Misfit Foods appeared on
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
At the time of the pitch on
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
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
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