Milkify Shark Tank Update – Net Worth, Pitch & Deal

The conventional way of storing breastmilk isn’t efficient. It loses its nutritional benefits after three months. So it needs to be consumed within three months. This is a major problem nursing mothers face. But not anymore; Milkify has introduced a safe and efficient way to store your breast milk.

Milkify has invented a process of converting breastmilk into powder form. By using the freeze-drying process, you can transform the breast milk into powder. Later, it can be used for up to three years without wasting any of its nutrients. It can be mixed with any food or water. The process takes  4 to 5 weeks for conversion and is easily done with the provided kit.

They demanded for $400,000 with 10% equity. The pitch is great and Sharks liked the idea. But will Sharks invest in a breastmilk transformation company? Let’s find out.

Milkify Net Worth

Berkeley Luck and Pedro Silva asked for a $400,000 investment in exchange for 10% equity in their company when they appeared on Shark Tank. This meant they valued their company at $4 million. They made a deal with Lori and Gwyneth for $400,000 as a payback note within 3 years or else acquire 20% equity. This new deal valued their company at $2 million. After the show aired, Milkify saw a big increase in website traffic, sales, and social media recognition. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Milkify is about $2.42 million.

What Happened to Milkify After Shark Tank?

After Shark Tank, the business is promoted. Major of people learned about it through the show and approach Milkify. The sales were promoted and were locally recognized soon after the episode was aired.  As they are still business, the growth is progressing.

Did Milkify get a deal on Shark Tank?

Yes, they got a deal with Lori and Gwyneth for $400,000, which was a payback note within 3 years or else acquire 20% equity.

Shark(s) nameOffer & DemandCounterofferAccepted?
Gwyneth Paltrow+Lori Greiner$400,000 as a loan for 20% equity$400,000 as a payback note within 3 years or else acquire 20% equityYes
Kevin O’LearyOutN/ANo
Barbara CorcoranOutN/ANo
Mark CubanOutN/ANo

Milkify Shark Tank Update

milkify net worth

Founders & their Backstory

Berkeley is a research scientist. She holds a P.hD. degree in Microbiology and has 18 months old daughter. She had the idea for freeze-drying during her studies. So she studied all the freeze-drying. Based on her studies, she designed a process specifically for breast milk. 

Pedro has been her business partners for three years. He was the first sponsor to invest $40,000 and support her as a husband. He believed in her idea.

Initial Pitch

Berkeley and Pedro introduced themselves as business and life partners. They asked for a $400,000 investment in exchange for 10% equity in their company, Milkify. Berkeley explained the drawbacks of storing breastmilk. They take up a lot of space and stay nutritional just for 3 months. Milkify has invented the first-ever contact-free method to preserve breastmilk for a long time. Without using any freezer. 

Milkify transforms the breastmilk from liquid into solid powder. Which makes it easier to store and transport. By the freeze-dried method, the milk stays nutritional for up to three years. No nutrition is lost by using this method. The powder can be used by adding water or by adding it to solid foods. She concluded the pitch by asking Sharks to help them to help mothers around the globe.

Samples of packaging were presented to Sharks. Meanwhile, Berkeley presented a demo using her milk with water. 

Queries about the Product

what happened to milkify after shark tank

Lori was interested in knowing if the freeze-drying method caused any nutritional loss in milk. Berkeley explained that a study shows that there is no loss in terms of nutrition. Gwyneth shared her experience of storing breast milk, which was a bit different previously. She then inquired about the process of conversion. 

Berkeley informed that a set of equipment like an insulated cooler and a pre-paid return shipping label along with well-detailed instructions for its use. Mark inquired about the price of the entire package. Pedro replied that it depends on the volume of the milk she wants to freeze dry. They charge $1.60 for an ounce of milk. The average cost of a package is $475, which is 20 ounces of breast milk. It takes 4 to 5 weeks for the conversion.

Lori inquired about the background. After that, Kevin and Lori inquired about the sales. Pedro informed us that the pre-orders were up to $2 million and that the lifetime sales were $525,000. They begin in January 2021 as a first business year with $184,000. This year, they made $345,000 and planned for $500,000. Kevin, is the company making money in aggregate? Pedro informed that he dedicates 25% to 30% for reinvestment from the gross profit.

He further explained their challenge as they invested $60,000 from them and $120,000 from their parents for a better facility. With a better facility, they can generate 3 million in revenue. Kevin inquired how customers find them. Pedro informed me that they have a waiting list. Kevin inquired if they have invested in digital marketing. Pedro replied no, they haven’t. They approach through moms’ groups.

Shark’s Response & Final Deal

did milkify get a deal from shark tank

Mark was the first Shark to drop out. He considers it a luxury but not essential, so he quit. Kevin was next. He likes the idea, but he doesn’t find it a perfect fit as he doesn’t like the evaluation. So he quit. Barbara stepped out as she considered it as a supplement. Gwyneth inquired about the TAM (Total Addressable Market). Berkeley informed that there are 2 million moms in the U.S. They mostly get orders from low and medium households.

Gwyneth and Lori took a minute to discuss this, as they are both interested but don’t like the evaluation. They offered $400,000 for 20% equity. Pedro counter offered $400,000 as a payback note within 3 years or else acquire 20% equity. They agreed and had a deal. 

What Went Wrong with Milkify on Shark Tank

The business idea was amazing and had good profits, too. But mostly, the Sharks stepped out because they didn’t like the evaluation of the business. According to them, the evaluation was too high, which made them uninterested. 

Product Availability

Milkify is a company that uses the first-ever freeze-dry process to convert a mother’s breastmilk into powder form. The freezing of breast milk reduces its nutritional value and can be used only for up to three months. This is a very concerning issue for nursing and working women.

Meanwhile, Milkify has invented a scientifically proven efficient way to preserve your breast milk. Freeze drying process is easy and only takes 4 to 5 weeks to process. The produced powder form can be used for up to three years. Without comprising of its nutritional values. Moreover, it can be either used in powder form or mixed with water as liquid milk. 

The process is easy and can be used on your doorstep. The price of the package depends on the milk to produce. Easy to use and assistance provided. You can easily read and order your kit from their website

Conclusion

Dr. Berkeley Luck and Pedro Silva have invented a process of preserving breast milk using a safe and easy method. The freeze-drying method preserves breast milk for up to three years without any of its nutrition. The traditional way of storing breast milk loses its nutrition after three months.  So Milkify introduced preserving breast milk in the form of powder so it can used for up to three years.

The couple demanded $400,000 for 10% equity. The pitch was good, and profits were great too, but the Sharks were concerned about the evaluation. So, Sharks stepped out. But Lori and Gwyneth made an offer of $400,000 for 20% equity. But Pedro counter offered  $400,000 as a payback note within 3 years or else acquire 20% equity.  Lori and Gwyneth agreed and made the deal. 

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