Toast It Shark Tank Episode S15 E2 Update & Net Worth

Toast It Shark Tank Episode S15 E2 Update & Net Worth

Toast It, a brand that brings the taste of Latin America to the U.S. with their ready-to-eat Venezuelan arepas, made its debut on Season 15, Episode 2 of Shark Tank. Sisters Mafe Cabezas and Coco Viete, the co-founders of Toast It, sought $100,000 for 5% equity in their business.

Their company specializes in guilt-free, gluten-free, and non-GMO arepas and other Latin American food staples, which are now available in major retail stores across the country.

Despite facing some tough questions from the sharks, Mafe and Coco managed to secure a deal with guest shark Daniel Lubetzky. He offered $150,000 for 20% equity, which the sisters accepted after a brief negotiation. The exposure from Shark Tank has likely given Toast It a significant boost, with their products already making waves in the market.

As of the latest update, Toast It is thriving, with an estimated net worth of $1 million. The company continues to expand its presence in grocery stores nationwide, bringing the flavors of Venezuela to American homes.

What is Toast It? How Does it Work?

Toast It is a food brand that offers ready-to-eat Venezuelan arepas and other Latin American staples. Arepas are a traditional Venezuelan and Colombian food made from cornmeal, which is typically grilled, baked, or fried. Toast It’s arepas are pre-cooked and sold frozen, allowing customers to enjoy this classic dish in just a few minutes.

The company offers a variety of arepas, including Cassava (Yuca) Arepas, Chia Flaxseed Arepas, and Original Arepas. These arepas are made with high-quality, gluten-free, dairy-free, and non-GMO ingredients, catering to health-conscious consumers who want a convenient yet nutritious meal option. Toast It also offers other products such as Pandebono Bites and Plantain Bunuelos, expanding their range of Latin American foods.

To prepare Toast It’s arepas, customers simply need to heat them up in a toaster, oven, or stovetop, making them an easy and quick meal solution. The arepas are crispy on the outside and soft on the inside, perfect for stuffing with fillings like cheese, meats, or vegetables.

Toast It focuses on preserving the authentic flavors of Latin America while adapting the products for the modern, busy lifestyle. By offering ready-to-eat versions of traditional dishes, Toast It is bringing a taste of Venezuela to the American market, making it easier for people to enjoy these beloved foods without the hassle of preparing them from scratch.

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Toast It Shark Tank Episode S15 E2: What Happened at Shark Tank Pitch?

During their Shark Tank pitch, Mafe Cabezas and Coco Viete asked for $100,000 for 5% equity in Toast It, valuing the company at $2 million. The sisters shared their journey of bringing their beloved Venezuelan arepas to the U.S., explaining how they started the business in their kitchen in 2019 and have since grown it into a recognizable brand.

The sharks were impressed by the taste and quality of the arepas, with all of them expressing how much they enjoyed the product. The sisters explained that Toast It had achieved $200,000 in sales in 2022, and by May 2023, they had already reached $195,000 in sales, with a projection of $500,000 by the end of the year.

However, the sharks had concerns about the company’s profit margins. The cost to produce one arepa was $2.30, while the retail price was $3.23, resulting in a gross margin of only 30% before expenses. After accounting for distribution and selling costs, the net margin dropped to 20%, which was a point of concern for the sharks.

Kevin O’Leary was the first to make an offer, proposing $100,000 for 20% equity. He was impressed by the product’s potential but felt that the valuation needed to reflect the current financial situation more accurately. Daniel Lubetzky quickly matched Kevin’s offer, putting the sisters in a tough position with two sharks vying for a stake in their business.

The sisters countered both sharks with $150,000 for 15% equity, but Kevin declined, sticking to his original offer. Daniel, however, saw potential in the product and the entrepreneurs, countering with $150,000 for 20% equity. After careful consideration, Mafe and Coco accepted Daniel’s offer, securing a strategic partner who understood the food industry and could help them scale their business.

Toast It Shark Tank Pitch Summary

What Happened to Toast It After Shark Tank?

Since securing a deal with Daniel Lubetzky on Shark Tank, Toast It has continued to grow and expand its market presence. The investment and strategic guidance from Daniel have helped the company streamline its operations, reduce costs, and improve its profit margins.

Toast It’s products are now available in over 900 stores across the United States, including major retailers like Walmart, Publix, Whole Foods Market, and Winn-Dixie. The brand has also expanded into the Florida retail market, bringing their authentic Venezuelan arepas to even more customers.

The exposure from Shark Tank has undoubtedly contributed to increased brand recognition and sales. Mafe and Coco have been able to leverage this attention to secure more retail partnerships and continue growing their business.

Additionally, Mafe Cabezas welcomed her child, Lara, on October 10, 2023, just days after the Shark Tank episode aired. This personal milestone, combined with the business’s success, marks an exciting time for the Toast It founders.

The company continues to innovate and introduce new products, reflecting the rich culture and flavors of Latin America while catering to health-conscious consumers looking for convenient and nutritious food options.

How Much Is Toast It Worth?

As of the latest update, Toast It is estimated to have a net worth of $1 million. This valuation reflects the company’s strong sales performance, growing market presence, and the successful partnership with Daniel Lubetzky.

Before appearing on Shark Tank, Toast It had already achieved $400,000 in lifetime sales, with a projected $500,000 in sales for the current year. The investment from Daniel Lubetzky and the exposure from Shark Tank have likely contributed to an increase in the company’s valuation, positioning Toast It for continued growth.

As the demand for authentic, convenient, and healthy Latin American food continues to rise, Toast It is well-positioned to capitalize on this trend and expand its market share.

Is Toast It Still in Business?

Yes, Toast It is still in business and thriving. The company continues to operate out of its headquarters in Miami, Florida, and has made significant strides since appearing on Shark Tank. Their products are now available in major retail stores nationwide, and they continue to expand their distribution network.

The partnership with Daniel Lubetzky has been instrumental in helping Toast It scale its operations and improve its profitability. The company remains committed to delivering high-quality, authentic Latin American foods to a growing customer base.

Toast It has also maintained a strong presence in the Latin American community, reflecting the rich cultural heritage of its founders. As the company continues to grow, it is likely to introduce new products and expand its reach even further.

Which Episode & Season Number Was Toast It on Shark Tank?

Toast It was featured in Season 15, Episode 2 of Shark Tank. The episode aired on October 6, 2023, and showcased the company’s innovative approach to bringing authentic Venezuelan arepas to the U.S. market.

The appearance on Shark Tank provided Toast It with significant exposure, helping to boost their brand recognition and sales. The successful partnership with Daniel Lubetzky has since played a crucial role in the company’s ongoing development and success.

FAQs

Who are the founders of Toast It?
The founders of Toast It are sisters Mafe Cabezas and Coco Viete. They started the business in 2019, driven by their desire to bring authentic Venezuelan arepas to the U.S. market.

What does Toast It do?
Toast It specializes in ready-to-eat Venezuelan arepas and other Latin American food staples, offering gluten-free, dairy-free, and non-GMO products that cater to health-conscious consumers.

How much did Toast It ask for on Shark Tank?
The founders asked for $100,000 for 5% equity in Toast It during their Shark Tank pitch.

Did Toast It get a deal on Shark Tank?
Yes, Toast It secured a deal with Daniel Lubetzky for $150,000 for 20% equity.

Is Toast It still in business?
Yes, Toast It is still in business and continues to grow, with their products available in major retail stores across the United States.