What Happened To Milkify Breastmilk Service After Shark Tank?

Milkify, the innovative breast milk freeze-drying service, made a strong impression when it appeared on Shark Tank Season 14, Episode 19.

Founded in 2019 by Dr. Berkley Luck and Pedro Silva, the company offers a unique service that converts breast milk into a shelf-stable powder using a process called sublimation.

This process preserves the nutritional qualities of the milk, giving it a shelf life of approximately three years—significantly longer than traditional freezing methods.

During their Shark Tank pitch, Berkley and Pedro sought $400,000 for 10% equity, valuing Milkify at $4 million. After a compelling presentation, they secured a deal with Lori Greiner and guest Shark Gwyneth Paltrow, who offered $400,000 as a convertible note.

The terms allowed Lori and Gwyneth the option to either get their money back in three years or convert the note into 20% equity in the company.

Expansion and Growth After Shark Tank

Since their appearance on Shark Tank, Milkify has continued to grow, expanding its customer base and increasing its presence across the United States. The company has connected with over 3,000 clients from various cities, providing a much-needed service to mothers looking for a convenient and safe way to store their breast milk for longer periods.

However, the service has sparked mixed reactions. After the episode aired, Lori Greiner conducted a Twitter poll asking, “Moms, would you use this service to freeze-dry your breast milk?” Surprisingly, 63% of respondents said no, indicating that while the service has its supporters, it may still be considered a niche offering.

Despite this, Milkify has seen positive momentum, particularly among mothers who value the extended shelf life and space-saving benefits of freeze-dried breast milk. The company has also garnered attention from various media outlets and parenting communities, further boosting its credibility and reach.

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Current Business Operations

As of April 2024, Milkify continues to operate successfully from its headquarters in Houston, Texas. The company has made significant strides in expanding its service areas across the United States, though there are still some regions where Milkify has yet to establish a presence. The service remains exclusive to the U.S. market, with plans for further expansion in the future.

Milkify’s business model primarily revolves around converting frozen breast milk into powder using their proprietary freeze-drying process. The service is marketed as a convenient and reliable option for mothers who want to store their milk for longer periods without sacrificing its nutritional value. The cost of the service is approximately $1.60 per ounce of breast milk, with average orders costing around $400.

Net Worth and Financial Status

As of 2024, Milkify’s net worth is estimated to be $4 million. The company has reported lifetime sales of approximately $3.5 million, with additional revenue generated through pre-orders and repeat customers. While exact revenue figures for 2024 are not yet available, the company is expected to continue its growth trajectory as more mothers discover the benefits of freeze-dried breast milk.

The funding from Lori Greiner and Gwyneth Paltrow has been instrumental in helping Milkify scale its operations and improve its marketing efforts. The convertible note structure of the deal gives Milkify the flexibility to repay the investment over three years or convert it into equity, depending on the company’s financial performance.

Customer Feedback and Market Reception

Milkify has received mixed feedback from the market. While some mothers have embraced the service for its convenience and the peace of mind it offers, others have expressed concerns about the cost and the niche nature of the service. Mark Cuban, one of the Sharks who opted out of the deal, believed that Milkify’s services were too expensive and targeted a narrow market, a sentiment echoed by some potential customers.

Despite these challenges, Milkify has managed to build a loyal customer base. The company’s commitment to providing a high-quality service, coupled with its GMP certification and focus on preserving the nutritional integrity of breast milk, has resonated with many parents. As more mothers become aware of the benefits of freeze-dried breast milk, Milkify is likely to see continued growth.

What’s Next for Milkify?

Looking ahead, Milkify is focused on expanding its service offerings and reaching more customers across the United States. The company is also exploring opportunities to improve its process and reduce costs, making the service more accessible to a broader audience.

Additionally, Milkify is considering potential partnerships with healthcare providers and maternity services to further integrate its offerings into the mainstream market.

The partnership with Lori Greiner and Gwyneth Paltrow has opened new doors for Milkify, providing the company with valuable resources and expertise to navigate the challenges of scaling a niche business. As Milkify continues to grow, it will be interesting to see how the company evolves and adapts to the changing needs of its customers.

Frequently Asked Questions

What is Milkify’s current valuation?
Milkify is currently valued at $4 million.

Who founded Milkify?
Milkify was founded by Dr. Berkley Luck and Pedro Silva in 2019.

How does Milkify work?
Milkify freeze-dries breast milk using a process called sublimation, which preserves the milk’s nutritional qualities and extends its shelf life to approximately three years.

What was the final deal Milkify received on Shark Tank?
Milkify secured a $400,000 convertible note from Lori Greiner and Gwyneth Paltrow, with the option to repay in three years or convert into 20% equity.

Is Milkify still in business?
Yes, Milkify is still in business and continues to offer its freeze-drying services across the United States.

Which episode of Shark Tank featured Milkify?
Milkify appeared on Shark Tank in Season 14, Episode 19, which originally aired on April 7, 2023.