Kodiak Cakes Breakfast Mixes Update | Shark Tank Season 5

Andrew Smith March 28, 2023March 28, 2023

Flapjacks and waffles might be breakfast classics, but they’re not usually healthy. That’s why Cameron Smith and Joel Clark have created a line of healthy breakfast mixes. Will they butter up the sharks, to get a deal on Shark Tank Season 5? Find out in our Kodiak Cakes update!

Shark Tank Kodiak Cakes Update

Entrepreneurs: Cameron Smith, Joel Clark
Business: Healthier pancake mix
Ask: $500,000 in exchange for 10% equity
Result: No sharks
Sharks: None

Cameron and Joel’s Kodiak Cakes breakfast mixes, were made of 100% whole grain and had no added fats or sugars. Taking inspiration from Joel’s mom’s whole-wheat pancake recipes, the two decided to sell the mixes to the public.

Kodiak Cakes Power Cakes Variety Pack - Protein Pancake Mix Just Add Water - 100% Whole Grain Flapjack and Protein Waffle Mix - Buttermilk (2, 20oz) and Chocolate Chip (1, 18oz) Pancake Mix Bulk

Contains: Milk, Wheat & Soy. Contains: 2 Buttermilk Pancake Mixes, 1 Chocolate Chip Pancake Mix. 14g Protein Per Serving. 100% Whole Grains.

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Their average product cost them $1.65 to make, and sold to retail for about $3. Impressively, in the year prior to their 2014 Shark Tank appearance, they had done $2.5 million in sales. The pair had gotten their mixes and syrups into Target stores nationwide. Their first order from the retailer was for $260,000 in product, and they expected to do $1 million in sales at Target alone by the end of the then-current year.

Joel projected their total sales for that year to come to $5 million, but Kevin O’Leary disagreed, suggesting that the company was merely a flash in the pan. When asked about their pricing, Joel told the sharks that their product cost 50% more than the leading brand and moms were willing to pay for it. In the three years prior, the company had grown 40-50% year over year.

Kevin told the two that their company was worth $2 million tops, and he would only invest in exchange for 50% equity! He knew the guys wouldn’t accept, though, so he was out. Egged on by Kevin’s non-offer, Robert said he would invest $500,000 in exchange for 35%. Cameron asked to hear other offers.

Barbara Corcoran said she would go in for $250,000 and 20% equity, if another shark wanted to partner for an equal share. Lori Greiner said she didn’t like pancakes, so she was out. Mark Cuban was the next to go out, saying the two had done a great job building their brand, but he added the hard road ahead for the company could turn their pancakes into toast.

After some back and forth between Kevin and Robert, Kevin said he would go in with Barbara– but he wanted 25% equity for himself, and 5% more for Barbara, for a total of 50% equity. Cameron and Joel wisely declined all offers, but what happened next? Keep reading our Kodiak Cakes update to find out!

If you were rooting for the company, you’re going to love this Kodiak Cakes update. Within two years of the Shark Tank episode, the company had tripled their sales, coming in at $16 million in 2016. In 2020, it had a $160 valuation, and in 2021, it was valued at $200 million and sold to a private equity group. The brand can be found at nearly every major grocery retailer, on Amazon and the Kodiak Cakes website.

Would you like to learn about the other companies featured on Season 5 Episode 22? Follow the links below for our other company updates from the episode.

For even more on companies and products, be sure to stop by our Season 5 Products Page!

Andrew Smith

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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!