Xin Wang and Melissa Colella-Wang appeared on
Shark Tank JicaFoods Update
- 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
- Sharks: Barbara Corcoran
After initially launching JicaFoods back in 2015 with a salty snack potato chip, Xin admitted that he had a hard time competing with the big chip brands that were already in the market. So, he decided to transition to Jica Wraps, for tacos!
Their transition to focus on nutritious and low-calorie taco wraps is a strategy that they believe will work. In 2019, they generated more than $1 million in sales, before boosting up even higher in 2020 to more than $4 million in gross annual revenue.
Their climb in profits didn’t stop there, as they managed to beat that annual revenue by reaching $5 million in sales during the 2021 calendar year.
The sharks wanted to know which grocery stores and retailers JicaFoods was currently sold in, and the two entrepreneurs quickly responded and told them that the company was actively featured in Whole Foods and Sprouts Farmers’ Market. Retail stores buy a single unit for about $3, and it costs about $1.85 to produce.
This was enough to convince Barbara Corcoran to offer $300,000 for 10% equity. Kevin O’Leary was also interested and offered $300,000 for 9%.
Mark Cuban loved the product but had absolutely no interest in making an offer. Lori Greiner had a similar opinion and decided to drop out without making an offer.
After some back and forth, Xin and Melissa accepted a deal with Barbara for $300,000 for 6% equity and 3% advisory shares. Now let’s get a quick JicaFoods update.
The pivot in 2015 from consumable chips towards salsa, taco wraps, and other similar types of food has had a significant impact on the company’s overall success. The appearance on
Since JicaFoods is already profitable, its goal in the future will be to lower customer acquisition costs, improve margins, and continue to expand its product line. This will definitely be a lot easier with Barbara on the team!
We can’t wait for our next JicaFoods update. In the meantime, you can learn more on the official website.
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