Seafood can be expensive, difficult to buy, and tricky to cook. Two moms from Houston are here to change that with their fish delivery service, Fish Fixe. After pitching their company on
Shark Tank Fish Fixe Update
- Entrepreneur: Emily Castro and Melissa Harrington
- Business: Seafood delivery service
- Ask: $200,000 for 15% equity
- Result: $200,000 for 25% equity
- Shark: Lori Greiner
Emily Castro and Melissa Harrington love seafood, and it’s their mission to help moms all over the country love it too. But it can be difficult to buy. There is a lack of experience with cooking it, making it tough for some to commit. They hope to change that with their delivery service, Fish Fixe. It delivers portioned seafood complete with thawing and cooking instructions right on the bag. Plus the bags absorb odor, perfect for those who worry about the fishy smell.
The entrepreneurs present the sharks with samples of their recipes to get started, and the sharks love it. They are particularly drawn to the spicy cajun sauce and compliment the quality of the fish.
Right off the bat, the sharks start with the questions. The business is 100% direct-to-consumer and did $821,000 in revenue last year. It only made $20,000 in profit off of that, due to the cost of fish and the customer acquisition cost (which is extraordinarily high.) Their production cost is also high — at about $111 on an average order of $148.
Though they are poised to do $1.2 million in sales in the year of filming, there are some distribution issues. A business boom during the pandemic left them scrambling to find distribution, so their shipping costs have gone through the roof. This is one of the things they need help with.
Mark Cuban doesn’t like that the costs are so variable, considering the market cost of the fish and shipping costs, so he drops out first. Robert Herjavec likewise doesn’t have enough experience with shipping and distribution to be able to help, so he’s out.
Surprisingly, Kevin O’Leary gives them an offer immediately. This fits right in his Chef Wonderful wheelhouse and he can offer them all of the resources that they need, but he wants to be a partner. He offers $200,000 for 33.3% of the business.
Guest Shark Nirav Tolia drops out next because he doesn’t understand enough about fish. Lori Grenier follows, saying that they shouldn’t give away equity and they just need some help — not necessarily a partner.
This just leaves Kevin’s deal on the table. Emily and Melissa counter at 25% equity, but he isn’t flexible at all. The lowest he’ll go is 30%. He tries to sell them, assuring them that his main demographic for Chef Wonderful products are moms, which is the demographic they are trying to target.
Mark jumps in to advocate for Kevin because he thinks that Kevin is the best shark to help them out. Still, Kevin won’t budget.
In a last-minute turn of events, Lori Greiner says she doesn’t want them to give away that much equity. Instead, she offers $200,000 for 25% equity, which they accept nearly immediately. She snatched the deal right out of Kevin’s mouth! Was this a great move from Lori? Read on in our Fish Fixe update to find out.
Fish Fixe is still thriving, and you can still purchase all of their options on the Fish Fixe website.
Before you go, be sure to check out more
For more on