Fila Manila Shark Tank Update Net Worth, Pitch & Deal

Jake Deleon is an entrepreneur on Shark Tank who sells his unfamiliar Filipino cuisine. He is the founder of Fila Manila, and he has introduced many different cuisines with different flavors.

In Season 15 Episode 16, will the sales pro be able to grab a shark’s attention to his deal? Let’s check what happened next. 

Fila Manila Net Worth

Daniel invested $250,000 for 20% equity in the company. So, based on the Shark Tank investment, Fila Manila net worth is estimated at $1.25 million. Jake Deleon is the founder of Fila Manila, which he started in 2020. Filipino American cuisine is one of the most popular foods in the U.S. The price of all their products ranges from approximately $9.50-$5. 

What Happened to Fila Manila After Shark Tank?

After the episode just aired, Fila Manila already benefited from the fame of the “Shark Tank effect”. The episode was watched by over 3.5 million viewers, and millions more will see the product through clips on social media. The deal with Daniel should close in the next three months.

They also change their packing from glass bottles to sustainable bags, and the company becomes in a better position. Fila Manila should be able to double its annual revenue in 2024. You can easily buy Fila Manila products on Amazon, Umami Cart, Weee, and FilaManila.com.

Did Fila Manila get a deal on Shark Tank?

Of course, Fila Manila got the deal with Daniel. Even when every Shark considers the business a loss, check out the journey from loss business to deal done with Daniel.

Shark(s) nameOfferDemandCounterofferAccepted?
Daniel Lubetzky$250k for 20% stakeN/A$250k for a 20% stake with an option to return 5% if sales benchmarks are met.yes
Lori GreinerOutN/A
N/A
No
Kevin O’Leary$250k for 10% stake + royalty of 5% of sale until $500k is paidN/AN/ANo
Daymond JohnOutN/AN/ANo
Mark CubanOutN/AN/ANo

Fila Manila Shark Tank Update

what happened to fila manila after shark tank

Founders and their Backstory

Jake is the founder of Fila Manila. He is a Filipino American, and he is the first generation of Filipino American migrants. From childhood, he helped his mother in the kitchen to make Filipino cuisine; his mother sold that cuisine to neighbors and relatives to earn extra money for their household.

That is why, from his childhood, he has had a great interest in food but  When the COVID-19 pandemic hit in 2020, it allowed him to research the Filipino diaspora in the States, and he found that Filipinos are known to be the second-largest Asian ethnic group in the nation.

Moreover, Filipino food was the fastest-growing Asian cuisine in the packaged goods market. However, he is shocked to find that Filipino food is not available in grocery stores that much. So he decided to fill this gap by using his family recipes, determination, years of experience in the market, and a $1,200 stimulus check; he introduced his first product, Fila Manila, in November 2020.

In November 2020, he earned $60k; in 2021, he earned $50k; and in 2022, he earned $400, and now he is earning 150 dollars. He faced down in business because of glass packaging.

Initial Pitch

Jack begins his pitch with his introduction. He introduces himself in an awe-inspiring way. He places his demand for $250,000 of a 5% stake in his company. Then he explained his product and introduced different flavors of Philippine cuisine: Banana ketchup made with banana but has similar carbs of tomatoes, chicken Adebo, Kare-Kare ( it is a variation of peanut spread), and Ube Spread.

He presents a full meal of Fila Manila in front of sharks. Mark asked Jack how and where he sold his products. Jack replied that he promoted his product in shops and mostly sold it on Amazon.

Kelvin said Jack, you are at a loss; you did not earn that much. Jack said he did the transition in the package from last year to gain profit in his business. He raised 9 hundred thousand, and the latest evaluation is 8 million.

Greiner did find this deal that much fruitful, but she saw some flaws. She told Jack there are 2 main problems in this deal. Firstly, you did not have that many sales, but you asked for $250k, and it is a very big investment.

He also does not describe Filipino food. Many people did not know about it, and I also didn’t know about this, so you have to properly describe your product to the audience for their understanding. She out herself from this deal.

Mark said, according to him, it is the worst approach he has taken. Daymond said he can’t eat this food because he can’t bear these spices, and it is painful for him, so he also outdoes himself with this approach. Kelvin is also out of this deal. Daniel gives Jack an offer of $250k for a 20% stake.

Jack gives a twist to his deal and offers another offer to the Sharks. His counter offer is $250k for 5% + royalty of 5-8% of sales until $250k is paid.

Kelvin shows interest in this offer. And give a counter offer of $250k  for a 10% stake + royalty of 5-8% of sales until $500k is paid. But Jack did not accept this offer. Jack asks Daniel for his final offer. 

Daniel gave Jack his final offer of $250k for a 20% stake with an option to return 5% if sales benchmarks are met. Jack accepts this offer and leaves the show happily with good hope.

Shark’s Responses and Final Deal

fila manila net worth

Most of the sharks did not find this deal profitable. According to Mark, it is the worst approach. Greiner, Daymond, Mark, and Kelvin are out of this investment. However, Daniel gave his final offer of $250k for a 20% stake with an option to return 5% if the sales benchmark is met. Jack accepts Daniel’s offer, and they do their deal.

What went wrong with Fila Manila at Shark Tank

According to Jack’s previous business history, he did not earn that much. But he demands $250k on a 5% stake. According to Sharks, he is at a loss. It also does not properly describe Filipino food. He has to introduce it properly to attract a large audience.

Product Availability

You can easily buy Fila Manila products on Amazon, Umami Cart, Weee, and FilaManila.com. They are also available at stores such as Sprouts, Target, Whole Foods, Meijer, Fresh Thyme, and Mom’s Organic Market.

Conclusion

Jack Delleon presented his sales skills in the best possible ways and also overcame the loss by transitioning from glass jars to sustainable bags. He demanded $250k with a 5% stake and also modified his demand by giving a royalty of 5-8%of sales until $250K is paid. Daniel has done his deal with Jack by offering him $250k with a 20% stake with an option of a return of 5% if sales benchmarks are met. The company gained profit and went very well after Shark Tank. 

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