What Happened to PipSnacks After Shark Tank?
What is PipSnacks?
PipSnacks are a more nutritious alternative to traditional popcorn snacks. During a house move, a bag of tiny heritage popcorn kernels became the snack of choice, and it has since blossomed into a beautiful product naturally rich in the fiber, vitamins, and antioxidants that regular movie, microwave, and kettle-popped popcorn lack.
Jennifer Martin of New York City founded PipSnacks in 2010. This was her first documented business venture, but she started it because she was enthusiastic about living a healthy lifestyle, including healthy eating into her routine and broadening culinary diversity to include natural things.
Her brother Jeff and his wife Teresa are the co-founders, and they use their expertise as business and financial analysts to help Popcorn and PipSnacks grow into well-known goods and businesses, respectively.
PipSnacks was founded by whom?
Jennifer Martin of New York City launched PipSnacks in 2010. Jeff and Jen make PipSnacks’ signature snack, popcorn, using heritage corn with a very small kernel.
Their PipSnacks corn is grown in the Midwest, and the husk nearly totally vanishes when popped. As a result, the popcorn shrinks to half its size.
Because the hulls are nearly non-existent, you’ll have fewer items stuck in your teeth when you consume Popcorn. It is naturally gluten-free and contains no butter.
They made popcorn and were so happy with it that they packaged and sold it under the PipSnacks brand.
Choose from five distinct flavors: sea salt, rosemary, and slightly sweet kettle, tangy crabby and white truffle. The price of a four-ounce bag of popcorn is $4.99.
PipSnacks was on Oprah’s list of Favorite Things in 2012 and 2013. They earned a lot more brand visibility and sales because the Oprah impact is stronger than the Shark Tank effect. PipSnacks is now available in select Northeast locations as well as online.
What Happened to PipSnacks During Their Shark Tank Pitch?
Jennifer and Jeff decided to present their company to Shark Tank investors in episode 9 of Season 6 of PipSnacks on Shark Tank to help them with greater distribution.
Jeff and Jennifer begin with a “at home portion” in which they explain how they got their business started. They claim to be in financial difficulty.
They asked for $200,000 for a 10% ownership in PipSnacks, which was valued at $2 million, when they entered the Tank.
Jen describes how she came upon the Popcorn kernels in the first place.
They provide samples to the Sharks while debating the flavors. It’s a big hit among the Sharks! Jen and Jeff explain that they are close to finalizing an arrangement for popping corn exclusivity when Kevin asks whether he can have the same kernels.
In addition, they reported that they sold $200,000 in 2014. Their profit margins are low, but they do all of the manufacturing themselves.
Their margins grow when they recruit a co-packer. When Robert asks what makes it better, they tell him that it is easier to digest.
Kevin was interested in how he will get his money back, and he underlines that it is not a proprietary product. He asserts that they are not worth $2 million. They try to protect it, but Kevin exits.
Robert offers $200,000 for a 20% stake, and they react with $200,000 for a 10% stake.
Barbara thinks they’re overreaching, but she believes they’re winners and gives them whatever they want.
She promises to do it, but she demands a draw every time Jeff and Jen withdraw money.
Robert is confident in their ability to succeed, and he offers $200,000 for 10% equity shares with no limitations. They want to know if Barbara will match Robert’s offer.
They pause for a time before accepting Barbara’s offer of $200,000 for 10% equity shares plus a 10% draw whenever Jeff and Jen withdraw cash until she recoups her investment.
They took the offer since Barbara had a high success rate with food. They finally exited the pitch with a deal.
What Happened to PipSnacks After Shark Tank?
PipSnacks received an update section in episode 9 – only a few months after their debut. After closing the deal with Barbara, their sales climbed from $200,000 to $1.1 million.
According to Jeff, they received 12,000 orders after their episode aired, or “approximately 11,000 more than we ever had.” Due to a large number of orders, they had back-order issues.
