Sisters Maria Fernanda Römer Cabezas (aka ‘Mafe’) and Maria Corina Vieteis (aka ‘Coco’) pitched their Latin American food company during
If you’re short on time, here’s a quick overview of what happened to Toast-It after
Mafe and Coco appeared on
|Daniel Lubetzky||Accepted deal for $150,000 for 20% equity|
|Kevin O’Leary||$100,000 for 20% equity|
|Mark Cuban||No offer|
|Daymond John||No offer|
|Lori Greiner||No offer|
Shark Tank Toast-It Update
- Entrepreneurs: Maria Corina Vieteis, and Maria Fernanda Römer Cabezas
- Business: Guilt-free, Latin foods
- Ask: $100,000 for 5% equity
- Result: $150,000 for 20% equity
- Shark: Daniel Lubetzky
When sisters Mafe and Coco left Venezuela to immigrate to America, they spent years craving good South American food. However, they couldn’t find authentic or convenient options in the market, so they created their company, Toast-It.
Their company offers better-for-you Latin American food that is ready to eat in under 10 minutes. They decided to focus on the classic staple item, arepas.
An arepa is a cornmeal bread, that is crispy on the outside and fluffy on the inside. Further, it’s perfect for stuffing with your favorite fillings.
Toast-It arepas come in different flavors too. They’re available in Yucca, Chia Flaxseed, Corn, and more.
In addition to the convenience, the arepas are good for you. They’re gluten-free, have zero added trans-fats and sugars, and they have 3-4 grams of protein per serving.
The products are sold frozen and are already in 900 stores. Additionally, Toast-It is currently distributed to and sold in Publix and Walmart.
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Further, they just got a deal with Whole Foods, Winn-Dixie, and Central Market. This impresses the sharks.
In terms of the numbers, sales in the previous year were $200,000. In the current year of filming, within the first 5 months, they’ve done $190,000 and are projecting $500,000 by the end of the year.
The arepas retail for $3.23 and cost $2.30 to manufacture. Further, after selling and distribution costs, their margins are only 20%, which draws up some concern from the sharks.
Kevin O’Leary wants to know how they will fix this, and the sisters state they are already in talks about lowering costs on packaging and ingredients.
Kevin goes on to share that he tracks his glucose, although he’s not a diabetic. That said, when he ate the Yucca variety of Toast-It during the pitch, it did not spike his glucose.
He’s excited to have found a bread product that he can eat, and he believes that many people will feel the same way. Then, he offers them $100,000 for 20% equity.
Mark Cuban applauds the sisters for what they’ve accomplished, but it’s not really for him. For that reason, he’s out.
Daymond John says he will absolutely be a customer, but it’s not a business that he wants to invest in. He’s the next shark out.
Lori Greiner loves the products, but like Daymond, she says it’s just not the right business for her. She is also out.
Guest shark Daniel Lubetzky decides to match Kevin’s offer of $100,000 for 20% equity in Toast-It. This leaves the sisters with a very tough decision to make, and quickly.
At this point, they ultimately counter the two remaining sharks with $150,000 for 15% equity. Kevin hesitates but eventually says no, but Daniel counters with $150,000 for 20% equity, and they accept the deal.
What happened following their appearance on
In terms of a Toast-It update, we’re sure that this company will get a nice boost in sales after being featured on
The company continues to expand its physical reach and has recently entered the retail market in Florida. They also offer several options for purchase on the Toast-It website, plus a special
When we get more news on a Toast-It update, we will let you know.
In the meantime, check out our other company updates from Season 15, Episode 2:
For even more on companies and products, be sure to stop by our Season 15 Products Page!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!