What Happened to Press Waffle After Shark Tank?
What exactly is a Press Waffle?
Press Waffle is a firm that specializes in entirely customizable Belgian waffles, savory waffle creations, and locally roasted coffee, espresso, and cold brew.
The family-owned franchise concept is located in Dallas, Texas. Their incredible waffles are perfect for breakfast, lunch, or dessert.
Press Waffle was founded by two brothers, Bryan and Caleb Lewis. They had no prior experience in the food industry.
Bryan was a theater lecturer, and Caleb was an accounting student at the University of Texas.
The two brothers now run the Press Waffle Company, which has grown from a food truck to three food mall outlets in Texas and one in Oklahoma City.
Who is the man behind Press Waffle?
Press Waffle was developed by two brothers, Bryan and Caleb Lewis. They had no prior experience in the food industry.
Bryan discovered Belgian waffles while traveling with his then-fiancée in the summer of 2013.
When the two couldn’t find them when they returned to Dallas, Bryan experimented in the kitchen until he devised the Belgian waffle.
Delicious waffles with toppings like Nutella, chocolate, caramel, and others are on the menu. Their savory alternatives are chicken and waffles and waffles with melted cheese and bacon.
On occasions, they provide exotic waffles, such as the Elvis with bananas and peanut butter. Belgian waffles and Press Waffles are distinct from other varieties of waffles in that they are made of dough rather than batter, as waffles in the United States.
When Caleb returned from college, the brothers decided to start a waffle food truck. In 2016, they raised $15,150 on Kickstarter and debuted their food truck in the Dallas area.
Since then, they’ve opened three more brick-and-mortar locations, with plans for franchising and other places.
What Happened to Press Waffle’s pitch on Shark Tank?
In episode 17 of Season 10’s Press Waffle of Shark Tank, Caleb and Bryan chose to pitch their company to Sharks to assist them in building their franchise operations.
Caleb and Bryan entered the Shark Tank asking for $200,000 in exchange for an 8% stake in their firm, which is worth $2.5 million. They told their story and presented samples.
Their income was $900,000, which works out to almost $5000 per square foot, which is a decent amount for a restaurant.
The entrepreneurs are currently housed in dining halls, which charge between 15% and 25.5 percent of gross income instead of rent. The cost of opening each facility will range between $115,000 and $150,000.
Needless to say, the Sharks are as enthralled by the figures as they are by the waffles, and the bidding starts.
Mark Cuban feels that 8% is insufficient, so he offers $350,000 for a 20% stake in the firm.
Barbara Corcoran joined the chorus, lauding Cousins’ success. Maine Lobster has received two offers: $200,000 for 15% equity shares and $400,000 for 30% company ownership.
Kevin O’Leary offers $200,000 in straight-up loans at 7% -11% for 3% equity, and he was willing to fund further positions.
Lori Greiner appreciates Kevin’s offer and goes out of her way to persuade them to take it.
Robert Herjavec makes a $600,000 offer and asks the guys how much equity they think it is worth.
They state that they would not go over a 20% stake; therefore, Robert Herjavec decreased his offer to $400,000 for 20% equity shares.
Barbara Corcoran convinces them that she is the perfect fit for them. They were looking for $300,000 in return for 15% of its shares.
She responds with $250,000 for 15% equity, but the boys refuse to budge.
Finally, Barbara Corcoran accepts $300,000 for 15% equity shares, and the pitch concludes with a deal.
What Became of Press Waffle After Shark Tank?
On the night the show aired, they got over 400 qualified franchisee leads. Their goal for the year is to find ten new franchisees.
The deal with Barbara was finalized, and the guys want to open a fourth store by June 2019. With Barbara’s track record, this will undoubtedly be a lucrative franchise.
They received 200 more qualified franchise leads. As of December 2020, they have seven locations.
Plans to expand in 2020 have been postponed, but they have announced the opening of an eighth site in The Woodlands, Texas, by the end of 2020. In 2021, more locations will open in Houston, Dallas, Little Rock, St. Louis, and Arizona.
In December 2021, they announced the development of a Denver, Colorado facility in the spring of 2022.
Press Waffle’s Competitors
Big Mo’s Gourmet Waffles is a primary competitor of Press Waffle Company.
Press Waffle Net Worth
The firm was valued at $2.5 million during the pitch, but after Barbara Corcoran invested, the company was valued at $2 million. Since the corporation has been selling, the company’s net worth might have been higher than that of the pitch.
Press Waffle FAQs
1What is the Press Waffle Company?
Press Waffle Company is a press waffle provider that was founded by two brothers, Caleb and Bryan Lewis. From their first food truck in 2016, they have grown to have seven brick-and-mortar locations throughout Texas. They plan to open several more in the coming years.
Are Press Waffles a type of waffle or pancake?
Press waffles are actually Belgian waffles, and there’s a significant difference between them and American-style waffles.
How is the Press Waffle Company different from other types of waffles?
The Press Waffle Company uses “bread dough” instead of batter. This type of waffle is made with a large amount of sugar and fat.
What does the Press Waffle make taste like?
When people describe their favorite type of Belgian waffles, it usually ends up having fruit or nuts in them.
How many locations does the Press Waffle Company have?
They have seven locations, with plans for more in the future. With Barbara Corcoran’s investment, they plan on opening their eighth location by June 2019.
What are the ingredients of the Press Waffle Company’s waffles?
They use corn syrup, honey, and cane sugar as sweeteners, yeast, which is an essential part of making bread, and distilled white vinegar for its acidity to help recreate traditional bread-baking processes.
What equipment does the Press Waffle Company use?
For their trucks and restaurants, they use Breville waffle irons. Most of their stores have the same types of equipment, but they plan on bringing in different ones depending on the size of each location.
Do the owners of the Press Waffle Company have any involvement with other companies?
Caleb and Bryan Lewis are both involved in other food-related ventures. Caleb is a former executive chef for various restaurants, including D’Amico’s Italian Market & Delicatessen and Moxie. Bryan is an experienced baker, cook, and caterer who has worked for Carrabin’s Italian Grill, Golden Corral, and Pacifica Seafood Grill.
What are the ingredients of Press Waffle?
Their most popular waffles consist of lemons, strawberries, blueberries, and chocolate flakes.
How are Press Waffles made?
They start by melting their Belgian Liège-style waffle dough in a cast-iron press. A press is used instead of a waffle iron to ensure that the waffle is crispy on the outside and light on the inside. T
They add fruit, chocolate, and other toppings before placing them in an oven to finish baking.
Is Press Waffle good for health?
The company is vegan-friendly, but there’s no information about its nutritional content.
How much does the Press Waffle Company sell?
They use a recipe that makes eight waffles at a time. The maximum they can sell per day is four hundred and eighty waffles.