Entrepreneurs and sisters Maria Fernanda Römer Cabezas aka Mafe and Maria Corina Vieteis aka Coco at Shark Tank with their Latin food company. Their company, Toast It provides convenient and easy-to-cook sample food. Arepas is their main product with different versions.
The taste is amazing and is fresh. Especially Kevin loves it. The sharks are impressed but there is a catch. Come find out with us what made Kevin interested in this Latin food company to make an offer. Did the entrepreneur get a deal on Shark Tank? Check out our Toast It update to find out!
Toast It Net Worth 2024
Mafe and Coco asked for a $100k investment in exchange for 5% equity in their company. They valued their company at $2 million at the time of the episode. They successfully secured a deal with Daniel for a $150k investment against 20% equity in the company. The deal adjusted its valuation at $750k. For a quick Toast It update, the company is still in business and making great sales. As per my rough estimate, with the 10% growth rate, Toast It’s current net worth is estimated at around $1.2 million.
Toast It Shark Tank Update
After the show was aired, Toast It experienced a boost in website traffic, sales, and social media exposure. The company made huge improvements and expanded to new markets. Toast It has now expanded its business to Florida. They are still in business. They have extended their team from 2 to 10 employees. Now they are promoting their product with a Shark Tank bundle for $55.99.
Yes, they did get a deal from both Kevin and Daniel. The deals got even more interesting when both dropped their equity ratios. Keep reading our Toast It update to see what happens next!
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daniel Lubetzky | #1: $100k for 20% equity #2: $150k for 20% equity | $150k for 15% equity | Yes ($150k for 20% equity) |
| Lori Greiner | OUT | N/A | No |
| Kevin O’Leary | $100k for 20% equity | $150k for 15% equity | No |
| Daymond John | OUT | N/A | No |
| Mark Cuban | OUT | N/A | No |
Toast It Shark Tank Pitch
Mafe and Coco moved to America from Venezuela 8 years ago. They moved due to the political and social instability. They worked hard to acquire education and get their career kickstarted. She worked for one of the leading CPG brands in the U.S. and Coco started her career in banking.
As they continued about their background, they lacked cultural attraction. While keeping up with their full-time job, they tried to make and try new recipes. Finally, they made the classic arepas.
Mafe and Coco begin their pitch with their introduction. They demand for $100,000 for 5% equity in their company, Toast It. Coco stated that when she and her sister moved from Venezuela to America, they couldn’t find any South American food. So they invented Toast It. It’s a South American food staple that can be cooked in under 10 minutes.
Their main product is arepas. Arepas is cornmeal bread that has a fluffy texture outside and soft inside. It has various versions. Yucca, Chia Seeds, Corn, and many others. It is a healthy snack as it is gluten-free, and has zero trans-fats and sugars with 4 to 5 grams of protein per serving. Mafe stated that Spanish food is highly loved in the U.S. She closed the pitch by asking which Shark wanted to join them. Sample of different arepas were provided to the Sharks.
Sharks tried the samples and loved the taste. Daniel inquired if they could be sold frozen. Coco replied yes. To which Daniel inquired if are they already in the market. Coco replied yes we are selling on the store’s shelves. Mafe continued to mention that they are already in 900 stores including Publix and Walmart. Sharks were impressed.
Mafe confirmed that they recently got the wholesale market from Whole Foods, Winn-Dixie, and Central Markets for their products. Daniel inquired about their background. After their story, Lori inquired if they had any experience with manufacturing food. Coco mentioned that they had zero experience.
Kevin jumped in to inquire about everything about sales and revenue. Coco mentioned that the current sale for the year is $200,000 with $190,000 sales done within just 5 months. They are projecting $500,000 by the end of the year. The cost of making arepas is $2.30 and sells for $3.23. Mafe mentioned that their profit is 30%.
Kevin didn’t like the margin ratio though. He inquired what steps they were taking to fix it. Coco mentioned that there is a deal for food packing and many options in ingredients can help fix it. Lori inquired if they had any competition. Mafe replied they are competitors only in the refrigeration part. Kevin liked the product as he confirmed that it didn’t spike his glucose. Mafe and Coco appraised his appreciation.
Kevin stated he liked the taste but with such low margins, it’s not profitable. As they aren’t paying themselves. So he placed an offer. He offered $100,000 for 20% equity. Mark interrupted the deal discussion as he wanted to step out. He mentioned that the product was amazing but he wasn’t excited about it so he stepped out.
Daymond loved the product so he will surely be the customer but not an investor. So he stepped out. Lori stepped out as it was not her type of business but she loved the taste. Daniel went in to inquire about their steps to improve their margins. Mafe stated that they have brought improved machinery to optimize distribution. Next, they have a deal done for better packing to reduce costs.
Lastly, Daniel inquired about their passion for their brand. Coco said the brand is their baby as they left their full-time job and invested their all to promote their culture. He then placed an offer as same as Kevin. Coco went in with the counteroffer for Kevin with 15% equity. Bu the declined. Daniel felt hurt as she negotiated with Kevin But she placed the same counteroffer to him as well.
Daniel then revises his offer. He now offered $150,000 for 20% equity. After a few seconds of discussion, Mafe confirmed the deal with Daniel.
What Went Wrong with Toast It on Shark Tank
Toast It had an amazing taste and was good at pitch too. But the low margins were a concerning point. As it made the investors a little stressed about it. But Kevin and Daniel gave their best deals.
Product Availability
From our Toast It update research, Toast It has versatile Arepas flavors. Pandebono bites are also available in local stores. You can find their cornmeal crispy bread online at their website. It can also be purchased from Walmart, Winn-Dixie, and Publix.
Conclusion
Mafe and Coco are two sisters in America to provide healthy and tasty Latin American food. Their company Toast It has the great taste of Arepas with versatile flavors. They demand for $100,000 for 5% equity. The pitch was amazing and sales were good too. But the low profit emerging made the Sharks worried.
Despite this, both Kevin and Daniel offered a great and same deal. Both offered $100,000 of 20%. They declined the 15% equity counteroffer. But at the last moment, Daniel revised his deal to $150,000 for 20% equity. So Mafe and Coco agreed.
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.