Moink Update

Moink Meat Company Update | Shark Tank Season 10

Lucinda Cramsey came onto Shark Tank to convince the sharks to invest in her ethically-sourced meat company, Moink. She came onto the show seeking an investment of $250,000 in exchange for 10% equity in her company. Before we take a closer look at the Moink update, let’s see if Lucinda managed to strike a deal on Season 10 of Shark Tank.

Shark Tank Moink Update

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 Shark Tank. The good news for Lucinda is that her company experienced rapid growth after her appearance on Season 10 of Shark Tank. It reached nearly $3 million in gross sales immediately after the episode aired and recently reached a milestone of generating $6 million in sales.

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:

Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from Shark Tank Season 10.

Website | + posts

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!