Jica Foods specializes in snacks made from jicama, a Mexican turnip or root vegetable favored by many native Mexicans. Jicama is nutrient-dense, low in calories, and high in fiber and water content, making it a great addition to various dishes.
Typically enjoyed in salads, starters, soups, and one-bowl meals, jicama is known for its digestive benefits and is rich in vitamin C.
Founded in 2015 by Melissa Colella-Wang and Xin Wang, this husband-and-wife team discovered their love for jicama during a trip to Mexico, where they first tasted jicama snacks. Inspired by the flavors, they launched Jica Foods, which offers jicama snacks cut into sticks and often served with chili and lemon masala.
Jica Foods appeared on Shark Tank Season 14, Episode 10, seeking $300,000 for a 3% equity stake at a $10 million valuation.
Their product line includes JicaWraps, JicaSticks, Jica de Gallo, and more. The taste of jicama is often likened to a combination of apple and potato. Jicama snacks are high in fiber, vitamin C, and potassium, while being low in calories, sugar, and carbohydrates.
For instance, jicama tortillas contain just 8 calories compared to 100 calories in traditional tortillas. They are also keto, paleo, vegan, gluten-free, and grain-free.
Jica Foods products are available in 177 Walmart stores, 234 Sprouts stores, and 78 Whole Foods locations.
| Company Name | Jica Foods |
| Founder | Melissa Colella-Wang and Xin Wang |
| Founded | Jan 2015 |
| Product | jicama based delights |
| Asked For | $300K for a 3% equity |
| Final Deal | $300k for 6% equity + 3% advisory shares |
| Shark | Barbara Corcoran |
| Episode (Shark Tank USA) | S14 E10 |
| Air Date | Jan 6, 2023 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Rowland Heights, California, United States |
| Lifetime Worth (Sales) | $2.1M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Jica Foods?
The co-founders of Jica Foods are Melissa Colella-Wang and Xin Wang. Melissa earned her B.A. in Biology from Wellesley College in 2002.
This food and beverage services business was launched in California in 2015, inspired by a trip to Mexico where they discovered and enjoyed jicama snacks. Following their experience, Melissa and Xin began selling jicama chips at local farmers’ markets.
Jica Foods products are now available in 177 Walmart stores, 234 Sprouts stores, and 78 Whole Foods locations. The company’s annual revenue is estimated at $1 million.
How Was The Shark Tank Pitch Of Jica Foods?
Melissa and Xin entered Shark Tank seeking $300,000 for 3% equity in Jica Foods. They discussed their jicama-based products, including tacos and snacks. Gwyneth Paltrow mentioned that she learned to make jicama tacos from her cookbook, noting that the production cost is $1.85 while the retail price is $2.99.
Each pack contains 15 drops, priced at $0.30 each. When they launched in 2015, their first product, jicama chips, generated $500,000 in sales. However, they faced fierce competition from larger snack companies, leading to significant financial losses, leaving them with only $300 in cash and $70,000 in credit card debt. They even sold their cars to stay afloat.
In 2019, they rebranded as Jica Foods, and sales skyrocketed to $1 million in their first year. Their revenues grew to $4 million in 2020, $5 million in 2021, and $6 million in 2022, with a profit of $400,000 that year. However, this year’s profit has decreased due to substantial investments in self-manufacturing. Jicama vegetables are sourced and processed from Mexico, and the shelf life of their products is 19 days. Currently, their products are available in 700 stores.
Melissa projects sales of $9 million by 2023. Barbara Corcoran offered $300,000 for 10% equity, requesting a pro-rata share of future earnings, while Mark Cuban stated he wasn’t a fan of the product and opted out. Gwyneth Paltrow and Lori Greiner also chose to step out.
The founders countered Barbara with $300,000 for 5% equity. Kevin O’Leary then offered $300,000 for 9% equity plus a pro-rata share. The founders suggested 7% equity, but both Kevin and Barbara declined. Eventually, they countered Barbara’s offer to $300,000 for 6% equity plus a 2% advisory share. Barbara accepted their final proposal of a 3% advisory share.
Finalize: Barbara Corcoran invests $300k for 6% equity in Kudos + 3% advisory shares.
Jica Foods Shark Tank Update
Jica Foods secured a deal on Shark Tank, and their sales have been steadily increasing, reaching millions annually.
As of January 2023, their products are available in 700 locations, including Walmart, Sprouts, Whole Foods, and other retailers. By the end of 2022, sales from these stores totaled $6 million.
Previously lacking a manufacturing facility, Jica Foods has now established one, significantly enhancing their profit potential.
Jicama is one of my favorite veggies – in Mexico, we add lots of lime and chili powder (chile piquin or Tajin) and eat it as our go-to snack. Good luck to @BarbaraCorcoran and the @JicaFoods team! #SharkTank @ABCSharkTank
@DanielLubetzky
The founder of Jica Foods delivered an impressive presentation on Shark Tank, sharing insightful sales data for their business. They project $9 million in sales by 2023.
We will continue to follow Melissa Colella-Wang and Xin Wang, along with their company, for further updates.
What Is Jica Foods Net Worth?
Jica Foods is currently valued at an estimated $5 million. The initial phase of the business was promising, with the founders selling a significant quantity of Jicama chips at farmers’ markets. The market for Jicama Foods is valued at $1.5 billion, and Jicama has become a popular ingredient in many dishes.
Today, Jicama Foods is favored by many for its health benefits, with its availability primarily concentrated in Mexico.
Melissa and Xin faced considerable challenges in their early business journey, but they ultimately succeeded in building a million-dollar enterprise.
Yes, Jica Foods is still in business as of April 2024.
