Shark Tank Update
Shark Tank Pitch
Plated Shark Tank Update
Published:
4m
New York, NY
| Name | Plated |
|---|---|
| Main Presenters | Nick Taranto and Josh Hix |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 11/1/2019 |
| Main Location | New York, NY Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | Deal was made on the show with sharks Mark Cuban for $500k for 5.6% of company and advisory shares, but it fell through after the show. |
Plated Shark Tank Pitch
Josh Hix spent a few years building a tech start-up and getting involved with finance. Nick Taranto went to the Marine Corps. Nick and Josh met at Harvard Business school. They both found it difficult to make delicious, healthy meals in a convenient manner, so they created Plated. Plated handles the recipes and assembly of ingredients into a box that people can purchase on their website and cook within 30 minutes. Plated also aims to minimize food waste by providing the perfect portions.
Nick and Josh each put in $50k to start Plated and have raised $3 million. Plated did $350k in sales over its first seven months in the northeast US. Sales last month were $100k, and they project to do $2.5 million for this calendar year. They believe they will do $10 million in sales over the next year.
Nick and Josh plan to have around six hubs around the country. They have two currently active. They see their biggest competition being take-out food.
The sharks struggle with the idea that the user still needs to cook the food. Mark says he won't be a user but likes Nick and Josh and sees potential in the concept, so he makes an offer slightly above what they asked for. Nick and Josh accept.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $500k for 4% of company | |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Deal Never Closed | Mark Cuban | $500k for 5.6% of company and advisory shares |
Mark Cuban
Deal Never Closed
Barbara Corcoran
Out
Kevin O'Leary
Out
Lori Greiner
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Plated After Shark Tank
Josh Hix went on the Startup Exits https://podcasts.apple.com/us/podcast/josh-hix-founder-of-plated-%24300-million-sale-to-albertsons/id1457915579?i=1000454643111 podcast in 2019. Josh got into working at startups early in his career, which taught him a lot. Josh said they ran up credit cards and, several times, nearly went out of business. After failing to raise money repeatedly, they finally found a group that believed in them, giving them room to run.Link Preview
Startup Exits
Nick Taranto went on the Habits and Hustle https://podcasts.apple.com/us/podcast/episode-101-nick-taranto-founder-of-hop-wtr-co/id1451897026?i=1000507386798 podcast in 2021. Nick said only half of the filmed shows aired, so they didn't think they would air after their deal with Mark fell through. Nine months later, Kevin O'Leary came along and made a deal with Plated. Nick suspects Kevin pulled some strings to get Plated on air a few weeks later. Nick said they were always running out of money and came close to missing payroll several times, which led to stress and many sleepless nights.Link Preview
Habits and Hustle
According to a 2015 article by inc.com https://www.inc.com/graham-winfrey/how-plated-got-served-by-mark-cuban-and-kevin-o-leary.html, Plated was growing rapidly and tried to renegotiate their deal with Mark Cuban after the show, which Mark didn't agree to, so the deal fell through. Kevin O'Leary met up with Nick Taranto and Josh Hix at an event and ended up investing in Plated.Link Preview
inc.com
In 2015 Plated was doing $100 million in annual revenue but was making a loss due to its rapid growth. Kevin mentioned in 2020 on YouTube https://youtu.be/WQ5D2zAOYm0?t=154 that Albertsons bought Plated for $340 million, and it paid for all his Shark Tank mistakes.Link Preview
YouTube
Kevin O'Leary gave a speech soon after Plated was acquired by Albertsons in 2017 that can be seen at benzinga.com https://www.benzinga.com/fintech/17/10/10200671/kevin-oleary-talks-plateds-300-million-acquisition-and-how-he-wants-to-beat-f. Kevin said Plated raised $95 million over the years. Kevin said when Amazon bought Whole Foods, they planned to use Whole Foods as mini distribution centers, which caused competitors like Albertsons to adjust. They saw potential in acquiring Plated.Link Preview
benzinga.com
The last post on Plated's Twitter, @plated https://x.com/plated https://www.facebook.com/theplated, and its Facebook Link Preview
@plated was in 2019 about closing the subscription service. Plated's website went down in 2020. Nick said that Albertsons is such a big company that Plated didn't work out and got left in the dust and taken down, which was a bit sad for him to see his "baby" die.Link Preview
Facebook
According to Josh Hix's LinkedIn https://www.linkedin.com/in/joshhix https://www.linkedin.com/in/nicktaranto, as of 2023, he is working on a food delivery service focused on health-focused personalized meal plans. According to Nick Taranto's LinkedIn Link Preview
LinkedIn , as of 2023, he is working on a hopped-water brand meant to be an alcohol alternative and an online education company.Link Preview
LinkedIn
As of 2023, Josh Hix last posted on his Twitter, @joshhix https://x.com/joshhix https://x.com/NickTaranto, and Nick Taranto is active on his Twitter, @NickTaranto Link Preview
@joshhix .Link Preview
@NickTaranto
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