Meat the Mushroom Shroomacon Shark Tank Update – Net Worth, Pitch & Deal

With the rise of diseases, people are adopting veganism to replace traditional meat products. Demand for tasteful alternatives has increased with people becoming more conscious of their eating habits. Seeing the market gap, many companies that offer plant-based products emerged.

One such company is Meat the Mushroom, which offers mushrooms as a meat substitute. The couple Marvin and Andrea introduced their company, Meat the Mushrooms, in Season 15 of Episode 12 of Shark Tank. They introduced Shroomacon, which tastes exactly or even better than bacon.

Meat the Mushroom Shroomacon Net Worth

The net worth of Meat the Mushroom is estimated to be $0.5 million. The market size of vegetable-based bacon is growing tremendously day by day.

Did Meat the Mushroom get a Deal on Shark Tank?

The company Meat the Mushroom got a combined deal with Kevin O’Leary and Lori Greiner of $150,000 for 33.33% equity in their company. Although they were unhappy about the equity value, they believed that getting two sharks involved in their business would greatly flourish it.

Shark(s) InvolvedOffer MadeDemandCounter OfferOffer Accepted
Mark CubanN/AN/AN/AN/A
Daymond JohnN/AN/AN/AN/A
Daniel LubetzkyN/AN/AN/AN/A
Lori Greiner and Kevin O’Leary$150,000 for 33.33% equity$150,000 for 7.5% equity$200,000 for 33.33% equityYes. $150,000 for 33.33% equity

Meat the Mushroom Shroomacon Shark Tank Update

meat the mushroom shark tank deal

The Meat the Mushroom couple introduces their product Shroomacon asking for $150,000 for 7.5% equity in their company. The sharks tried the product and found the taste delicious. They accepted Lori and Kevin’s combined deal for $150,000 for 33.33%.

After airing the episode, they got much exposure and reached a great number of sales. They got positive reviews from the best-selling author Tabitha Brown, fashion designer June Ambrose, and other noteworthy figures. The appearance of the shark tank and positive words from these figures played a pivotal role in achieving great numbers for the company.

Founders & Backstory

meat the mushroom founders on shark tank

Meat the Mushroom was founded in 2021 by Marvin Montague Jr. and his wife, Aleah Rae Montague, who believe in plant-based products. Marvin had health issues which included chronic asthma and a heart disease.

Switching to a vegan diet helped him eliminate the underlying diseases he had. This personal recovery made him a huge advocate of plant-based food. He wanted to open a plant-based food restaurant but opted for a product-based plant-oriented business instead.

Initial Presentation

The couple arrived motivated and introduced themselves as Marvin and Aleah. They demanded $150,000 for 7.5% of the business. They started their pitch by saying that there are two sides to each story. They gave an example of bacon, which is smoky and crispy but also causes heart disease and high blood pressure.

Agreeing with her wife, he introduced their product, Shroomacon, which tastes and smells like bacon. They are basically mushrooms. It is a plant-based bacon that is made of sliced mushrooms. Shroomacon has only five key labels with no soy, claiming it tastes even better than pork meat.

You can replace your meat content with it. Use it in your sandwiches, everyday food, and however you like. The unique thing about this product is that it is not grown in mold and is not processed. So, it is a much healthier version.

Then they added a little amusement to their presentation and brought a samurai to tell the sharks how they slice the mushrooms. They ended their initial presentation by saying this is not how they slice their mushrooms and asking the sharks to join them in their journey.

Discussion on the Pitch

meat the mushroom shark tank pitch

The sharks tried the sample products ahead of them. Mark Cuban said that the product was really good. Lory was amused by the taste as well. Aleah mentioned that it is a non-GMO product that can be cooked in an air fryer, skillet, or oven if you avoid using oil. Kevin added that a lot of plant-based products on shark tank taste like crap. Mark disagreed with that. Kevin then added that he liked this particular plant-based product. Kevin asked which mushroom they use to which Aleah replied, King oyster mushrooms.

Kevin said it was expensive and asked about the product’s manufacturing cost. Aleah said that the pack costs 2 dollars and 9 cents to make but they believe they can lower the cost to a dollar and 75 cents. She proceeds to say that they could sell for $8.99 to retail and the distributor at the cost of $4.40.

