What Happened to Safe Catch after the Shark Tank Pitch?

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What is Safe Catch?

Safe Catch is a firm that sells canned wild tuna, albacore tuna, salmon, and ahi tuna that are low in mercury.

Because it has a proprietary technology that analyzes the mercury levels of every fish it captures, it knows exactly how much mercury is in each tuna can.

The commodities are offered in cans or pouches in a variety of flavours and are preserved in either oil or saltwater.

Before processing and packing, Safe Catch analyzes each tuna fish for low mercury levels.

This comprehensive testing is the result of co-founder Sean’s mother getting poisoned by mercury after eating tuna.

Who are the Safe Catch Founders?

Among the co-founders are Bryan Boches and Sean Wittenberg. Sean is a graduate of the University of California, Davis, with previous managerial experience at a company named Micro Analytical Systems.

Sean’s position as president of Safe Catch is still current.

Bryan graduated from the University of Pennsylvania’s Wharton School of Business with a bachelor’s degree.

As an entrepreneur, he founded and sat on the boards of various companies. Today, he is still the CEO of Safe Catch.

The founders are childhood friends who wanted healthy, safe seafood for their families. They established Safe Catch to achieve their goal of “providing safe seafood to women and children.”

Before launching the organization, Sean and his father sought to provide their testing services to fish processors.

Boches stepped in when they were getting a lot of rejection and suggested they market their own brand directly.

They reasoned that if consumers were willing to pay more for healthy organic fruits and vegetables, why shouldn’t tuna be promoted similarly?

They were first sold largely online, but are now available at Wegman’s and a number of local health-focused supermarkets.

What Happened to Safe Catch during the Shark Tank?

Sean and Bryan appeared on Shark Tank season 8 episode 7 looking for $600,000 for a 3% share in their firm. This implies a valuation of $20 million.

They tell their story and present samples. It has an attraction to the Sharks. Lori mentioned that she stopped eating fish owing to concerns about mercury.

They claim to be looking for a healthier and more nutritious way to eat tuna.

Safe Catch tuna costs $1.20 to produce, $2 to sell, and $3 to $4 to retail.

It’s more costly than most supermarket brands, but not as much as other premium tuna.

Over 100 investors took part in their most recent round, and they have raised more than $14 million thus far.

This funding is then used to fund four Ph.D. physicists and three engineering/testing laboratories.

However, the investors became tired, the company ran out of finances, and they were unable to reach the retail sector.

So Brian joined the business with Sean, and the two of them bought it out.

They spent less than a million dollars to reclaim control. Regrettably, the $14 million had been fully gone.

Brian has subsequently spent more than $900,000, and the company is around $900,000 in debt.

This remark seems to have irritated all of the Sharks.

Mark then inquires about sales, to which Brian replies that they started in stores a year ago and have now expanded to 2,100 locations.

In their first year of operation, they made $1.25 million. They are now spending $75,000 every month, meaning that they are losing money.

So far this year, they have lost $530,000. (2016).

Kevin points out that they squandered $14 million in investor cash, which is a huge concern. And is the first Shark to went out

According to Robert, they’re bringing in a food product for a tech test. Robert is the deal’s second Shark since the market would not accept their technology.

Barb then asserts that after putting $14 million in the enterprise, they have a $75,000 loss. This does not seem like an enticing idea to Barb. She withdraws from the deal.

Daymond calls value into question.

Mark is the latest Shark to be fired, claiming a $75,000 monthly financial loss.

Lori says she’ll continue to be a client, but she’s also leaving Safe Catch without an investor.

What Happened to Safe Catch Following the Shark Tank Pitch?

Although Safe Catch did not land a Shark on the show, the company obtained $5 million in venture finance a year later from Echo Capital, Essential Investments, and a group of angel investors.

Sardines, a new line of seasoned tuna produced with real spice combinations, Ahi canned tuna, and canned and pouched salmon were also introduced.

In April 2018, pop sensation Nick Jonas shared a video with his 17 million Instagram followers showing himself making his favourite post-workout snack — tuna salad, with a can of Safe Catch (see video below).

Safe Catch announced a partnership with Kroger supermarkets in June 2018, which will put Safe Catch on their shelves across the country.

As of May 20, 2021, the firm is still in existence. They are sold in over 12,000 stores across the country.

With $5 million in yearly sales, the company is the fastest-growing seafood brand in the country.

What is Safe Catch’s Net Worth?

Sean and Bryan appeared on Shark Tank season 8 episode 7 looking for $600,000 for a 3% share in their firm. This implies a valuation of $20 million.

The Company’s current valuation is unknown.

Who are Safe Catch’s Competitors?

Tradex Foods, Aleph Farms, Solar Foods, and Wild Planet Foods are Safe Catch’s primary rivals.

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Safe Catch FAQS

1. What is Safe Catch?

Safe Catch is a firm that sells canned wild tuna, albacore tuna, salmon, and ahi tuna that are low in mercury.

Because it has a proprietary technology that analyzes the mercury levels of every fish it captures, it knows exactly how much mercury is in each tuna can.

2. Where can they buy Safe Catch?

They were first sold largely online, but are now available at Wegman’s and as of May 2021, they are sold in over 12,000 stores across the country.

3. How did Safe Catch get started?

Bryan Boches and Sean Wittenberg developed Safe Catch. The founders are childhood friends who wanted healthy, safe seafood for their families. They established Safe Catch to achieve their goal of “providing safe seafood to women and children.”

4. How much were they seeking in the Tank?

They were seeking $600,000 for 3% of the company. This implies a valuation of $20 million.

5. Did they get the deal on the Shark Tank?

No, they did not, Sharks found no interest in Safe Catch because the company was spending $75,000 every month, meaning that they are losing money.

6. What Happened to Safe Catch after the Shark Tank?

Although Safe Catch did not land a Shark on the show, the company obtained $5 million in venture finance a year later from Echo Capital, Essential Investments, and a group of angel investors.

7. What is the annual revenue of Safe Catch?