What Happened to Kodiak Cakes After Shark Tank?
What is Kodiak Cakes?
Kodiak Cakes is a firm that offers vegan flapjack mix and frozen waffles. In addition to whey protein, pea protein is used to make healthier flapjacks and waffles.
The purpose of Kodiak Cakes is to provide a plant-based breakfast that does not sacrifice flavor in order to appeal to the health-conscious customer.
Joel Clark is the co-founder and CEO of Kodiak Cakes. He received a BA in Economics from the University of Utah before becoming a business owner.
Following that, he received an MBA from Oxford University in England. While aiding his brother Jon in the early stages of Kodiak Cakes, he served as a consultant.
Who is the founder of Kodiak Cakes?
Kodiak Cakes’ co-founder and CEO is Joel Clark. He received a BA in Economics from the University of Utah before becoming a business owner. Following that, he received an MBA from Oxford University in England.
Joel’s mother started the company in 1982 by selling dry ingredients in paper bags. Joel, who was 8 years old at the time, walked around the neighborhood with them and sold every bag! Fast forward 12 years to 1994, and Kodiak Cakes became a legal entity.
Kodiak Cakes has a large customer base. They’re available on Amazon and in certain Wal-Mart stores. Safeway, Albertsons, The Fresh Market, and other well-known supermarkets carry them as well. At June, they aim to offer their Power Cakes in Target stores across the country.
They saw that creating a nutritious, non-GMO food would be a welcome change from what was currently on the market. They started selling the mix in ski towns and steadily grew.
Jon later departed the company, while Joel resigned his consulting job in 2004 to focus solely on Kodiak Cakes. The mix was released to the public in 2012.
What Happened to Kodiak Cakes’ pitch on Shark Tank?
In episode 522, Cameron Smith and Joel Clark hope that the Sharks will enjoy their Kodiak Cakes line of hearty flapjack and waffle ingredients. They are approaching the Sharks for retail distribution introductions as well as growth capital.
Cameron and Joel entered the Shark Tank in seeking of a $500,000 investment in exchange for a 10% stake in their company, worth $5 million.
They gave the Sharks samples of Kodiak Cakes and a variety of fruit-flavored syrups. They reveal that they were successful in gaining access to Target.
Their initial investment was $260,000, and they expect to make more than $1 million in sales at Target over the following year.
They need a Shark investment to grow and reach new markets, as well as to get greater awareness and marketing expertise.
Mark Cuban wonders why they don’t simply borrow against their receivables, which would not require them to give up stock.
They hope to “explode” the company, with the pair seeking to triple sales in the following year.
Kevin O’Leary’s numbers don’t add up. He believes that if the market’s huge firms feel threatened by Kodiak Cakes’ expansion, they will crush the invading enterprise.
Robert Herjavec was perplexed as to why the money was required. The monies were also necessary for slotting fees, which are effectively the purchase of shelf space at retail shops, according to Joel.
They want to grow the business to $20 million in sales in four years and then sell it for $30 million.
Despite his nagging, Kevin O’Leary makes an offer to the duo: $500,000 in return for 50% ownership of the firm.
It’s a deal with the Devil, according to Robert Herjavec. Kevin O’Leary states he “knows” the couple would turn down the offer, so he withdraws it and exits.
Robert Herjavec makes an offer: he would give the couple $500,000 in exchange for a 35% stake in the firm.
They express their thanks but wait for a response from Barbara before accepting.
She makes a partial offer of $250,000 in return for 20% stock, but they must convince a second Shark to invest the other $250,000.
Lori Greiner says she has to “love what she gets into,” and she doesn’t like pancakes, so she’s out.
Mark Cuban went out because he feels the brand is facing significant problems.
Kevin O’Leary was keen to join Barbara, but he wants 25% ownership shares on his $250,000 investment, bringing the total offer to $500,000 for 50% equity interests in the business.
Robert reiterates his offer of 35% stock in exchange for $500,000. The couple rejects both proposals because they consider the evaluations are too low, and they walk away with no Shark deal.
