Shark Tank Pitch

Plated Shark Tank Update

Published:

4m

New York, NY

Plated Shark Tank Update

Pitch Overview
NamePlated
Main PresentersNick Taranto and Josh Hix
Presenter Image
Plated Entrepreneurs: Nick Taranto and Josh Hix
Product Image
Plated Product Image
Last Known in Business11/1/2019
Main Location

New York, NY

Order Shown in Episode3
Final DealDeal 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 ByLabelSharks Part of DealSummary
CompanyOffered$500k for 4% of company
SharksOutRobert HerjavecOut
SharksOutKevin O'LearyOut
SharksOutBarbara CorcoranOut
SharksDeal Never ClosedMark Cuban$500k for 5.6% of company and advisory shares
Mark Cuban
Mark Cuban

Mark Cuban

Deal Never Closed

Barbara Corcoran
Barbara Corcoran

Barbara Corcoran

Out

Kevin O'Leary
Kevin O'Leary

Kevin O'Leary

Out

Lori Greiner
Lori Greiner

Lori Greiner

Robert Herjavec
Robert Herjavec

Robert Herjavec

Out

Updates in Shark Tank Episodes

Update SeasonUpdate Episode
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Plated After Shark Tank

Josh Hix went on the Startup Exits 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.
Nick Taranto went on the Habits and Hustle 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.
According to a 2015 article by inc.com , 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.
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 that Albertsons bought Plated for $340 million, and it paid for all his Shark Tank mistakes.
Kevin O'Leary gave a speech soon after Plated was acquired by Albertsons in 2017 that can be seen at benzinga.com . 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.
The last post on Plated's Twitter, @plated , and its Facebook 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.
According to Josh Hix's LinkedIn , as of 2023, he is working on a food delivery service focused on health-focused personalized meal plans. According to Nick Taranto's LinkedIn , as of 2023, he is working on a hopped-water brand meant to be an alcohol alternative and an online education company.
As of 2023, Josh Hix last posted on his Twitter, @joshhix , and Nick Taranto is active on his Twitter, @NickTaranto .

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