Pan’s Mushroom Jerky Update | Season 12

Pan’s Mushroom Jerky appeared on Shark Tank on November 20, 2020. Founder Michael Pan left the tank with a deal from Mark Cuban of $300,000 for 18% equity. Here’s a quick recap of everything that happened during the mushroom jerky pitch, as well as news on a Pan’s Mushroom Jerky update after Shark Tank.

What Is Pan’s Mushroom Jerky?

  • Entrepreneur: Michael Pan
  • Business: Mushroom-based jerky
  • Ask: $300,000 for 10% equity
  • Result: $300,000 for 18% equity
  • Shark: Mark Cuban

Pan’s Mushroom Jerky appeared on Shark Tank Season 12 Episode 6. Founder Michael Pan presented his vegan-friendly mushroom-based jerky to the sharks, who were all impressed at how much it tasted like a meat-based jerky.

Pan’s Mushroom Jerky - Shiitake Mushroom Jerky - Original, Zesty Thai, Salt & Pepper, Applewood BBQ
  • UMAMI & SATISFYING: Made from shiitake mushrooms, Pan's Mushroom Jerky delivers a delicious umami taste and satisfying meaty texture that herbivores crave and carnivores love
  • Plant-Based | Vegan | Paleo-Friendly | Soy-Free | Gluten-Free | Kosher
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After the sharks finished trying the jerky, Michael shared that by the end of 2020, he expected to do $1.5 million in sales and was currently at $620,000 on the year. Further, in 2018 the company had $300,000 in sales and in 2019 $755,000 in sales. Unfortunately, Pan’s Mushroom Jerky is only operating at a 10% profit margin.

However, all of this was enough to interest Tom’s founder Blake Mycoskie, Lori Grenier, and Mark Cuban. Blake and Lori teamed up to give Michael his first offer and were willing to invest $300,000 for 30% equity. Mark followed quickly behind, offering $300,000 for 25%.

Michael countered, not wanting to give up too much equity, and secured a deal with Mark Cuban of $300,000 for an 18%% investment in Pan’s Mushroom Jerky.

Pan’s Mushroom Jerky Update

In terms of a Pan’s Mushroom Jerky update, the company has been quite successful after landing a deal with Mark Cuban. In just 24 hours after airing on Shark Tank, Pan’s Mushroom Jerky sold $650,000 worth of jerky. In four days after airing, Michael sold over $1,000,000 in mushroom jerky. Further, the company is set to launch in 1,000 new stores in the coming months.

For updates on the other products featured in Season 12 Episode 6, be sure to check out the links below:

For more Shark Tank product updates, be sure to check out our Season 12 products page!