Nick Taranto and Josh Hix aimed to simplify the process of preparing nutritious dishes for individuals. Numerous individuals find it difficult to obtain fresh food promptly. They devised a solution: a meal kit subscription service.
Their company Plated delivered boxes to customers containing all the ingredients required to prepare nutritious meals. The concept was straightforward: select your dishes online and have all the ingredients brought straight to your home.
The business was rapidly expanding when they featured on Shark Tank. They sought $500,000 in return for 4% ownership of their business. Will the entrepreneur get a deal on Shark Tank? Check out the Plated update to find out!
Plated Net Worth Shark Tank Update 2025
Nick Taranto and Josh Hix went on Shark Tank asking for $500,000 for 4 % of their company. This meant they thought their business was worth $12,500,000. They made a deal with Mark Cuban for $500,000 for 5.6 %, lowering the valuation to $8,928,571. The episode was aired on April 4, 2014. The meal-kit delivery service grew rapidly and was later acquired by Albertsons in 2017 before being phased out in 2019. The current net worth of Plated is $0 in 2025.
After their appearance on Shark Tank the company did not get the deal they had hoped for. However, they saw a huge boost in sales after the episode aired. People liked the idea of meal kits and wanted to try them. In 2017 Plated was bought by Albertsons Companies for $300 million. The subscription service was doing well until 2019 when it was discontinued.
Despite the service ending Plated made a big impact on the meal kit industry. Many other companies followed their lead and launched similar services.
Plated did get a deal on Shark Tank. Mark Cuban offered them $500,000 for 5.5% of the company. This was more than what they asked for. Nick and Josh agreed to the deal. However, the deal did not go through as planned. Kevin O’Leary one of the Sharks later invested in the company. This shows that while the deal with Mark did not happen other opportunities still came their way.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Lori Greiner | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Mark Cuban | $500,000 for 5.5% equity | N/A | Yes |
Plated Shark Tank pitch
Nick Taranto and Josh Hix were alumni of Harvard Business School. They observed that numerous individuals wished to eat healthily but lacked the time to prepare meals. This inspired them to launch a meal kit subscription service. They brought on a chef to assist in creating fast and nutritious recipes. The meals had to be simple to prepare and take under 30 minutes. Initially, the founders encountered numerous obstacles.
They needed to discover a method for delivering fresh ingredients to clients. They also required a method to make cooking enjoyable and simple for those with hectic schedules. A major challenge was creating a website and ensuring the recipes functioned properly. They aimed to ensure that everyone could prepare the dishes even if they lacked cooking experience. It required immense effort yet they persevered.
When they initially presented Plated on Shark Tank they detailed their business strategy. Nick and Josh mentioned they operated a website that allowed customers to choose their preferred meals. Afterward, they would get all the components in a package. Each meal is priced at $10 requiring a minimum order of $40. By the time they featured on the show the company had generated $350,000 in sales.
This was a solid beginning yet the Sharks had their doubts. Meal kit services were relatively new during that period. Nick and Josh discussed their growth rate and their anticipation of earning $10 million in the upcoming year. They anticipated this would sway the Sharks to invest.
The Sharks were curious about Plated. Robert Herjavec was the initial one to inquire. He enjoyed the notion of nutritious dishes but was not interested in cooking. He stated he was outside. Kevin O’Leary believed the business was overly costly. He was confident that he could launch a comparable company for $3 million significantly lower than Plated’s valuation. He also was not interested in investing.
Lori Greiner believed that customers would be too occupied to prepare meals. She believed the service wouldn’t be effective for many individuals. Barbara Corcoran also believed the concept wouldn’t succeed. She believed individuals preferred to get takeout rather than prepare their meals.
Even with the worries expressed by the other Sharks Mark Cuban recognized the potential in the venture. He requested a 5.5% stake in the company rather than the 4% that Nick and Josh proposed. Along with the $500,000 investment Mark sought advisory shares. This implied he would possess unique stock options that he could utilize to assist in steering the company. Nick and Josh accepted the agreement.
The response from the Sharks was mixed. Some Sharks were out because they did not believe in the idea. They thought people wouldn’t want to cook at home or that the business was too expensive. However, Mark Cuban saw something different. He liked the idea of meal kits and saw potential in the company. He offered $500,000 in exchange for 5.5% equity. Nick and Josh were happy with the deal.
They accepted Mark’s offer. The deal showed that sometimes, even when others don’t believe in an idea one person can see its potential and make it successful.
What Went Wrong With Plated On Shark Tank?
Even though Plated got a deal it did not work out exactly as planned. The deal with Mark Cuban fell through. Kevin O’Leary who had been skeptical at first later came back and invested. Even though the Sharks were not all convinced the company kept growing. The show gave Plated a big boost in sales. People started to see the value in meal kit services.
However, not all Sharks were willing to invest because of the costs involved in running the business. They thought it would be too difficult to compete in a market that was still so new.
Product Availability
Plated was available through its website for customers to order meal kits. They had a variety of meals to choose from. The service made it easy to cook healthy meals at home. The meals were designed to be simple and quick. Plated also offered instructional cooking videos to help people follow the recipes. The meals cost $10 each and there was a minimum order of $40.
After the company was bought by Albertsons the service was still available for some time. The meal kits were sold online and sometimes in stores. Customers could sign up for a subscription and have their meals delivered regularly. In 2019 Albertsons decided to stop offering the service. Even though the meal kit subscription ended Plated had a big impact on the industry.
Conclusion
Plated’s journey on Shark Tank helped launch the meal kit industry. The company did not get the deal they expected but still found success. After being bought by Albertsons they made a big impact on the way people think about cooking at home. Even though the subscription service ended Plated showed that sometimes new ideas can change the way we live. Today meal kits are a popular choice for busy people who want to eat healthy.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
