Popcorn cereal, ice cream chips, and peanut butter burgers are all examples of weird food combinations that actually work. However, none of these were more successful than the pizza cupcakes created by Michelle Jimenez and Andrea Meggiato. The product was featured on “Shark Tank” and the couple struck a deal with Lori Greiner. Currently, The Pizza Cupcake is valued at $2.5 million.
Meet the founders
Andrea Meggiato is a professional chef from Italy. He started cooking at 16 and was later employed at an Italian restaurant in London. After a few years, Andrea decided to take his culinary talents to New York.
Michelle Jimenez comes from a Filipino immigrant family in Mechanicsburg, Pennsylvania. After high school, Michelle went to college in New York City, where she became a social media marketing specialist.
In addition to cooking in restaurants, Meggiato also worked in the jewelry business for Faraone Mennella. However, it was his love of pizza that brought him the love of his life. In 2015, he invited Michelle to have pizza, and she agreed.
Creation of Pizza Cupcakes
Andrea had the vision to revolutionize pizza by baking it in cupcake form. He was so excited about the idea that he quit his day job and started the business in 2018.
After many failed experiments, the perfect pizza cupcake recipe was created and went viral on Instagram. The founders later opened stores near Smorgasburg Vendors and Citi Field.
In 2020, they had to close their stores due to the epidemic and sell products directly to consumers online. Despite the setback, they still managed to generate $344,000 in sales thanks to Michelle's e-commerce experience. The couple is also focusing more on frozen food production.
Shark Tank Pitch
Although their startup was seeing steady revenue, Michelle and Andrea decided they needed to raise more capital to grow their business. The two entrepreneurs join Tanks in Season 12 in 2021. The pair are asking $125,000 for a 5% stake, a reasonable valuation compared to similar products on the show.
After tasting such a unique treat, the Sharks are even more excited about the business. Kevin O'Leary and Mark Cuban decided the frozen food industry was a difficult business, so they exited.
Daymond John and Robert Herjavec said they were interested in the cupcake business. Lori Greiner showed the most interest, but wanted a large stake. The entrepreneurs agreed to her final offer of $125,000 for 12.5% equity and 2.5% advisory shares.
Success after “Shark Tank”
Shortly after the episode aired in January 2021, Michelle and Andrea's company made $300,000 from online sales. About 10 months later, revenue had grown to $3.1 million.
The Pizza Cupcake is retailing for the first time in 100 Wegmans stores on the East Coast. Only the pepperoni flavor is available in stores, while the margarita flavor is only available at ThePizzaCupcake.com. In September 2022, it was announced that pizza cupcakes are now available in 1,600 Walmart stores in the United States.
In May 2023, they expanded their retail presence with Foxtrot, Woodmans and GIANT. Now that pandemic restrictions are over, business is better than ever. Its annual revenue increased to $5 million, and the company was valued at $2.5 million.
Categories: Shark Tank
Source: svlsf.edu.vn