Simply Good Jars Shark Tank Update (Season 12)

Simply Good Jars offers healthy, ready-to-eat salads packaged in convenient jars. Each jar contains fresh salad ingredients that promote good health.

The company provides a variety of salads, including Cobb Salad, Smoked Salmon Salad, Chicken Quinoa, and Greek Salad, catering to different tastes. High-quality ingredients are used in these salads, supporting muscle building and overall wellness. Before eating, the jar should be shaken for a few seconds to mix the ingredients properly.

Once the salad is finished, the reusable plastic jar can be used for storing items like eggs, pens, or nuts. Each Simply Good Jar salad has a shelf life of nine days.

Initially available only in the Philadelphia area, Simply Good Jars can now be ordered through GoPuff, with the 9.2 oz salad priced at $10.99.

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Who Is The Founder Of Simply Good Jars?

Jared Cannon is the founder and CEO of Simply Good Jars, a company he started in 2017. He is also a head chef with a rich background in the food industry. Prior to launching Simply Good Jars, Cannon became the CEO of Sapor Food Group in 2013.

He graduated from The Culinary Institute of America and began his career in the hotel business in Miami. Following that, he worked as the head chef at Iron Hill Brewery & Restaurant. Passionate about business, he earned a master’s degree in business from the Fox School of Business at Temple University in 2016.

After completing his master’s, Cannon served as a corporate executive chef at Tria for a year. In 2017, he decided to pursue his vision and founded Simply Good Jars. With his extensive knowledge of healthy foods and a keen understanding of market needs, he identified a demand for convenient, healthy salad options, which inspired him to create the company.

Did Simply Good Jars Get a Deal on Shark Tank?

After joining Shark Tank, Jared Cannon sought $500,000 in exchange for 1% equity, valuing his company at $7.1 million. In his pitch, he shared his journey from chef to entrepreneur, emphasizing his passion for healthy food.

After tasting the salad, all the Sharks agreed: “It tastes great.” Prior to the COVID-19 pandemic, Cannon’s major sales came from placing “smart coolers” in various locations, including hotels, airports, convention centers, office buildings, and universities.

However, following the pandemic, his distribution dropped by 98% almost overnight. At that time, the product was available in four locations and 230 doors.

Cannon expanded by launching his product in 175 Walgreens convenience stores in Chicago and providing salads through Cloud Kitchens on the Near Meal delivery platform. He shared that he sells each jar for $8.99 to $10.99, with a wholesale price of $5 to $6, while production costs range from $2.50 to $3.60.

In 2020, he reported sales of $300,000 and mentioned he was on track to reach $700,000 to $750,000 for the year, though he noted that he was not yet profitable. In fact, he had lost $900,000 that year.

Cannon expressed his belief that with the right relationships, production, and distribution, his company could achieve national distribution within 18 months, projecting potential revenues between $50 million and $100 million over the next two years.

Cannon currently holds 51% of the company. Kevin O’Leary offered $500,000 as a loan at 9.5% interest for a 7% stake. Robert Herjavec acknowledged the potential but opted out due to perceived risks. Ultimately, Mark Cuban and Lori Greiner made an offer of $500,000 for 10% equity, which Cannon accepted.

Simply Good Jars Shark Tank Update

Shark Tank proved to be a significant success for Simply Good Jars, securing a $500,000 investment from Mark Cuban and Lori Greiner. Although the deal has not yet been finalized, the exposure from Season 12, Episode 16, led to a remarkable increase in sales, skyrocketing by 1,500% and generating 750,000 inquiries.

Since that episode aired, sales have continued to grow. In 2021, the company’s revenue reached $4 million, and by July 2022, Simply Good Jars became available in 28 states across the United States. Cannon is now focused on expanding the business internationally with the support of Mark and Lori.

The local delivery platform for these salads is currently operational in NYC, Brooklyn, Chelsea, Harlem, Long Island City, and Philadelphia. By December 2022, the company had donated a total of 47,646 meals. Its products are available on GoPuff and through grocery delivery service Gorillas.

According to the company’s Instagram, Simply Good Jars can be found at 117 locations in Giant Food Stores and has also launched in Costco Wholesale, the world’s second-largest supermarket chain.

In November 2022, Simply Good Jars expanded to over 31 locations in Philadelphia. The company is actively working on international shipping, aiming to reach customers in Canada and Europe. By the end of November 2022, its annual revenue had exceeded $4.5 million.

What Is The Simply Good Jars Net Worth?

Simply Good Jars signed a deal on Shark Tank in 2021, valuing the company at $5 million, with sales reaching $4 million by the end of that year.

Based on these reports, Simply Good Jars is currently valued at approximately $1.3 million. The business is experiencing significant growth and continues to thrive.

Yes, Simply Good Jars is still in business as of April 2024.