Quick meals for busy people are rarely nutritious. The entrepreneurs behind Proper Good aim to create a mail-order meal company that sells simple, easy meals that are good for your body. After pitching them on
Shark Tank Proper Good Update
- Entrepreneur: Christopher and Jennifer Jane
- Business: Meal order service with natural, healthy soups
- Ask: $400,000 for 10% equity
- Result: $400,000 for 20% equity
- Shark: Mark Cuban
Sibling team Christopher and Jennifer Jane wanted to create quick, easy meals for busy people. Their meal order service, Proper Good, offers inexpensive meals that can be heated in the microwave or eaten cold, and all of them are good for you. There are a host of soups and chilis, including vegan options and each meal costs about $5.99 on their subscription service, which makes a box of 12 about $72.
The sharks love the taste of the soups, and Peter Jones in particular is enchanted by the siblings’ pitch. They reveal that in their first calendar year, starting in April 2020, they’ve made about $556,000 in sales. Only about halfway through their second year, they’ve already done $1 million in sales, all direct-to-consumer.
The sharks are impressed by these numbers and Lori Greiner asks how they market. Christoper and Jennifer share that they are the only company offering premium meals that are shelf-stable for up to eight months.
Daymond John loves the idea and the packaging, but he isn’t passionate about soups, so he drops out. Lori drops out next, stating that the entrepreneurs are onto something but it’s too early for her to invest.
Peter Jones asks how much profit the company is making considering their sales. The entrepreneurs reveal that they are losing money, about $80,000 a month and that they aren’t profitable yet. Customer acquisition costs them a lot, and Peter seems unhappy about the loss.
Kevin O’Leary also thinks that the business is too early, and it’s not advanced enough to be investable. The high growth rate is not enough to cover the losses at customer acquisition. He drops out because the model isn’t there yet.
Peter has been in this market before, and he knows about how badly customer acquisition burns money. Founders and investors often get diluted through this deal, and Peter is out for this reason.
Mark Cuban is the only shark left. He asks the entrepreneurs if they’d be willing to change their marketing and packaging because he knows how to help them. They agree, so he makes an offer: $400,000 for 25% equity. They like the idea that Mark would change things, and counter at 20%, which Mark accepts. Was this a good deal for Mark? Find out in our Proper Good update.
Even before appearing on
If you’d like to try a meal, they currently have a
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