Umaro Shark Tank Update

Umaro Shark Tank Pitch

Beth Zotter and Amanda Stiles appeared on Shark Tank Season 13, Episode 18, which aired on April 1, 2022, with plant-based superfood bacon made from seaweed.

Umaro is listed in the Food Beverage category. In plain terms, the business is described as plant-based superfood bacon made from seaweed.

Umaro asked the Sharks for $500,000 for 2%, implying a valuation of about $25 million.

On the show, Umaro made a listed deal with Mark Cuban for $1,000,000 for 7%.

If treated as straight equity, the listed deal works out to about $14.3 million implied valuation, down from the original $25 million implied valuation.

This pitch is included as context for the more important question: what happened after Shark Tank.

Umaro After Shark Tank

Umaro accepted an on-air Shark Tank deal for $1,000,000 for 7%. Later follow-up coverage says the deal did not close. (Umaro Shark Tank Update - Can Seaweed Replace Bacon?

While not yet profitable, the estimated net worth of Umaro ranges between $70 million and $75 million. (Umaro Shark Tank Update - Can Seaweed Replace Bacon?

In March 2024, the company raised $3.8M in seed funding from AgFunder, Alexandria Ventures Investments, Climate Capital Bio, Ponderosa Ventures, and NBA all-star Chris Paul. (Umaro Shark Tank Update - Can Seaweed Replace Bacon?

In the second half of 2022, Beth and Amanda will expand further into food service markets, and Umaro hope to be in grocery stores “soon.” In September 2022, the company announced that the NBA star Chris Paul invested in the business. (Umaro Shark Tank Update - Can Seaweed Replace Bacon?

Umaro remains active online through www.umarofoods.com, which serves as its current storefront. (Umaro website

Sources

Sources used for this page: Shark Tank API pitches