JicaFoods Update | Shark Tank Season 14

Jicama, a nutrient-dense and low-calorie root vegetable, was widely enjoyed in Mexico but lacked convenient snack options in the U.S. Xin and Melissa Wang turned this overlooked ingredient into JicaFoods, offering jicama-based snacks like chips and wraps that deliver a healthy, refreshing alternative to processed snacks. Will a shark invest in this business? Let’s dive into our JicaFoods update and pitch recap and see what happens next.

If you’re short on time, here’s a quick overview of what happened to JicaFoods after Shark Tank

Xin and Melissa entered Shark Tank Season 14, seeking $300,000 for 3% equity in JicaFoods. After their pitch, they secured a deal with Barbara Corcoran for $300,000 for 6% equity + 3% advisory shares.

In terms of a JicaFoods update, the deal with Barbara did not close and the company eventually went out of business.

Shark	Result
Barbara Corcoran	Accepted offer of $300,000 for 6% equity + 3% advisory shares
Kevin O’Leary	$300,000 for 9% equity
Mark Cuban	No offer
Gwyneth Paltrow	No offer
Lori Greiner	No offer

Shark Tank JicaFoods Pitch

• Entrepreneurs:  Xin Wang and Melissa Colella-Wang
• Business: Jica-based foods
• Ask: $300,000 for 3% equity
• Result: $300,000 for 6% equity + 3% advisory shares
• Shark: Barbara Corcoran

Xin and Melissa stepped into Shark Tank with the goal of redefining tortillas with Jica Wraps, their low-calorie, jicama-based alternative.

They sought an investment to scale production and boost sales and marketing efforts to meet the growing demand for healthier food options.

Their Jica wraps are tortillas with the healthy benefits of lettuce wraps. They are made from thin slices of Jicama.

Jicama is low-carb, low-calorie, and high-fiber, and it improves gut health. Their wraps are only 8 calories and 1 net carb per wrap.

The sharks sampled the products, including tacos, jicama sticks, and Jica de Gallo. Guest shark Gwyneth Paltrow mentioned having jicama taco recipes in her cookbook.

Each 15-pack of wraps costs $1.85 to produce, wholesales for $2.99, and retails at $4.99, making them both affordable and competitive in the market.

They source and process their products in Mexico, ensuring a 19-day shelf life.

Founded in 2015, JicaFoods initially sold jicama chips, achieving $500,000 in sales but facing stiff competition in the salty snack category, leading to financial struggles.

In 2019, they transitioned to Jica Wraps, leading to $1 million in sales. This was followed by $4 million in 2020, $5 million in 2021, and a projected $6 million in 2022.

Profits stood at $400,000, with reinvestments directed toward establishing their own manufacturing facility.

The sharks asked which grocery stores and retailers currently sold JicaFoods.

The entrepreneurs quickly responded, telling them that their products were available in 700 retail locations and actively featured in Whole Foods and Sprouts Farmers’ Market.

Kevin O’Leary questioned their valuation, noting a 25x multiple on profits.

However, he offered $300,000 for 9% equity.

Mark Cuban, Gwyneth, and Lori Greiner loved the product but were not interested in making an offer.

Barbara Corcoran offered $300,000 for 10% equity with a pro-rata distribution on future earnings.

After some back and forth, Xin and Melissa accepted Barbara’s revised offer of $300,000 for 6% equity and 3% advisory shares.

With a deal from Barbara, let’s get a JicaFoods update to see where they are at the moment since their episode aired.

Shark Tank JicaFoods Update

Our JicaFoods update found that the deal with Barbara did not close, and the company is no longer in business.

Shortly after airing, JicaFoods expanded its retail presence to 1,600 stores, including Walmart, Sprouts, Whole Foods, and Wegmans.

Our JicaFoods update found that they broadened their product line to include jicama sticks, wraps, and salsas in various flavors, catering to health-conscious consumers seeking nutritious snack options.

However, the grocery space is incredibly competitive. While we were unable to find the exact reason they went out of business, it seems likely that they may have just run out of money.

Unfortunately, this will be our final JicaFoods update.

Be sure to check the links below for more updates on companies from Shark Tank Season 14 Episode 10.

• Long Table Update
• VoChill Update
• Kudos Update

Before you go, check out our Shark Tank Season 14 page for more updates.