FryAway Shark Tank Update – Net Worth, Pitch & Deal

What do you do with the used cooking oil? Do you store it in a jar and throw it away, or do you pour it down the drain? Most people just pour it down the drain and wash their sinks and pans with some dish soap. However, the oils going down the drain cause severe issues for the drainage and sewer systems. Hence, Laura Lady came up with an effective and responsible way to throw away cooking oil without having to pour it into the drains. 

FryAway Net Worth

Laura Lady asked for a $250,000 investment in exchange for 10% equity in her company. This meant she valued her company at $2.5 million. She made a deal with Mark Cuban and Lori Greiner for $250,000 in exchange for 22% of her company. This new deal valued her company at approximately $1.14 million. After the show aired, FryAway saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of FryAway is about $1.37 million.

What happened to FryAway after Shark Tank?

After the episode was aired, FryAway received many orders, and the whole family got to work to fulfill those. However, the company later on is not listed on Mark’s and Lori’s websites, and they don’t seem to mention it anywhere on their social media. Hence, it doesn’t look like the deal has materialized with either of the parties.

The FryAway website is still active, and all the SKUs are sold at a discounted package deal. While the only one that is not discounted is the $9.99 SKU. The company’s social media accounts are active and posted regularly. The Facebook page has a surprisingly low number of followers and likes, while the Instagram account has 16,000 followers, which is great. 

Did FryAway get a deal on Shark Tank?

Yes, FryAway got a deal on Shark Tank. Despite Kevin, Robert, and Daymond bowing out, there were 2 more sharks left, Mark and Lori. Mark wasn’t really sold on the idea and was about to say that he was out when Laura jumped in and roped him in with the international market’s potential. He left it to her to make him an offer that he couldn’t refuse.

Lori jumped in and said that she trusted her, knew the potential the product had, and was willing to invest $250,000 for 20%. Lori and Mark combined offered $250,000 for 25%. There was a lot of hesitation from Laura, and Kevin guided the conversation and pushed the sharks to reconsider. Lori and Mark then made the offer of 22% for $250,000, to which Laura said yes.

Shark(s) nameOffer & DemandCounterofferAccepted?
Mark and Lori$250,000 for 25% afterwards 22%$250,000 for 20%Yes ($250,000 for 22%)
Robert HerjavecOutN/AN/A
Lori GreinerInN/AN/A
Kevin O’LearyOutN/AN/A
Daymond JohnOutN/AN/A
Mark CubanInN/AN/A

FryAway Shark Tank Update

fryaway net worth

Back Story 

Laura loves cooking and couldn’t find a safe and responsible way to dispose of used cooking oil. Hence, she developed a plant-based product that can solve this issue for many households. However, she wanted to test first before scaling. This is why she bought the equipment and set aside a production space in her garage where it can be easily manufactured. She paid $2,000 for the equipment. 

Laura has a background in toy marketing and has worked as one for 18 years for some of the largest toy companies in the world. She has built, launched, and grown many multi-million- and billion-dollar brands globally. Laura is a second-generation American, and both of her parents are from Honduras. She comes from a long line of risk-takers and adventurers. 

Her experience has led her to be a problem solver and someone who loves to connect the dots. Hence, she was able to figure out what machines to buy and how to manufacture the product. 

Initial Pitch 

Laura Lady came to the Shark tank asking for $250,000 for a 10% stake in her company, FryAway. She starts off by introducing the sharks to the “fatbergs” that are caused by cooking oil that goes down the drain. She explained to the sharks that fatbergs are caused by cooking oil being poured down the drain, the oil merging with other waste products, and massive blockages being created.

Fatbergs cause sewer overflows that can lead to contamination of clean water sources. She tells them that every year, countless gallons of cooking oil are poured down the drain in US households. Talking about her love for cooking, she points out that she had to find a responsible way to clean up used oil.

FryAway is 100% plant-based powder that is not toxic and it transforms used cooking oil into solid organic waste. All you need to do is pour FryAway into hot oil, and while cooling down, it solidifies the oil. This way, the solidified oil can be thrown into household organic waste. FryAway is an easy, convenient, and responsible way to dispose of used cooking oil. 

Queries about the product 

what happened to fryaway after shark tank

Kevin asked if it works with peanut oil as well. Laura told him that it worked with any kind of vegetable oil. Lori was curious about the disposal method and asked if it was going in the garbage and not the sink. Laura then told her that yes, it goes into the garbage and also in the garbage without a container, explaining that a lot of people also dispose of oil in a container.  A plastic bottle takes 450 years to decompose in a landfill, while vegetable oil decomposes in 30 days naturally. 

Kevin asked about the sales. Laura told him that after the first fiscal year, their sales amounted to just under $700,000. She also told them that within the first two months of the launch, they were cashflow positive, and the sharks really applauded that. The business has been self-sustaining ever since, along with there being no debt to pay off. 

Robert asked how she sold the first one. Laura opened a small Shopify website for under $15,000. And there was no demand on the website. 

Mark asked how she found her market. Amazon, running ads, PR, and earning media were her focuses from the beginning, and they helped a lot in sales. Due to the novel way of disposing of cooking oil, this product required a lot of education on how to move towards responsible disposal of cooking oil. Some demonstration videos and other materials had to be produced to guide people about how to use the product.

Kevin asked if she had any data about repurchase. On Amazon, she has about 1500 monthly subscribers. This number is growing by 10 to 11% on a monthly basis. 

Robert asked about the cost of production and the selling price. Laura told him there are 4 SKUs. The lowest price point was $9.99, and they go up to $15.99. Her landed cost for the $9.99 is $0.96, and for $15.99, it’s $1.96. Robert further asked what is making on a cash basis. She told them her gross margin is 34% and net is 9%. Due to Amazon’s fees and reinvestment in the business, the gross margins and net were so low. Robert asked how much she had spent that year. She told him that Amazon alone was 43%. 

Kevin asked why she hadn’t been into retail so far. To which Laura informed him that they are about to be launched into 1100 Kroger’s Stores in the fall, on the shelf in the cooking oil aisle.   

Shark’s Responses and Final Deal 

did fryaway get a deal on shark tank

Kevin told her that he was thinking of this product from his Chef Wonderful perspective, and since he doesn’t fry anything, it was hard for him to get behind this product. Also, he believes in truthful advertising, which means he couldn’t support a product that he didn’t use and would never use because he never fried food, considering the health issues it causes. Hence, he declared himself out.

Daymond was also not sure where he could add value where she couldn’t do it herself. He suggested going to the deep fryers and upselling a small package to them from a B2B perspective. He didn’t see himself as being of much value to Laura; hence, he bowed out. Robert wasn’t keen on working in this industry so he walked away as well. 

Product availability 

The product is now available for sale on many different platforms. Along with the internet, the product is in a lot of wholesale stores as well. Wholesale, retail stores and websites are selling the product. Walmart, Amazon, eBay, Ralphs, Pay-less-super-markets, iHerbs, and many other food-related websites and stores are selling the product. 

Conclusion

Laura came in with a bang and educated the sharks about the use of the product and the problem it would solve. The environmental crisis is growing bigger and bigger every day; hence, any steps taken to improve the situation are always great. However, most of the sharks were unable to see themselves investing in the business. Lori was interested, and Laura was able to rope Mark in as well. This led to a combined partnership offer from both the sharks. However, as it is seen, the deal doesn’t seem to have materialized; the product, however, is doing well on its own. 

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