Palmini Update | Shark Tank Season 9

Recognizing the enduring popularity of pasta, Alfonso Tejada identified a gap in the market for a healthier, accessible alternative. This led to the creation of Palmini, a low-calorie, gluten-free pasta substitute made from hearts of palm. Will the sharks buy and invest in this company and its mission? Find out in our Palmini update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Palmini after Shark Tank.

Alfonso Tejada pitched his product, Palmini, to the sharks, seeking a $300,000 investment for a 10% equity in his business. He ultimately made a deal with Mark Cuban and Lori Greiner for $300,000 at a 25% equity.

In terms of a Palmini update, the company is still in business and has partnered with major retailers to expand its reach.

Shark	Result
Mark Cuban and Lori Greiner	Accepted deal for $300,000 for 25% equity
Bethenny Frankel	No offer
Daymond John	No offer
Robert Herjavec	No offer

Shark Tank Palmini Pitch

• Entrepreneur: Alfonso Tejada
• Business: Food
• Ask: $300,000 for 10% equity
• Result: $300,000 for 25% equity
• Sharks: Mark Cuban and Lori Greiner

Alfonso took a humorous approach to pitch his product, Palmini. He entered the tank with cardboard cutouts of gluten, carbs, calories, and sugar – pasta’s “bad crowd.” When a guy dressed as a can of Palmini joined him, the sharks howled with laughter.

Alfonso’s lighthearted intro won them over. By the time he finished his pitch, the sharks were eager to try his product. He served them each a dish with a different sauce.

Lori Greiner, Mark Cuban, and guest shark Bethenny Frankel all like the product.

Despite its great taste, Palmini didn’t generate much revenue when it appeared on Shark Tank. Alfonso revealed he only had $50,000 so far this year and was having issues keeping the product in stock.

Despite the setbacks, Alfonso remained confident in his company and hopeful for a generous offer.

Bethenny worries about big companies entering the market and stealing his idea. She’s the first shark to drop out of the deal.

Daymond John thinks big companies will get involved if the product gets hot, so he’s out.

Robert Herjavec isn’t a fan of vegetable pasta and doesn’t buy into the offer.

Mark and Lori both love it and team up to offer $300,000 for a 30% stake. Alfonso counters with a lower offer of 18%, then increases to 20%. Mark and Lori counter with 25%, which Alfonso accepts.

Now that Alfonso has landed a deal with Mark Cuban and Lori Greiner let’s dive into a quick Palmini update to see what’s become of the company.

Shark Tank Palmini Update

While the deal with Mark and Lori didn’t close, the company greatly benefited from the “Shark Tank effect.”

Within 24 hours of the episode’s debut, they sold their entire stock of 10,000 Palmini cans, a massive jump from their average of just a few cans sold daily before the show.

Alfonso capitalized on this surge by partnering with major retailers like Amazon, Albertsons, Whole Foods, Publix, Kroger, and more. 

In 2018, they introduced pouch packaging that extended shelf life to 1.5 years. Additionally, they refined the taste to resemble traditional pasta better.

As of October 2022, our Palmini update research found that the company is still thriving with $4 million in annual revenue and remains the number one selling pasta alternative on Amazon.

If you’d like to keep a close eye on things, the company actively engages with customers through regular updates on its website and social media pages.

Despite not closing the deal with Mark and Lori, the business has thrived regardless. The future looks bright for Alfonso and our next Palmini update!

You can find the other company updates from Season 9, Episode 24 here:

• Bermies Update
• Dermovia Lace Your Face Update
• Thrive+ Update

Before you go, be sure to check out our other Shark Tank Season 9 company updates!