Before we take a look at our Soupergirl update from
Shark Tank Soupergirl Update
- Entrepreneurs: Sara Polin and Marilyn Polin
- Business: Healthy soup alternative
- Ask: $500,000 for 10% equity
- Result: No deal
- Shark: None
Sara revealed that she has been working in the food industry since 2008. While the sharks were impressed with the tasting demonstration of the various soup flavors, Kevin O’Leary wanted to hear more about the duo’s financial numbers before making an offer.
After only a few seconds, Sara started spewing out sales numbers for 2016 and beyond. She revealed that the company generated $1.4 million in sales during the 2016 calendar year and nearly doubled that to $2.4 million in 2017. At the time of the pitch, early projections show the potential to achieve $3.4 million, according to Sara and Marilyn.
Unfortunately, there was one major catch to the entire story. Sara discussed the fact that the company only made a mere 5% profit on the $2.4 million in sales during 2017, immediately sparking various concerns with each of the sharks. The sharks wanted Sara to find a co-packer to help improve margins but Sara says that would hurt the soup’s flavor and overall quality.
Mark Cuban decided to make a stunning statement to Sara, suggesting that her company was very close to going out of business. For that reason specifically, he decided to drop out instead of making her an offer. Kevin also dropped out because he believed the company was worth $100,000 or less, rather than the $5,000,000 valuation that Sara was asking for.
Daymond John also dropped out because he didn’t see any path to a return on his investment. It wasn’t long before the final two sharks also dropped out, forcing Sara and Marilyn to leave the tank without a deal. So, how’s the company doing now? Let’s take a look at our Soupergirl update.
There was some positive news in the weeks after Sara and Marilyn left
Sara has her high-quality soups in Whole Foods and Kroger stores and is continuing to look for additional locations and retailers. If you’d like to try it, you can place an order through its website.
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