Pat Crowley is an environmentalist, who came up with an energy bar that uses crickets as protein. Will he earn a deal on
Shark Tank Chapul Update
- Entrepreneurs: Pat Crowley
- Business: Energy bars made with crickets
- Ask: $50,000 in exchange for 5% equity
- Result: $50,000 in exchange for 15% equity
- Sharks: Mark Cuban
Pat brought his Chapul energy bars to the tank. He said his company took its name from an ancient Aztec word for cricket. The Aztecs made their own insect flour long ago, and this inspired him to do the same.
Pat said he had $50,000 in sales in just under one year, with a 33% increase month over month leading up to filming. It cost Pat about $1 to make each bar, and they retailed for $3. The product was sold in natural food stores, amongst various other shops. Pat said that he had spent a lot of time working with the FDA, developing the product. At the time they were the only ones with an insect-based nutritional product on the market.
Kevin O’Leary told Pat that according to Chinese superstition, it was bad karma to kill crickets, so he was out. Barbara Corcoran, on the other hand, said her Chapul bar tasted great, however investing would be too costly for her, so she was out. Daymond John was the next shark out, saying he spent most of his life trying to get away from bugs.
Mark Cuban was interested, but not for 5% equity. Pat offered Mark 15% equity in exchange for $50,000. Before Mark could respond, Robert threw an offer in of $50,000, for 20% equity. Mark quickly accepted Pat’s offer, and Pat accepted the deal. What happened next for his company? Keep reading our Chapul update to find out!
We have good news to share in our Chapul update. Pat shifted his focus from protein bars to cricket flour, and with Mark’s help, he scored about $3 million in seed money from angel investors. He went on to create Chapul Farms’ Insect Innovation & Research Center in Oregon. If cricket flour sounds good to you, it can be purchased through the Chapul website.
Would you like to learn about the other companies featured on Season 5 Episode 21? Follow the links below of our other company updates from the episode.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!