Nowhere Bakery Shark Tank Update – Net Worth 2024

A couple of entrepreneurs, Saphira and Maurizio Rasti, are on the Shark Tank Season 15 Episode 18 with their healthy bakery items.

Due to their health conditions, they manufacture gluten and sugar-free products for people who want to eat sweet and keep their gut happy. This niche is competitive, so will Sharks invest their money to be their sugar investor?

Nowhere Bakery Net Worth

Saphira and Maurizio Rasti asked for a $200k investment in exchange for 5% equity in their company. This meant they valued their company at $4 million. They made a deal with Barbara for $200k in exchange for 12.5% equity, valuing their company at $1.6 million. After the show aired, Nowhere Bakery saw an increase in sales, expanding to 75 stores in the U.S., and further boosted its visibility through a collaboration with Gwyneth Paltrow. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Nowhere Bakery is about $1.94 million.

Nowhere Bakery Shark Tank Update

What Happened to Nowhere Bakery After Shark Tank?

Nowhere Bakery has increased their sales, reaching 75 stores in the U.S., but they have moved L.A. to Orange County to work on their station. Moreover, their chocolate chip cookie was the 2022 Selfie Award winner. They have further expanded their network. Actress and lifestyle Gwyneth Paltrow has teamed with the Nowhere Bakery to produce healthy cookies.

Did Nowhere Bakery get a deal on Shark Tank?

Yes, they got a deal with Barbara. They got an agreement from Kevin and Jason. But they ended up with Barbara. Check out the epic series of offers and counteroffers in return,

Shark(s) name	Offer	Demand	Counteroffer	Accepted?
Barbara Corcoran	$100,000 as cash and $100,000 as a line of credit for 15% shares	$200,000 for 5% shares	$200,000 for 12.5% shares	Yes
Lori Greiner	OUT	N/A	N/A	No
Kevin O’Leary	$200,000 for 20% shares	$200,000 for 5% shares	N/A	No
Jason Blum	$200,000 for 20% shares	$200,000 for 5% shares	N/A	No
Mark Cuban	OUT	N/A	N/A	No

Founder and Their Backstory

Saphira informed me she was a food blogger with a background in recipe development. With the help of her influencer network, she shared her food items with them. They reviewed the bakery time on their social media pages. She used her friend’s kitchen corner to bake these bakery items. 

Maurizio shared the routine she had at the beginning of the business. She used to drive at 2 AM from her palace to her workplace at 3 AM. She bakes and then cleans up till 7 PM before the next shift. After the work shift, she delivered everything by hand.

Initial Pitch

Even before the entrepreneurs could start their pitch, Mark said he hated them already. This lightens the everyone’severyone’s mood. Saphira introduced herself and her husband and co-founder, Maurizio. They stated their demand is for $200,000 for 5% equity in their company. They explain similarities, such as sweet tooth and indifferent gut issues. 

Saphira has weak gut health and is sensitive to almost everything, whereas Maurizio has excellent digestion. So, they invented plant-based bakery items that satisfy Saphira’s gut and Maurizio’s sweet tooth. Saphira listed that their products are free from gluten, sugar, and dairy items. Maurizio concluded the pitch for the Shark opinions.

A sample of their product line was placed in front of each Shark. Each Shark tasted the provided samples and appreciated the taste, except for Kevin. He stated that all plant-based bakery items taste the same. Then, Shark started the queries regarding the product.

Queries about the Product

Barbara inquired about the start of the business. Maurizio stated it was March 2020, two weeks before the pandemic spread. They only had direct customers and Saphira’s network. She then shared her story and her struggles. Kevin inquired about the current status, and Saphira stated they are still selling the bakery items.

Saphira continued towards the sales journey. She informed the Sharks that the sales began in April 2020, and they ended the year with $92,000. In 2021, the sales were $524,000; in 2022, it was $770,000. Kevin inquired about their expected sales in 2023, to which Saphira responded with an answer of $1 million. Mark stated that they must be making money.

Barbara interrupted by asking if they were making money. Saphira responded that they made $32,000 last year. She continued to say that they started the company with $4,000 only, to which Mark applauded. She then stated the cost per item to manufacture is $1.92 and sells from $5.50 to $6 per item. The packaging is for 6,12, and 14 items. Maurizio stated that each package is sold for close to $80. 

Mark interrupted the conversation, stating they need to be premium as they are in a commercial kitchen. He suggested going with co-packing. Kevin pointed to think big and consider co-packing. Barbara disagreed with Kevin as she considered it a flop for this kind of business. Kevin disagreed with Barbara’s opinion and offered a deal.

Shark Responses and Final Deal

Kevin stated that he wants 20% equity in exchange for $200,000. He continued to explain his reason for this number of shares. He explained that the 10% share is for himself and the 10% for the co-packer. He finished his statement and stated this as a condition, or else he wasn’t interested.

Lori jumped in with her concern about co-packer performance. She inquired what Kevin would do if he messed up and then what he would do next. Mark interrupted to highlight the number of calories each cookie had. So, he stepped out for this reason. Barbara stepped in with a deal. She offered $100,000 as cash and $100,000 as a line of credit for 15% shares. Lori stepped out for the same reason as Mark.

Jason suggested joining Kevin, and he agreed. Barbara tells the founders to be in the kitchen and cook their items themselves. However, Jason and Kevin suggested that we switch roles. They counteroffer $400,000 for 15% shares. She disagreed. She thinks they only need a little money. Saphira then reduced the shares to 12.5% for $200,000. Barbara agreed, and the deal was sealed.

What Went Wrong With Nowhere Bakery At Shark Tank?

2 Sharks, Mark and Lori, dropped out because of the calorie amount. The pitch was excellent, and the Sharks were impressed with the taste and sales numbers.

Product Availability

Nowhere are bakery products available online from their website and retail stores. You can purchase their bakery items directly from the stores or order online with a shipment fee. A pack of 6 cookies for $36 and 12 for $68. Most of the stores in California sell their products. On Amazon, you can purchase the cookie mix for $15. With great reviews and celebrity recommendations, Nowhere Bakery is reaching out everywhere.

Conclusion

Nowhere Bakery founders Maurizio and Saphira created their healthy bakery items. Because of their food sensitivities and gut issues, they need healthy bakery items to satisfy their cravings for a sweet tooth. They presented their samples, and the Sharks were impressed.

Despite being launched two weeks before the pandemic, Nowhere Bakery made incredible sales. They went on with the demand for $200,000 with 5% equity. But with Barbara, the deal was sealed for $200,000 for 12.5%. And now, they are reaching their success peak.