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. Did the entrepreneur get a deal on Shark Tank? Check out our The Tomte Cake update to find out!
The Tomte Cake Net Worth 2024
Miranda Tompkins asked for a $200k investment in exchange for 10% equity in her company, The Tomte Cake. This meant she valued her company at $2 million. She made a deal with Kevin O’Leary for $200k in exchange for 15% equity. This new deal valued her company at approximately $1.33 million.
For a quick The Tomte Cake update, after the show aired, The Tomte Cake saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of The Tomte Cake in 2024 is about $1.76 million.
The Tomte Cake Shark Tank Update
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.
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. Keep reading our The Tomte Cake update to see what happens next!
| Shark(s) name | Offer | Demand | Counteroffer | Accepted? |
| Daymond John | $200,000 for 25% equity | N/A | N/A | No |
| Lori Greiner | $200,000 for 33.3% equity | N/A | #1: $200,000 for 20% equity #2: $200,000 for 24% equity | No |
| Kevin O’Leary | #1: $200,000 for 25% and 25% of each distribution taken #2: $200,000 for 15% equity | $200,000 for 15% equity | N/A | Yes |
| Barbara Corcoran | $200,000 for 20% equity | N/A | N/A | No |
| Mark Cuban | OUT | N/A | N/A | No |
The Tomte Cake Shark Tank pitch
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.
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.
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 the 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.
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
From our The Tomte Cake update research, 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. 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.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.