Rather of seeing it as a disadvantage, Jeff, Jen, and Barbara saw it as an opportunity. They offered discounts to those who waited for the longest, as well as free shipping on subsequent orders to those who waited the longest.
Co-packers for popcorn may now be found on both the east and west coasts, as well as in the Midwest. Problems with fulfillment are a thing of the past. Popcorn is now accessible across the country.
Barbara appears with Popcorn at the New York Food Show in Episode 1 of Season 7. She, Jeff, and Jennifer worked the booth, luring customers in.
Barbara, according to Jeff, is a terrific partner who has contributed to the company’s revenue of more than $1.4 million.
In 2019, Factory LLC invested $ 6 million in the firm for an undetermined equity stake. In February 2020, the company announced their new Heirloom Snack Cracker line made from recycled maize flour.
They have added Kroger to their list of sites, adding Whole Foods Market, Sprouts Farmers Market, The Fresh Market, Central Market, and Amazon.
They were able to transition to digital sales throughout the pandemic and are still extremely successful in 2021. As of November 20, 2021, annual revenue is $5 million.
PipSnacks’ primary competitors are Angie’s BOOMCHICKAPOP, Popcorn, Indiana, and SkinnyPop.
PipSnacks’s Net Worth
During the pitch and following Barbara’s investment, the firm was valued at $2 million. The company’s net worth is $400,000.
Where did the name “PipSnacks” come from?
Jeff and Jen built a home-based business to generate income while working their full-time jobs. They wanted to provide healthy snacks for their family, so they thought of eliminating all sugar, salt, and fat in their snacks.
When they looked at corn as a main ingredient, they thought of popcorn and began using popcorn as the main ingredient. A snack called “popcorn,” hence the name “PipSnacks”, pops out.
How big is PipSnacks’ shipping department?
They deliver orders from coast to coast, so they are well staffed to handle the process. They also offer services in which they hand-deliver their products and get feedback from consumers. Customers have praised both service and product quality.
What is PipSnacks made of?
The product contains popping corn, palm oil, seasoned salt and extra virgin olive oil.
Are there any flavors of the snacks available?
They have a variety of flavors such as Caramelized onion, roasted garlic & sea salt, and Salted Caramel currently available for sale.
The company has plans to release additional flavors in the coming months. The dry-roasted snacks are made from white popping corn.
Do you sell popcorn?
They’ve experimented with popcorn varieties, but opted not to produce a separate product. They believe their staple product is the roasted flavor.
They have a customer who sent them a package of unsalted white popping corn and it did not turn out well so they were unable to try other varieties.
Where is PipSnacks made?
All of the ingredients are made in America. The manufacturing is done in Indiana. They have a facility that they’ve outfitted specifically for production purposes.
What is their distribution like and do they have a marketing strategy?
Distribution has been a challenge for the company as they’ve been unable to connect with any major chains as of yet. They are still working to build demand for their product in the market, but it has been difficult thus far due to lack of marketing dollars.
Can PipSnacks afford the franchise model?
They have small bars and restaurants where they sell the product, but they are still deciding to go with a franchise model. They are not interested in becoming a national brand.
Is PipSnacks gluten-free?
PipSnacks are gluten-free. They do not add gluten during manufacturing or shipping.
Is PipSnacks kosher-free?
PipSnacks are certified kosher-free.
Can you make it vegan?
No, the product is not vegan.
Are PipSnacks’ products free from artificial ingredients?
PipSnacks are free from artificial ingredients as well as GMO ingredients and Tran’s fats.
How do I make payment to PipSnacks?
The easiest way to pay is via Amazon, with their 1-click payment feature. Patreon is another alternative. PipSnacks are also willing to accept Bitcoin, if you have a Bitcoin Wallet.
Do they offer gift cards?
They do not currently offer any gift cards.
Does PipSnacks ship internationally?
They do, though International shipping costs will be higher due to the extra shipping costs associated with international handling and taxes.