Three Jerks Jerky Update | Shark Tank Season 7
Beef jerky is a popular treat, but many companies use lower-quality beef to produce more jerky for less. Three Jerks Jerky are the opposite; they want to produce the best jerky, so they only use filet mignon to produce their jerky. When they bring their product to
Shark Tank Three Jerks Jerky Update
- Entrepreneurs: Daniel Fogelson and Jordan Barrocas
- Business: Premium beef jerky made from filet mignon
- Ask: $100,000 for 15% equity
- Result: $100,000 for 15% equity, with the option to buy another 15% equity for $100,000 later.
- Shark: Daymond John
Three Jerks Jerky is pitched by two of the ‘jerks’ in question (apparently, the third jerk was a little too much of a jerk). During the pitch, Daniel Fogelson and Jordan Barrocas told their story and revealed the secret behind their jerky. They used the softest, tastiest part of the cow – the filet mignon – to produce quality jerky in three flavors.
Their jerky was $11.99 per bag, and cost $3.20 to make. While they’ve had about $350,000 in sales, the sharks immediately asked if they would be interested in lowering the price. Since they were a premium brand, Daniel and Jordan didn’t seem comfortable reducing the price.
They needed the funds to help with co-packing and expanding. They wanted to get into national chain stores, but they were having issues with buying the filet mignon in bulk at reasonable prices.
Kevin O’Leary didn’t seem to mind the price and offered $100,000 for 33% equity. Mark Cuban was the first to go out because jerky is a competitive market. Robert Herjavec, on the other hand, offered $100,000 for 20% equity.
Daymond John and Lori Greiner were also interested in the company. Each made their offers of $100,000 for 20% equity. This caused Kevin to counter-offer for $125,000 for 33%.
The entrepreneurs asked Kevin to match Daymond, Lori, and Robert’s valuation. Kevin didn’t seem keen to do it. Daymond offered $100,000 for 17.5% equity, but the entrepreneurs questioned how active he would be for them.
Kevin changed his offer again to $150,000 for 33%, while Daymond went the other direction and offered $100,000 for 15% equity, with the option to buy another 15% at $100,000 – but he wanted an answer right then. Daniel and Jordan accepted this offer! Let’s see how things are going for this business since leaving the tank in our Three Jerks Jerky update.
Fortunately, Three Jerks Jerky is doing well! An update segment later in the season revealed that Three Jerks Jerky did about $1.4 million in sales three months after appearing on the show. Daymond helped them change their co-packer, providing better supply to meet their rising demand.
Our Three Jerks Jerky update research found that the founders are letting the business thrive independently. They stepped away from the business, but the annual revenue hovers around $4 million.
Before you go, check out our other company updates for the products featured in Season 7 Episode 5.
For more on products and companies, don’t forget to stop by our Season 7 products page.
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!