Washington, DC-based vegan snack company Snacklins raised $250,000 in capital funding during a recent episode of investment reality series Shark Tank. The offer was made by venture capitalist Mark Cuban, who successfully negotiated a 5-percent stake plus 5 percent in advisory sales with Snacklins founder Samy Kobrosly. Snacklins—which sold $200,000 in product in 2018 and aimed to finish this year with $2 million in sales—makes low-calorie chips made from mushrooms and yuca, which are a vegan version of pork rinds. Kobrosly initially asked the Sharks for a $250,000 investment in return for a 2.5-percent stake in the business (a $10-million valuation), which shocked the Sharks. However, he told the investors he only owns 30 percent of the company, and he gave a 10-percent stake to each original employee, and angel investors and family members also hold a stake. “We’ve grown 10-fold in the past year, selling in about 850 stores nationwide. We started off in about 36 stores a year and a half ago,” Kobrosly told the Sharks. “From mom-and-pops, to national chains such as Whole Foods, Walmart, and 7-Eleven.” But Kobrosly really wanted Cuban on his team, so he accepted the new deal which included a higher stake in the company than he initially offered. “I think a strategic partner like you is what I set this up for,” Kobrosly told Cuban on the episode. “I used to own 100 percent of nothing. I am living the American dream. I am a Muslim, first generation American, who is now pitching a vegan pork rind on Shark Tank.”
Photo credit: ABC
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