Vietnamese coffee is something coffee lovers should try, but it's not something that many places don't sell. Debbie Wei Mullin created Copper Cow Coffee to make this delicious flavor available to anyone who wants it. She pitched her startup on “Shark Tank” and landed a deal with Robert Herjavec. Today, Tongniu Coffee is worth an estimated $20 million.
Debbie Way Mullin's Background
Debbie Wei Mullin was born to Vietnamese immigrant parents who moved to Los Angeles for a better life. Mullin holds a BA in Economics from the University of California, Berkeley, and an MCP from MIT.
After interning at UN-Habitat, she worked as a Senior Program Officer at the Asia Foundation. Two years later, Debbie became an associate at the World Bank's New Delhi, India branch.
She eventually transferred to the company's offices in the greater Seattle area. In 2014, the Californian left the corporate world to start a business called Wei Pantry, which specializes in Vietnamese food.
Founded Tongniu Coffee
Debbie loved drinking Vietnamese coffee when she was younger because of its mild caramel texture. But growing up, Debbie realized that not many coffee shops offered her favorite coffee.
That's when she came up with an easy-to-make Vietnamese cup with a biodegradable pour-over coffee filter. No other specialized equipment is required to make it, so anyone can enjoy it at any time.
In 2017, Debbie launched Copper Cow Coffee and personally sold her products in stores until she was exposed to brands like Williams-Sonoma. Within three years, the startup had sales of $4 million but was not profitable. To fund the business, she raised $3.5 million in two rounds of funding.
Shark Tank Appearance
Tongniu Coffee's sales were already strong, but it burned a lot of money in the process. Debbie Wei Mullin appeared on “Shark Tank” Season 12, seeking $600,000 for a 4% stake.
The Sharks had mixed reactions when they tasted samples, but were impressed with the revenue. However, the mood changed when the founders revealed that they lost $1.4 million in 2019 and were on track to lose $700,000 in 2020.
Daymond John criticized the way Debbie ran the company, but Mark Cuban and Robert Herjavec defended her. Robert (who doesn't seem to like coffee) agrees to invest $600,000 for a 5.5% equity stake and a 1.5% consulting stake.
After Shark Tank
Publicity for the show helped drive sales through the roof and helped them reach profitability. Sales on Amazon in particular have increased significantly. Debbie revealed in an interview that the deal with Robert was never completed because the due diligence process took too long.
The episode was recorded in August 2020 and took nearly a year to air. During this time, the coffee startup was expanding rapidly and needed to raise more money at a higher valuation.
The round was led by Cultivian Sandbox and Arborview Capital, with six other companies also participating. Currently, she has raised over $11 million and her equity is below 40%. The money was used to launch new flavors and design compostable coffee filters.
Debbie sells her products to over 3,000 stores such as HEB, Walmart, Thrive Market, Sprouts and Whole Foods. In stores, they are often placed in the Asian food section or the specialty coffee section. Their coffee products are also available on Amazon and their website, CopperCowCoffee.com.
Their authentic Vietnamese coffee has a 4.5-star rating out of 151 customer reviews on Amazon. Copper Cow Coffee has annual revenue of $4 million and a valuation of $20 million.
Categories: Shark Tank
Source: svlsf.edu.vn