since childhood. Ari, an Orthodox Jew, holds an MBA from Duke University. Savino holds a BS in Finance from the Lubin School of Business at Pace University.
These individuals have extensive experience working in the beverage industry. In 2013, Tolwin co-founded tree water supplier Happy Tree Maple Water and served as CEO. The same year, Savino co-founded beverage contract packager Harvest Beverage Group.
However, the two decided to leave their respective companies after five years and join forces to start a new company aimed at producing plant-based milk.
Building Numilk
Joe is the inventor of the Numilk machine. Essentially, this device makes fresh almond milk on demand. It only requires two ingredients: almonds and purified water. If you want a sweeter cup of almond milk, you can add maple syrup.
Customers simply pick up a bottle of milk, insert it into the tap, and choose a sweetened or unsweetened drink. In less than a minute, the drink is ready. The Numilk machine retails for $299.
The startup was founded in 2018 and raised $12 million from investors to build the concept. They spent $2 million but only made $40,000. The next year, they made $320,000 but lost $3 million. In 2020, the company made $400,000 but lost $2 million.
Shark Tank Appearance
Tolwin and Savino are working to scale their business. So they plan to seek help from wealthy investors on Shark Tank. They made a pitch in 2021, offering 5% equity for $1 million. For some Shark Tank contestants, valuing their business at $20 million is a bit expensive.
In addition to the original design, which is the size of two refrigerators, they also launched a new portable version of Numilk Home, priced at $199. The richest man Mark Cuban is also a vegetarian, and he sees the huge potential of this product.
Cuban offered $2 million and offered to exchange $1 million in cash for a 7% stake. The other half of the deal was a loan at 3% interest, and Joe and Ali readily agreed.
Categories: Shark Tank
Source: svlsf.edu.vn