Jada Spices, based in Miami, Florida, is a food and beverage brand specializing in healthy, vegan chicken salt. Founded in 2015, the company is headquartered in Florida.
Their vegan chicken salt is designed to eliminate high sodium levels, MSG, and unnatural ingredients typically found in traditional chicken salt. The product is made with sea salt, turmeric, onion powder, and garlic powder.
Jada’s Vegan Chicken Salt comes in a variety of flavors, including Original, Reduced Sodium, Lime, Red Pepper, and BBQ.
- Original: Suitable for all foods such as soups, noodles, salads, mashed potatoes, quinoa, black beans, fajitas, and veggie burgers.
- Reduced Sodium: Contains 50% less sodium and is used in select dishes.
- BBQ: Offers a smoky and sweet flavor ideal for baked beans, ribs, and brisket.
- Red Pepper: Very spicy, perfect for curry, chili, and Cajun recipes.
The company has recently introduced new products, including Plant-Based Chick’n and Plant-Based Pork.
| Company Name | Jada Spices, LLC |
| Founder | Dr.Khasha Touloei and Maynard Okereke |
| Product | plant-based, vegan chicken salt and spices |
| Asked For | $250,000 for 20% Equity |
| Final Deal | $250,000 for 33% Equity |
| Shark | Barbara Corcoran |
| Episode (Shark Tank USA) | Season 12 Episode 4 |
| Air Date | November 6, 2020 |
| Business Status | In Business |
| Net Worth | $2M *estimated |
Who Is The Founder Of Jada Spices?
Khasha Touloei is the founder and CEO of Jada Spices. He grew up in Australia and noticed that his mother used chicken salt to enhance the flavor of her dishes.
Chicken salt, which originated in Australia, is known for its high sodium content. According to the American Heart Association, 70% of sodium in diets comes from foods.
Touloei brought this concept to the U.S. and created a vegan version of chicken salt with reduced sodium. This healthier alternative is beneficial for individuals with high blood pressure and diabetes.
Touloei and Maynard Okereke, who met at the University of Washington in 2002, started a business together. Khasha, a dermatologist, and Maynard, an engineer, co-founded Hip-Hop Science, an initiative that teaches STEM to children.
Maynard Okereke currently works full-time at Flow Media Group, a social media digital agency. Both Khasha Touloei and Maynard Okereke have been featured on Shark Tank.
How Was The Shark Tank Pitch Of Jada Spices?
Dr. Khasha Touloei and Maynard Okereke, founders of Jada Spices, sought $250,000 from the Sharks in exchange for 20% equity to support the growth of their company.
During their pitch, there was extensive discussion between the Sharks and the founders, providing additional insights into the business.
Khasha explained that the production cost of their product is $0.80, while the retail price is $4.99, and it is listed on Amazon for $8.99. In 2019, the company generated $319,000 in revenue with an EBITDA of $60,000. Khasha projected sales of $500,000 for 2020.
Kevin O’Leary expressed concerns that the founders were balancing the business with their other jobs, suggesting that they need to choose between the two. Consequently, he declined the offer. Mark Cuban, Lori Greiner, and John also chose not to invest.
Barbara Corcoran made an offer to invest $250,000 but requested 33% equity. Khasha countered with $250,000 for 28% equity. When Barbara did not adjust her offer, Khasha and Maynard accepted the deal with Barbara for $250,000 in exchange for 33% equity.
Jada Spices Shark Tank Update
Maynard Okereke stated that part of the investment would be allocated to developing their plant-based chicken. He also planned to enhance their packaging and launch the chicken salt line in food service spaces. He mentioned having offers from major restaurants and entertainment chains.
As of July 2021, it appears that the deal with Barbara Corcoran had not been finalized. The company later rebranded as Jada Brands and expanded its product line to include Mediterranean Chicken and faux pork products alongside their Vegan Chicken. By May 2022, Jada Brands reported an annual revenue of $4 million.
What Is Jada Spice’s Net Worth?
Jada Spices’ net worth is estimated at $2 million. The company manufactures its products in the United States and employs over 50 people.
With strong revenue generation, it has been able to provide jobs for many individuals. The company aims to increase its annual revenue to $10 million in the coming years.
