Mark Cuban, who constructed his fortune beginning and promoting tech corporations, solely provided two $1 million investments on ABC’s “Shark Tank” in 2022.
However they weren’t in software program, crypto or sports activities companies. As an alternative, the proprietor of the NBA’s Dallas Mavericks gave his greatest investments of the yr to 2 meals corporations. He provided $1 million to Umaro, a seaweed protein firm, for 7% of the corporate — and $1 million in CupBop, a Korean Barbeque chain, for five% fairness.
Cuban additionally break up one other $1 million funding provide with visitor Shark Peter Jones: $300,000 with a $700,000 line of credit score for 10% of gown shirt firm Collars & Co.
Since their appearances, enterprise appears to be going properly for each corporations. A few months after touchdown the “Shark Tank” deal, Umaro CEO Beth Zotter tells CNBC Make It she and her co-founder “parted methods amicably” from Cuban, as a consequence of a special closed funding spherical. Whereas they did not get the $1 million from Cuban, their product, which was solely a prototype when the episode was filmed and aired, might be in 60 totally different eating places by the tip of January.
It is commonplace for a “Shark Tank” investor and firm to desert or revise their partnership. In 2016, Forbes interviewed 237 corporations that appeared on the present between seasons one and 7, and located 43% of offers made on the present crumble and one other 30% are modified after taping.
In Might, CupBop informed CNBC Make It it was working 36 areas throughout six U.S. states and greater than 100 areas in Indonesia. The corporate didn’t instantly reply to CNBC Make It is current request for remark.
Cuban, who went vegetarian in 2019, has invested hundreds of thousands of {dollars} over the previous few years in different meals corporations on “Shark Tank.” He is been significantly drawn to startups specializing in plant-based meals, like Pan’s Mushroom Jerky, vegan cold-cuts firm Unreal Deli and vegan pork rind firm Snacklins, to call a number of.
The approach to life, and funding technique, seem like helpful to Cuban, too: He informed Habits & Hustle podcast host Jennifer Cohen in August that he stopped consuming meat to assist cut back irritation after he had each hips changed. “It is like night time and day,” he stated on the episode.
His investments have additionally translated right into a gift-giving technique off the air. In 2019 and 2021, the billionaire informed CNBC Make It he deliberate to offer family members wholesome snacks, like Alyssa’s Cookies which he invested in 2012, after its co-founder Doug Saraci despatched him a field of cookies with a be aware asking for $50,000 for 25% of the enterprise, Saraci informed CNBC Make It in 2019.
“Individuals get a lot junk meals [at the holidays], they want one thing tasty, low-cal and wholesome,” he informed CNBC Make It in 2019.
Disclosure: CNBC owns the unique off-network cable rights to “Shark Tank.”
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