David and Joanna Parker came onto
Shark Tank Yumble Update
- Entrepreneurs: David Parker and Joanna Parker
- Business: Children’s Food Subscription Service
- Ask: $500,000 for 4% equity
- Result: $500,000 for 6% equity
- Sharks: Bethenny Frankel
When asking for $500,000 for 4% equity, the sharks were immediately interested in learning about the sales numbers. David and Joanna proudly shared that they had already generated $1.3 million in sales, while their customer acquisition cost was around $40 dollars. All customers that are subscribed pay about $7 dollars per meal that is delivered to their home.
As the sharks heard about the financial numbers and subscription model that the company uses, Kevin O’Leary decided to drop out of negotiations because he didn’t believe there was a way to make his money back. Mark Cuban believed that competition was going to be too difficult to overcome from larger companies like Amazon, so he also dropped out.
Guest shark Bethenny Frankel decided to make an offer of $500.000 for 15% equity. She wanted her role to be more of a spokesperson for the company rather than a strategic partner. Guest shark Rohan Oza and Lori Greiner also made an offer to the duo, offering $500,000 for 12% equity.
Bethenny quickly counter-offered with a better deal, slashing her equity request down to 6% equity. The deal narrowly avoided falling apart completely as Bethenny became impatient and the duo accepted.
Let’s shift our focus now and take a closer look at the Yumble update after
The good news is that the Yumble company is nearly bringing in $10 million in gross revenue per year and appears to be a success story from
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