What Happened to Kodiak Cakes After Shark Tank?
Despite the fact that they did not walk away from the Shark Tank with a deal, Cameron and Joel have had tremendous success with Kodiak Cakes.
The brand has expanded into even more major retailers and has been designated as a “approved food” by Weight Watchers, Diabetic Living, and Shape Magazine, all of which are critical niche markets propelling sales even higher.
While the company may not reach the $20 million mark anticipated by the men, the Shark Tank effect – the boost usually enjoyed by entrepreneurs whose products appear on the Tank – has surely improved their notoriety.
Even without a Shark contract, this beast of a product is on the move. In 2016, they achieved $16 million in sales. By 2020, they had grown to a $200 million company with over 26,000 locations.
L Catterton, a private equity group, bought them in May 2021 for an undisclosed value. As of January 2022, Cameron and Joel are still working by the corporation.
Kodiak Cakes’ Competitors
Kodiak Cakes’ primary competitors are INBISCO, Pagen, COBS Bread, and Ghirardelli.
Kodiak Cakes’ Net Worth
The firm was valued at $5 million during and after the pitch, and it has an estimated net worth of $160 million in 2022.
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Kodiak Cakes FAQs
What are Kodiak Cakes’ ingredients?
There are no GMO ingredients in the product. They contain oat fiber, wheat fiber, whey protein concentrate, evaporated cane juice, soy protein isolate, sugar, tapioca starch and xanthan gum.
How many calories are in the Kodiak Cakes mix?
According to their website, there are 300 calories per serving with 12 grams of fat and 4 grams of carbs.
Is Kodiak Cakes gluten-free?
The product is not labeled as gluten-free. The company does not add gluten ingredients to the mix, yet their products are made in a facility that does handle wheat.
Are Kodiak Cakes kosher?
There is no record of the product being kosher.
Are Kodiak Cakes nut-free?
The mix was not labeled as being free of peanuts or other tree nuts.
How much salt is in the mix?
The company did not provide an amount, but the product’s one-pound container contains approximately 36 grams of salt.
Is Kodiak Cakes vegan?
It is not labeled as being vegan, but it does not contain any animal products such as whey or casein – according to their website, they are dairy and egg free.
Are Kodiak Cakes corn-free?
The mix does not list corn as an ingredient, but it is said to be processed in a facility that also handles wheat.
Are Kodiak Cakes dairy-free?
There are no dairy ingredients in the mix.
Does Kodiak Cakes contain GMOs?
No, their ingredients are all non-GMO foods.
How much does Kodiak Cakes cost?
Kodiak Cakes mixes are sold in stores, but they have not made one available on their website. Ounces, though, are sold for $3 to $5 a bag on Amazon depending on the flavor selected.
How do I make payment to Kodiak Cakes?
Customers can make your payment by check to any major bank in the US. They do not accept credit cards.
Can I order Kodiak Cakes online?
Customers can purchase the product at a few places on Amazon and they ship internationally, but you will have to buy them in either a 2 pound package or the 4 pound package.
Where are Kodiak Cakes sold?
Kodiak Cakes have been purchased by over 100,000 merchants including Walgreens, Target, Kroger, Costco and Walmart.
Does Kodiak Cakes mix expire?
The mix does not expire, but once it is prepared, it will be consumed within 10 days.
Are Kodiak Cakes available outside the United States?
Yes, they are sold in over 40 countries around the globe.
Where are Kodiak Cakes produced?
They are produced in New Jersey, United States.
Are there gluten-free products made by Kodiak Cakes?
Their website lists three flavors that do not contain gluten ingredients: Chocolate, Strawberry, and Original.
Is Kodiak Cakes healthy?
The brand hasn’t made any claims on their website of being healthy or not, but as long as they are prepared with proper measurements and fruits, veggies, and protein and fiber added, it would be considered a healthy breakfast choice.
What is Kodiak Cakes’ best-selling flavor?
Their most popular products are Chocolate, Banana, and Butter Pecan.