Daniel asked them about their background. Aleah had a background as a Facebook ads manager. Marvin had a background in the wholesale of cars, and his next business was Moover, where he met his wife. Marvin shared that he had troubles regarding his health and turned into a vegan. After turning into a vegan, his heart disease was gone. He realized the power of vegan food and tried to open a vegan restaurant. Marvin thought his products could help the world, so he chose a product-based business instead of a restaurant.

Daymond asked what they do for a living, and they replied that they do this business full-time. Mark asked about the sales. Aleah replied that they had made $38,000 in sales from May 2021 to December 2021. They made $86,000 in sales in 2022, and in the period after that, they made $238,000 in lifetime sales of $360,000, of whom 93% were direct customers. They have expanded their business to grocery stores as well.

Kevin said he is intrigued by the product, but he mentions that their valuation is insane. He offered $150,000 for a 33.4% stake. He wanted an equal partnership with Marvian Aleah and to have 0 flexibility. Mark said he already has a deal with a company that makes plant-based meat products, so he backs out.

Daymond John said it would be more challenging for them to get the products on the market and find customers, so he is out for this reason. Lori said she liked the product but would prefer a longer mushroom. David said that Kevin gave them a fair deal, but he could not give them the same offer. He refused to invest, saying they should go for Kevin’s offer. Three sharks are out so far with Kevin’s offer on the table.

Final Offer and Negotiations

Lori offered to provide $150,000 for a 33.3% stake. Aleah said that there is a lot of equity. Kevin explained how this offer was fair. Lori suggested that she and Kevin could join the offer so that they would have two sharks with them. Aleah put in a counteroffer of 25% equity. Kevin and Lory still asked for 33.3%. Marvin said the equity was too much and they needed more money.

Aleah gave another offer of $200,000 for a 33.3% stake. The couple accepted Kevin and Lory’s offer of $150,000 for 33.3% equity in their company. Aleah said that although it was painful to lose all this equity, having two sharks on the team will make their business much more profitable. They believe that they can create a legacy for their daughter.

Challenges and Motivations

They mentioned that they have gone all in on the business. They have sold their car, moved in with their mother-in-law, and then mentioned their daughter has Down syndrome and she is a source of inspiration for them.

Meat the Mushroom Product Features

Shroomacon is a plant-based product that tastes like bacon. It is made of five key ingredients which are mushrooms, natural smoke flavor, olive oil, salt, and black paper. The product is pure and excludes soy, nitrates, gluten, and cholesterol.

One unique thing about this product is that they are not highly processed. They are much healthier than other meat alternatives in the market. They are sliced mushrooms that avoid molds. It’s a non-GMO product where an unopened packet can freeze conveniently and be stored for a year. The packet that has been opened needs to be consumed in 7 days.

Retail Availability

Meat the Mushrooms has gotten a lot of exposure of validation after airing on ‘Shark Tank’ which contributed to the company achieving greater heights. Their products Shroomacons can be bought through their website. Each packet contains 8 to 10 pieces of plant-based bacon.

Though they may also be found in numerous stores around the globe, there can be a shortage of these vegan bacon strips due to their popularity. The packet containing a set of 4 pieces is for $48, and the set of 8 pieces is for $88.

They advise their customers to order in bulk, as the product has a great shelf life. It can be stored for a year, which offers great accessibility to customers. Meat the Mushroom takes pleasure in its customer-centric approach and guarantees a quick email response to any requirements or complaints raised by customers.

Positive and comprehensive evaluations of the company’s website and social media accounts speak for its established reputation. Customers who are happy with Shroomacons praise it for being the first vegan bacon with a rich flavor they have ever eaten, highlighting its outstanding flavor and quality.

Conclusion

Meat the Mushroom thus represents entrepreneurial excellence owned by Marvin and Aleah. Meat the Mushroom is making excellent sales as of 2024 and supports the narrative of encouraging black-owned businesses. You can now be even more healthier with Shroomacons. Visit their website to see more of their products.

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