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 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.
Contains: Milk, Wheat & Soy. Contains: 2 Buttermilk Pancake Mixes, 1 Chocolate Chip Pancake Mix. 14g Protein Per Serving. 100% Whole Grains.
Their average product cost them $1.65 to make, and sold to retail for about $3. Impressively, in the year prior to their 2014
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
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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!