He requested $250,000 for a 2.5% stake in his company. Kobrosly had the challenge of competing against the likes of Coca-Cola and PepsiCo to compete in the snack food sector.
It was Mark Cuban’s turn to bite, offering $250,000 for a 5% and 5% stake in the company.
The companies’ estimated worth has risen to over $15 million due to their appearance on the show.
QUICK FACTS ABOUT SNACKLINS
|Net Worth (2022):||$15 Million (Estimated)|
|Pitch:||Flavorsome vegan “pork rind” snacks with decreased calorie count.|
|Asked for:||$250,000 for 2.5%|
|Deal:||$250,000 for 5% and 5% advisory shares|
Soy-ginger, barbecue sauce, and soy mushrooms are just some of the vegan components you may use to make Snacklins!
Promotional taglines such as “gluten-free,” “low calories,” “non-GMO,” “vegan,” “dairy-free,” and “paleo-friendly” distinguish Snacklins as hip but healthy. Compared to popular, crunchy snacks, Snacklins have a lower calorie count and lower sugar, salt, and fat content.
With only 90 calories in each bag, clever marketing promises that you can “consume the whole bag.”
Who is Samy Kobrosly?
Snacks are the brainchild of FM DJ Samy Kobrosly, a radio host-turned-food entrepreneur who knows how to delight a crowd. He worked in bars and restaurants before launching Snacklins.
It all started as a joke when Kobrosly and a chef-friend decided to produce vegan pork cracklins as a fun experiment. But wait a minute… that’s a great idea! Why not make a healthy vegan version of pork crackling?
Finally, a few months later, the couple had created the delectable, nutritious junk food substitute.
A single home-fryer inside his basement was all that Kobrosly needed to get the business up and to run. This show was transferred to a friend’s bar. To his relief, he was finally able to get his hands on his facility thanks to the support of the food manufacturing accelerator Union Kitchen.
In the middle of the pitch, what happened?
Feeding a shark is one approach to catching it. He did the same thing in the Shark Tank when Samy Kobrosly walked in with samples to pitch for $250,000 and a share of his company.
That is why Kobrosly sought out strategic partners to defend the goods from counterfeits and increase his kitchen capacity. Sharks told him he was 11 months from profitability but anticipated completing the year with $2 million in revenue despite that.
The Sharks were less pleased with the snack than the valuation. However, Kobrosly admitted that he only controlled a third of the business. A mere 30 percent of Snacklins was owned by him, with the other 10 percent going to the company’s founding workers. It also came from family members and angel investors.
Snacks were a hit with the sharks because of how tasty and nutritious it was. After his pitch, Kobrosly chugged the entire package and challenged the Sharks to do the same!
As a result, Sharks owner Lori Greiner led the team in deciding not to make an offer.
AN INVESTOR’S INVESTMENT
When Mark Cuban saw the company’s ownership structure and the product, he was interested in both aspects. He appreciated that Kobrosly ran his plant and did not outsource the manufacturing process. He likened Snacklins and Kobrosly to another of his ventures, Alyssa’s Cookies.
To be fair to Kobrosly, Cuban was not a 100% shareholder.
Kobrosly stated he had owned nothing but now was enjoying the American Dream in the following conversations. This long-term business incentive was provided by Cuban, who offered $250 000 for 5 percent straight equity and 5 percent in advisory shares.
After a long and tense pause, Kobrosly ultimately agreed to the deal and ended the standoff.
In closing, let me say this:
Snacklins’ popularity soared after the contract with Cuban was completed, with many retail stores stocking the product and making it available online.
Sales and popularity of Snacklins have been boosted through rebranding, new flavors, and multi-serving containers.
Snacks have risen to the top of the snack market because of Union Kitchen’s manufacture.
Rachael Ray is a fan of Snacklins and has supported the product.
On the Snacklin website, you can play Snacman.
Also, Read Peekaboo Ice Cream Net Worth: All Detail