More and more people are eating less meat for a variety of reasons. Phil Wong believes there can be a happy medium by combining both meat and veggies into one’s diet. That’s why he created a sausage product that blends both. Will he get a deal on
If you’re short on time, here’s a quick overview of what happened to Misfit Foods after
Misfit Foods appeared on
|Mark Cuban and Daniel Lubetzky||Accepted deal of $300,000 for 15% equity|
|Lori Greiner||$250,000 for 18% equity|
|Robert Herjavec||No Offer|
|Kevin O’Leary||No Offer|
Shark Tank Misfit Foods Update
- Entrepreneur: Phil Wong
- Business: Half meat half vegetable sausages
- Ask: $250,000 for 5% equity
- Result: $300,000 for 15% equity
- Shark: Mark Cuban and Daniel Lubetzky
Misfit Foods founder Phil Wong appeared on Season 12 Episode 17 to pitch his company. Phil has created a half-meat, half-vegetable sausage.
His product aims to offer a healthier, and more environmentally friendly product to those who want to try and eat less meat, without going fully vegan. He actually started the company in the kitchen that he was sharing with six other guys.
At the time of the pitch on
Further, by the end of the first full year, Phil is expecting to sell $1.2 million worth of sausage.
Phil shared that it costs $2.91 to make a unit of sausage, which retails for $5.99-$7.99 and wholesale for $4.13. This makes for a 29% profit margin, allowing the company to break even in its first year.
He believes that this product sells itself, as it speaks to what consumers want and sells well. Because of this, he says he has not had to invest much in marketing.
Additionally, he managed to raise $2 million from outside investors for Misfit Foods. He is now looking for some sharks to help him take the company to the next level.
Kevin O’Leary shares that he hasn’t had much success in the refrigerated or frozen foods business, so he’s out.
Robert Herjavec was the next shark to go out because he is a vegetarian and didn’t think he’d be a good fit.
Despite having two sharks out, guest Daniel Lubetzky makes an offer of $250,000 for 15% equity.
Lori Greiner is next to make an offer, and hers is $250,000 for 18% equity.
Next to jump in is Mark Cuban, who teams up with Daniel, for a new offer of $250,000 for 15% equity. After a quick negotiation, Misfit Foods counters Mark and Daniel for $300,000 at 15% equity.
They agree, and the deal is done! Keep reading our Misfit Foods update to find out what happened after
In terms of a Misfit Foods update, the company is doing quite well and has since rebranded to Phil’s Finest.
With that, Phil has switched up his product line a bit. He now offers flavored ground beef and has new chicken sausage varieties as well.
In an update shared with
Even though the deal didn’t go through, since the launch of the company, it has sold more than 2 million sausages and ground beef patties — that’s a lot of veggies, and cash!
If you’d like to check out all the company offers, you can do so on Phil’s Finest website.
There are also several grocery delivery services that carry Phil’s Finest, and products are also available at Sprouts Farmers Markets nationwide.
If you’re local to the Philidelphia area, you can get products at Riverwards Produce, and in Brooklyn, at Park Slope.
If we get more news on a Misfit Foods update, we will be sure to let you know!
Before you go, check out some other company updates from
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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!