Chef Shawn Davis has created a burger made from shrimp. He’s hoping to get it into stores all around the country, but he needs help from the sharks. Will the sharks bite on
If you’re short on time, here’s a quick overview of what happened to CBS Foods after
CBS Foods appeared on
Shark Tank CBS Foods Update
- Entrepreneur: Shawn Davis
- Business: Shrimp-based burgers
- Ask: $200,000 for 25% equity
- Result: No deal
- Shark: None
Chef Shawn brought his company CBS Foods to
Following an explanation of his company, he introduced the sharks to his CBS Foods flagship product, the shrimp burger, and they got to enjoy a taste test.
Shawn then told them that to date they’d sold over 22,000 units of the burgers, mainly to restaurants and mom-and-pop stores. With gross sales of around $30,000, Shawn realized he wanted his product to be in every supermarket in the country.
His goal was to build the company into a billion-dollar business. Kevin O’Leary asked Shawn how much a case cost to make, and how much it was sold for.
Shawn told him that each burger cost $0.87 to make. Kevin said that wasn’t cheap, but Shawn replied that they retailed each burger for $1.63.
Robert Herjavec stated that CBS Foods looked light on the margins. Shawn said that they wouldn’t just be investing in a one-dimensional product, but also in what he had to offer.
Robert showed concern about the business not making money. Shawn said he was waiting on imminent orders from two supermarkets, amounting to 600 cases of burgers and 300 cases of lobster sliders.
Mark Cuban said he’d like to buy the product and he liked it, but he had no value to add to something in the food business. For this reason, he went out.
Barbara Corcoran also went out, because she disliked shrimp, and didn’t want to work with the product.
Kevin said he was also concerned about margins, especially considering the storage needs of the product, so he too went out.
Robert stated he loved the shrimp but hated the valuation, and he went out next.
Daymond John was the last shark still in play. He said that he loved the burgers, but could not get past the valuation.
Shawn replied by saying he was willing to increase the equity stake in CBS Foods to 30%, but Daymond still wouldn’t budge.
Trying to keep Daymond in the game, he then increased it to 40%, however, it wasn’t enough and Daymond went out. Unfortunately for Shawn, he had to leave
Do you want to know what happened next? Keep reading our CBS Foods update to find out.
Our CBS Foods update shows that the company did enjoy success from its
The increase in sales was in part due to a group of angel investors who saw Davis’s segment on
Our CBS Foods update research found that within a year of the investment, his products made their way into hundreds of grocery stores across the East Coast.
Since then, the company has disappeared, but Chef Big Shake continues to have restaurant franchises around the country.
Has your curiosity been piqued about the other companies featured in Season 2 Episode 1? Click the links below to read more about them.
Numerous companies appeared on
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!