Misfit Foods is a sausage business founded by Phil Wong in 2014. The company specializes in flavorful and nutritious sausages, prioritizing health benefits. All chickens used in their products are raised without antibiotics and are fed a 100% vegetarian diet.
Misfit Foods offers gluten-free options that include best-selling products such as Kale Chimichurri, Smoked Cauli Brat, and Maple Apple Sausage.
The sausages are designed to be lower in meat and primarily vegetable-based, with prices set at $10 for sausages and $12 for beef products.
| Company Name | Misfit Foods (Phil’s Finest) |
| Founder | Phil Wong |
| Product | Line of Veggie Infused Sausages |
| Asked For | $250,000 for 5% Equity |
| Final Deal | $300,000 for 15% Equity |
| Shark | Mark Cuban and Daniel Lubetzky |
| Episode (Shark Tank USA) | Season 12 Episode 17 |
| Air Date | March 12, 2021 |
| Business Status | In Business |
| Lifetime Sales (Worth) | $2.1 Million *estimated |
| Website | Visit Website |
| Headquarters | Brooklyn, New York, US |
| Go To Amazon | Buy Now |
Another Shark Tank Pitch
Who Is The Founder Of Misfit Foods?
Phil Wong is the Co-Founder and CEO of Misfit Foods. He studied Science, Technology, and International Affairs (STIA) at Georgetown University and was a Scholar and GU Impacts Fellow at ThinkImpact for three months.
In 2014, he founded Phil’s Finest Company, which he has been working on full-time for eight years as of 2022. Wong’s dedication to creating nutritious, flavorful sausages reflects his commitment to improving health through innovative food solutions.
How Was The Shark Tank Pitch Of Misfit Foods?
Phil Wong, the founder of Misfit Foods, delivered an impressive presentation on Shark Tank, detailing the production methods and sales of his nutritious sausage. Seeking a $5 million valuation, he pitched an offer of $250,000 for 5% equity in his company. The Sharks’ reactions were telling as they sampled the products before diving deeper into the pitch.
Lori was particularly impressed with the low sodium content, and all the Sharks enjoyed the flavors. Wong revealed that he had generated “just under” $800,000 in sales to date, projecting $1.2 million by year-end. Notably, 20% of his sales came from Whole Foods Market, while the remainder was from his online store.
He explained the financials: each pack of sausage costs $2.91 to produce, wholesales for $4.13, and retails between $5.99 and $7.99, resulting in a gross margin of 29% and a marketing cost of less than 5%.
However, Kevin O’Leary expressed skepticism about profitability in this category and opted out, while Robert pointed out his vegetarianism and doubts about sustaining competition, leading to his exit as well.
Daniel Lubetzky appreciated the business idea and offered $250,000 for 15% equity. Lori followed suit with a proposal of $250,000 for 18% equity. Mark Cuban also showed interest, teaming up with Daniel to propose $250,000 for 15% equity. Ultimately, Phil countered with an offer of $300,000 for 15% equity, and the deal was finalized.
Misfit Foods Shark Tank Update
In 2022, Misfit Foods underwent a significant rebranding, changing its name to Phil’s Finest. According to Inc. magazine, Wong remarked, “Anybody can stick by you when things are going well,” highlighting the challenges that come with such a transition.
While the company had already established a market presence under the Misfit Foods brand, this name change could pose branding challenges moving forward.
Phil’s Finest operates in a competitive space, blending meat and vegetables, and has a market value of $11.3 billion. Within a year, the company expanded its product availability across various supermarket chains in the United States, including Whole Foods, Sprouts Farmers Market, Imperfect Foods, Misfits Market, FreshDirect, Good Eggs, Umami Cart, Riverwards, and Park Slope Food Coop. As of August 2022, their products were available in a total of 431 stores across different states and districts.
In 2021, the company sold 2 million sausages and 150,000 patties, contributing to its annual revenue of $1.5 million as of August 2022. Following its appearance on Shark Tank, Phil’s Finest sold an impressive total of 2 million sausages and burgers, showcasing the positive impact of the show’s exposure on its sales.
What Is The Misfit Foods Net Worth?
Misfit Foods, now operating under the name Phil’s Finest, has an estimated net worth of $6 million. Phil Wong has successfully expanded his company into various cities, receiving positive reviews for its products. The company is headquartered in Brooklyn, New York, and currently employs over 20 people.
After its appearance on Shark Tank, Phil’s Finest garnered significant media attention, being featured in prominent outlets such as Forbes 30 Under 30, Good Morning America, Vogue, Cosmopolitan, Nosh, and Fast Company. This recognition has contributed to the brand’s growing reputation and visibility in the competitive food market.
