The Tomte Cake Shark Tank Update – Net Worth, Pitch & Deal

In Season 15 Episode 8 of Shark Tank, entrepreneur Miranda Tompkins came up with a great idea to have fun with kids. She introduced her company, The Tomke Cake which helped kids make gingerbread cake without creating a mess. Easy 3D cake-baking molds to get beautiful gingerbread with a beautiful story. But will Sharks listen to this story? Let’s find out.

The Tomte Cake Net Worth

Kevin invested $200,000 in exchange for 15% equity in the company. This valued the company at $1.3 million at the time of the deal. As the show aired, The Tomte Cake experienced a massive boost in website traffic and sales. Based on my rough estimate, the net worth might have increased if the company maintained its position and expanded its market. According to the estimated data, The Tomte Cake’s net worth is approximately $1.8 million.

What Happened to The Tomte Cake After Shark Tank?

The Tomte Cake experienced a surge in sales and presence on social media. The social media handles were filled with mentions and tags. This boosts the customer base and product awareness. Collaborations, partnerships, and TV appearances were made. This boosted the growth of the business overall.

Did The Tomte Cake get a deal at Shark Tank?

Yes, the deal was sealed. With Mr. Wonder Kevin. In fact, they received deals from all the Sharks except Mark. Learn what made all Sharks come up with a deal.

Shark(s) nameOfferDemandCounterofferAccepted?
Daymond John$200,000 for 25% equityN/AN/ANo
Lori Greiner$200,000 for 33.3% equityN/A#1$200,000 for 20% equity#2$200,000 for 24% equityNo
Kevin O’Leary#1$200,000 for 25% and 25% of each distribution taken

#2$200,000 for 15% equity
$200,000 for 15% equityN/AYes
Barbara Corcoran$200,000 for 20% equityN/AN/ANo
Mark CubanOUTN/AN/ANo

The Tomte Cake Shark Tank Update

the tomte cake net worth

Founders & Their Backstory

Miranda formerly belonged to a religious cult. This cult has rituals for not celebrating her birthdays and events at Christmas. After left, she was able to understand the magic in it. So she wanted her kids to experience it. 

Initial Pitch

Miranda introduced herself and began the pitch. She first proposed her offer of $200,000 for 10% equity. She shares her experience of crafting the gingerbread from a kit which isn’t fun. So she started her ritual with Tomte Cake. She created a 3D cake-baking mold. It requires no effort to assemble in assembling and is more fun. But there is more to it.

A storybook written and illustrated by Miranda is part of the mold set. The story relates to a tiny structure called Tomte. It said that whoever gets the Tomte in their cake will have a happier holiday season. Miranda concluded her pitch as she narrated her product story. She then presents each Shark with a sample Tomte Cake to try and find Tomte.

Queries about the Product

what happened to the tomte cake after shark tank

Sharks seemed very pleased and Lori even exclaimed that it was tasty. Finally, Mark got the Tomte. Mark was impressed and began to inquire bout her idea. Miranda replied that on one holiday season, she was trying her best to fix the cakes of her children. They were 4 and 6 years old back then. She even tried a glue gun to fix them together. So then she decided about baling a cake that doesn’t require assembling. It would be even better if a story along it. 

Barbara inquired about the package Miranda informed them that each set had 2 cake molds, a gnome, and a storybook. She then inquired about the sales platform. Miranda informed me that she sells online for $60. She further replied to Mark that it takes $16 to manufacture when he inquired about the cost of making one unit. Mark inquired about the sales details.

Miranda mentioned that the business began last year in October. She sold the entire inventory of $5000 in just 35 days after the launch. Damymnd was impressed. Lori questioned about how she gets her customers. She replied that static and dynamic Facebook ad campaigns got her customers. Kevin began with the sales and math. He inquired about her profits from those 35 days of sales. She informed me that she made $200,000 with a $40,000 cost on ads. 

Daymond inquired about her online business before. Miranda firmly answered with a no. She stated she has been a mom at home for the last 8 years and homeschooling her kids. Barbara wanted to know her background. After that, she stated that she considered it as the next Elf on the Shelf. She further informed the Sharks that she illustrated teh book and it has great reviews. Daymond was curious to know about her expectations other than money

She clearly stated that she wants mentorship. She continued that she isn’t a businesswoman so she needs help with that. Daymond inquired about the investment. Mirandas said she invested $150,000 in a mortgage house and a loan for the car which is now paid off. 

Shark’s Responses & Final Deal

did the tomte cake get a deal at shark tank

Kevin begins with his response about the product. He begins by appraising the product and then offers a deal. Kevin offered $200,000 for 25% and 25% of each distribution taken. Daymond jumped in with another question regarding her plan for the offered money. She explained her plan to expand the product line and refill her stock. Kevin inquired if she sold in retail. She replied that, currently, she has no retailers, but she wants to. 

Kevin asked if anyone approached her for it and she replied my heart. This bursts the Sharks into laughing gags. Kevin made her conscious that her online presence was worth more than on retailers. But both Mark and Lori jumped into the conversation as they knew that Miranda was on a mission to bring it as the next Elf on the Shelf. She appreciated her idea and suggested more for other events as well. She then offered a deal for $200,000 for 33.3%.

Mark speeds out as he thinks the product is going better. Barbara jumped in with a deal as she thinks Miranda needs a team to help her best. She offered $200,000 for 20% equity with a guarantee of laser focus on her product line. She refused Daymond as she declined his proposal of increasing equity to 25%. Miranda inquired about Lori’s suggestion of going with retail. She replied that they would strategically for retail. Daymond tried to fix a partnership with Lori too. But was refused coldheartedly. Now, Daymond made his offer of $200,000 for 25% equity. 

Four Sharks are in with deals. Miranda turned to Barbara for her suggestion. She has said she has great people and experience with seasonal products. Kevin went in with his motive of making money. Miranda inquired if Lori with take it to 20%. She refused it and then counter-offered again for 22%. But she refused again. Kevin bombarded the conversation by revising his offer to $200,000 with 15% equity

Deals are getting intense here. Lori reduced her equity margin to 24%. But in the end, she finally chooses Kevin and has a good deal done. All Sharks were impressed with her decision. 

What Went Wrong With The Tomte Cake on Shark Tank

The Tomte Cake performed pretty well. Entrepreneur Miranda did her best to her product the attention it needed. In fact, all the attention. Mostly Barbara invests in the seasonal products but all Sharks except Mark proposed their deals. The key to the attention of all Sharks was the great presentation and simple business decisions.

Product Availability

The Tomte Cake works online and has the complete Tomte Cake set on sale. Moreover, there are additional baking pans and gnomes as well. So you can purchase them directly from their website.

Conclusion

A mom of 2 has come up with a genius product for creating simple and tasty gingerbread ever. Miranda Tompkins got this idea and created her own company, The Tomte Cake. The company is selling online and had great sales. This product grabbed the attention of all Sharks who were interested in investing. Except for Mark. Miranda has to make a decision.

With different deals in front of her, Miranda tried her best to counter-negotiate with Lori. But Lori refused. So she has to accept Kevin’s deal. The deal was sealed after a warm handshake. 

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