Numilk founders Joe Savino and Ari Towin appeared on Shark Tank Season 12 to pitch their plant-based milk machine to the sharks. After landing a $2 million deal in the tank, you may be looking for a Numilk update. After all, that’s one of the biggest deals in Shark Tank history! Here’s what we know about Numilk after Shark Tank.
Shark Tank Numilk Update
Entrepreneur: Joe Savino and Ari Tolwin
Business: Plant-based milk machine
Ask: $1,000,000 for 5% equity
Result: $1,000,000 for 7% equity and $1,000,000 as a loan (optional) at 3% interest for 3% advisory shares
Shark: Mark Cuban
Numilk was featured on Shark Tank Season 12 Episode 18, and shared their vision for a plant-based milk company with the sharks. Joe and Ari have managed to create a fully functioning milk machine, that allows customers to freshly bottle a variety of plant-based milk with the touch of a button.
All milk produced from the machine has a 7-10 day refrigerated shelf life and uses recyclable glass bottles. At the time of the pitch on Shark Tank, Numilk customers pay $2 for a reusable bottle and $3.99 for a refill. In 2018, the company earned $40,000 in plant-based milk sales and by 2020 had increased that to around $400,o00. Further, Joe and Ari shared that they estimated a $6 million year in 2020, but the COVID-19 pandemic interrupted their plans for a major rollout.
In addition to all of this, Joe and Ari have also been working on a countertop milk machine, similar to a Keurig. However, at the time of the pitch, the countertop machine was still in the production stage. All of this was enough to interest Kevin O’Leary and Mark Cuban, both of whom made offers.
Kevin offered $1,000,000 as a loan at 9.5% interest, for 5% equity. Mark felt like they needed more money and offered $1,000,000 for 7% equity and an optional $1,000,000 loan at 3% interest for an additional 3% in advisory shares. After thinking it through, Joe and Ari accepted Mark’s offer and Numilk left Shark Tank with a deal.
In terms of a Numilk update, since appearing on Shark Tank, Joe and Ari have launched a Kickstarter campaign for their countertop machine, which has exceeded its funding goal. Additionally, the full-sized milk machines are now in 20 stores across America. After making such a large deal with Mark, we will likely hear more news on a Numilk update in the coming months!
For more Episode 18 company updates, be sure to check the links below.