NuMilk got a $2 million deal from Mark Cuban in Shark Tank, but what happened after the show? Let’s reveal NuMilk net worth today and how much the business is making.
Nowadays, people are moving toward plant-based milk, rejecting dairy products. The reason why is that some of them are allergic or lactose intolerant, which makes them unable to drink such drinks. To obtain such drinks, one has to order them online or get them from the nearest grocery store.
The problem with packed plant-based milk is that companies put tons of preservatives in order to preserve the product for a long time. NuMilk solved this problem by introducing a milk machine that extracts the milk within no time and the customer receives it fresh every time they want.
What is NuMilk?
NuMilk is the ground-breaking machine invented by Ari Tolwin and Joe Savino that produces fresh Almond milk with simple ingredients in no time. The best thing about this invention is that it produces not only Almond milk but also oat milk, cashew milk, or even hemp milk if provided with the required amount of ingredients.
NuMilk was first created in 2018 by the pair and started off as a food tech company selling NuMilk machines to grocery stores all over the United States. At the time of NuMilk’s Shark Tank pitch, the company was worth $20 million dollars.
NuMilk Net Worth
As of 2023, NuMilk has expanded its business and is now worth more than $50 million dollars. At the time of their Shark Tank appearance, the business was worth $20M. At the rate the company is going, it is projected to be valued at more than $100 million this year.
NuMilk Successfully Expanding Their Business with New Products
NuMilk has been performing quite well as expected. They’ve introduced new products and flavors to reach a wider audience and they’ve been quite successful in doing so.
They shared the top five flavors of NuMilk for 2022 in a SpotifyWrapped style, stating the following:
- Original Almond
- Vanilla Pistachio
- Golden Milk
NuMilk Pro for $300 – New Product
Just recently, NuMilk introduced a new product called NuMilk Pro costing only $300 which produces “any” plant-based milk in seconds.
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NuMilk home was first introduced as a prototype on Shark Tank but the machine is now for sale and fully functional at an attractive price of $249.
NuMilk at Shark Tank
NuMilk was pitched at a Friday episode on Shark Tank by ABC where the entrepreneurs Joe Savino and Ari Tolwin successfully presented their business in front of the multi-billion dollar jury.
At first, the Sharks were impressed by it solved most of the problems faced by vegans when it comes to plant-based milk, you can produce the milk by simply pressing a button – there you go! Fresh Milk! There’s more. The fresh plant-based milk produced by NuMilk can be stored as well, having a 7-10 days shelf-life.
According to Tolwin, each NuMilk machine is capable of generating around $50,000 of revenue each year while the machine only cost them $30,000 at the time of the Shark Tank pitch.
Fast forward to today, the machine costs no more than $15,000 now that they manufacture it on a bigger scale.
The CEO-pair was aware of the concerns addressed by the Sharks about how much space it takes, to address the space problem, they were producing a small-sized machine for coffee shops at a much lower price of only $699.
Mark Cuban Bought 10% of NuMilk for $2 Million, But There’s a Catch
The pair asked Mark Cuban, as he was vegetarian, to use the machine by his hands and when he drank that milk, he said, “The milk I just made is incredible. You can tell it’s fresh almonds.”
At first, the panel, excluding Mark Cuban and Kevin O’Leary, rejected the idea and their proposal for a 5% share for $1 million.
Mark Cuban offered to buy more than 5% of the company. Here’s what he offered to NuMilk. In total, Mark Cuban offered $2 million to NuMilk to buy 10% of the company. He said that $1 million will purchase 7% of the equity in their business while the other million will be given as a loan with 3% of interest – he would get an additional 3% of the shares as advisory shares, making it 10% of the shares in total.
Even though the duo tried to negotiate with Mark, he didn’t budge and got the deal for $2 million for 10% of NuMilk. At the time of the deal, NuMilk was worth $20 million.
NuMilk wasn’t asking for funding for the first time ever as they had already raised $12 million for outside investors, at least at the time of Shark Tank’s appearance.
How Was NuMilk Performing in 2021?
The year 2020 and 2021 weren’t the best years for NuMilk because of the Covid-19 lockdown. Here is how the company was performing when it comes to sales and revenue generated.
In total, the business had lost a total of $7 million, generating under a million in revenue. Nevertheless, the Sharks Mark Cuban and Kevin O’Leary saw an opportunity and offered them a million.
Fast forward to 2023, the business is performing so well that they can be seen everywhere, especially at grocery stores and cafes, and don’t forget the homes.
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