One of the hardest things about being a vegetarian is the lack of pork flavor. Fortunately, plant-based meat products are slowly being introduced to the market. Amanda Stiles and Beth Zotter created Umaro, which is bacon made from seaweed. They struck a deal with Mark Cuban on the Shark Tank AMD Umaro, now worth $15 million.
About the founder
Amanda Stiles is a research scientist from Berkeley, California. She holds a bachelor's degree in biology from Virginia Tech. At the same institution, she received her Ph.D. in Plant Molecular Biology.
Beth Zotter is from the San Francisco Bay Area and studied public policy and environmental science at Harvard University. Beth holds a master's degree in energy and resources from the University of California, Berkeley, where Amanda conducted postdoctoral research.
Stiles applied much of her research by working for companies such as Ripple Foods, Acipate, and American Journal Experts. Zotter, on the other hand, is at Energetics, Inc. , Bio Architecture Lab and Cyclotron Road in various roles.
Founded Umaro
Zotter has a lot of experience with renewable energy, and one day she was awarded a $5 million Department of Energy grant to create a seaweed farm for alternative fuels. During this project, she discovered that seaweed is a great source of protein.
This gave her the idea to develop a plant-based version of bacon, a plant-based food. She searched for a plant-based and protein expert in Berkeley and found Amanda.
Since the two women shared the same goals, they worked together to create Umaro, the first vegan alternative to bacon. The company was founded in 2018 and received a $3 million investment from Clear Current Capital in early 2022.
Shark tank appearance
After creating their first 500 Bacon Chips, Amanda and Beth needed to raise more capital. They appeared on Season 13 of Shark Tank and demanded $500,000 in exchange for a 2% stake. A $25 million valuation is huge, and the company will need to raise more money in the future, which will dilute the Sharks' stake.
In addition to bacon, they also plan to introduce more seaweed-based meat products. Most of the Sharks believed in them, with Kevin O'Leary being the first to make an offer. However, Mark Cuban and Lori Greiner fought against it.
Lori tries to play the empowered female card, but it fails. In the end, Mark won 7% of Beth and Amanda's $1 million protester.
after shark tank
Umaro's trade for Mark Cuban is one of the biggest in recent Shark Tank history. Currently, their deal with Mark Cuban has not been closed. Cuban lists all of his Shark Tank investments on Markcubancompanies.com, and Umaro is not on the list!
Umaro is still working on releasing its seaweed bacon to the public. According to Umarofoods.com, it's available at more than 50 restaurants and cafes in areas including New York, Nashville, San Francisco, Orlando and Atlanta. According to their LinkedIn profile, the business currently has five full-time employees.
Umaro will be successful in the coming years, with millions in funding. Although the company has not yet begun mass production, it is estimated to be worth $15 million. They also work on improving the taste of their products.
Categories: Shark Tank
Source: svlsf.edu.vn