Lucinda Cramsey came onto
Shark Tank Moink Update
- Entrepreneurs: Lucinda Cramsey
- Business: Meat Company
- Ask: $250,000 for 10% equity
- Result: $400,000 for 20% equity
- Sharks: Jamie Siminoff
Lucinda admitted to the sharks that her company generated about $85,000 in gross revenue sales during the 2017 calendar year. Even more impressive, she told the sharks that her year-to-date sales at the time of her pitch were just over $700,000. Customer acquisition costs for Lucinda are just under $100 and a customer’s average order amount is $159, which also happens to be the cost of a single boxed unit weighing around 15 pounds.
When the sharks realized that Lucinda had horrific margins within her company and came in asking for a $250,000 investment at an imputed valuation of $2.5 million, they started to raise some questions and concerns. Kevin O’Leary told Lucinda that her company wasn’t worth that amount, but some of the sharks still did seem interested in making her an offer.
Daymond John was not interested in making an offer to Lucinda, so he dropped out first. Lori Greiner and Mark Cuban weren’t interested in making an offer either and dropped out as well. Guest shark, Jamie Siminoff, seemed interested and decided to make an offer of $400,000 for 20% equity. Lucinda ultimately accepted Jamie’s investment in her business, Moink.
Now, let’s get a Moink update to see how the company has been doing since its appearance on
The deal with Jamie Siminoff did finalize and the partnership was put into place shortly after the episode aired and its products can be found on the company’s website. So it looks like the future is bright for another Moink update!
You can find the other company updates from Season 10 Episode 15 here:
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