Misfit Foods Update | Shark Tank Season 12

Misfit Foods appeared on Shark Tank Season 12 and landed a deal with Mark Cuban and Daniel Lubetzky. After securing a deal with two sharks, you may be looking for a Misfit Foods update. After all, the half meat half vegetable sausage is a completely new product and seems to have a lot of potential. Here’s what we know about Phil Wong’s company after airing on Shark Tank.

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

Founder Phil Wong appeared on Season 12 Episode 17 of Shark Tank to pitch his company, Misfit Foods. Phil has created a half meat half vegetable sausage that aims to offer a healthier and more environmentally product to those that want to try and eat less meat, without going full vegan.

At the time of the pitch on Shark Tank, Misfit Foods had been selling its sausage for less than a year and had already amassed $800,000 in sales with very little advertising. 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 retail 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.

All of this was enough to interest Mark Cuban, Lori Greiner, and Danie Lubetzky. Mark and Daniel teamed up to offer Phil $250,000 for 15% equity, while Lori went solo offering $250,000 for 18% equity. After a quick negotiation, Misfit Foods countered Mark and Daniel’s offer and left the tank with a deal of $300,000 for 15% equity.

In terms of a Misfit Foods update, the company is doing quite well and has since rebranded to Phil’s Finest. In an update shared with Shark Tank Recap, Phil said , “We didn’t do the deal in real life, though we’re very grateful to them for their mentorship.”

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 some of the burgers, chilies, sausages, and more, you can do so on its official website. 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 Shark Tank Season 12 Episode 17!

• Chill Systems Update
• Tandem Boogie Update
• Totes Babies Update

For more on Shark Tank Season 12, be sure to check out our Season 12 products page.