Plant-based meats are on the rise, and Lucas Bradbury found a way to corner that market in the fast-food space. His franchise has grown at a breakneck pace, which worries some of the sharks. Will they be interested in this Season 13 pitch? Let’s look at what happened in our
Shark Tank Project Pollo Update
- Entrepreneur: Lucas Bradbury
- Business: Plant-based meat fast food restaurants
- Ask: $2.5 million for 5% equity
- Result: No deal
- Shark: None
Project Pollo is a vegan chicken and plant-based meat chain with a focus on affordability and accessibility. Their plant-based chicken recipe is proprietary, and the sharks thought it was pretty good. However, their $50 million valuation was a bit rich for them, regardless of their $3 million year-to-date sales. The sharks were also concerned with Lucas’s pace, as he opened eight stores in under a year.
Kevin O’Leary is out from the beginning because the valuation is completely unreasonable to him. Mark Cuban followed because of the valuation, but also because using plant-based meats doesn’t make food healthy. Similarly, Kevin Hart went out because he thought it was too risky for his investment.
Barbara Corcoran reiterates that it’s all moving too fast for her, so she’s out. Lori Greiner also thinks the pace is scary, and that the valuation is just too much. Unfortunately, Project Pollo walked out of the tank without a deal.
So, where does that leave our
True to form, it seems that Project Pollo is continuing to open locations at a breakneck pace. From eight locations, they’ve inflated their franchise to 20 locations opening through September 2022. They’ve kept their prices low to help serve accessibility regardless of income.
It looks like the future is bring for the plant-based chicken company, so it’ll be interesting to see where our next Project Pollo update takes us.
Wondering what happened for the rest of the companies featured in Season 13 Episode 24? You can find our company updates here:
Now that the season is over, you can find all of our company updates from Season 13 on our Season 13 products page.