Proper Good Shark Tank Update

Proper Good is a natural food company offering convenient, ready-to-eat meals prepared in just 90 seconds. Their products are shelf-stable for about 8 months, eliminating the need for refrigeration.

Founded by Chris and Jennifer, Proper Good prides itself on using natural ingredients to create plant-based, ketogenic, gluten-free, and dairy-free meals. This transparency in ingredients appeals to health-conscious consumers.

In today’s fast-paced world, many people lack the time to prepare their own meals, often resorting to unhealthy options. Proper Good aims to address this issue by providing nutritious, quick-to-prepare meals. According to a report by IndiaTimes, more people die from eating junk food than from smoking, highlighting the need for healthier options.

Proper Good’s product lineup includes soups, chili, bone broth, and grains, all vegan-friendly and made with coconut milk instead of dairy. These meals have a shelf life of 8 months and can be conveniently heated in a microwave for 90 seconds.

The company offers home delivery, and their products are also available on Amazon. They provide a subscription model with a 20% discount. The Proper Good Bundle Pack, which contains 12 meals, costs $31.94 and comes in a beautifully packaged box.

Proper Good appeared on Shark Tank Season 13, Episode 2, where they asked the Sharks for $400k for 10% equity, valuing the company at $4 million. Their focus on delivering nutritious, convenient meals aligns with the growing trend of startups based on natural foods.

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How Was The Shark Tank Pitch Of Proper Good?

Chris Jane and Jennifer Jane entered Shark Tank with their company, Proper Good, and asked the Sharks for $400,000 for 10% equity. These siblings pitched their business idea in a unique way that was liked by both the Sharks and the viewers.

Jennifer told the Sharks that their company’s best-selling product is Red Pepper Meatball Soup. The Sharks tasted their food and liked it very much.

On average, their products cost $7 and include free delivery. In the subscription model, the cost of their meals goes down to $5.99. The cost of a single food pouch ranges from $2 to $2.50, and the company has a gross margin of 65%.

The business was launched in April 2020, and by the end of the year, they had made sales of $556,000. In 2021, they are on track to make million-dollar sales. All their sales come directly from consumers.

Daymond John liked Chris and Jennifer’s presentation but did not like the soup, so he was out. Lori Greiner loved the business and its rapid growth during the pandemic, but felt it was still in the early stages, so she did not invest.

Peter Jones asked about the company’s profit. The founders said they are currently losing money, with approximately $550,000 in gross margin and $300,000 in net margin. The company has raised $2 million and netted $300,000 from its $1.1 million in sales. Their customer acquisition cost is approximately $32, and they lose about $80,000 every month.

Kevin O’Leary liked the product and the idea but could not invest because the customer acquisition cost and lifetime value were not right for him.

Mark Cuban decided to make an offer: $400,000 for 25% equity. He said he could easily take the business to $25 million in 3 to 4 years. Jennifer countered with 20% equity, and Mark agreed.

Finalize: Mark Cuban Invest $400K in ‘Proper Good’ for 20% Equity.

Proper Good Shark Tank Update

Chris Jane and Jennifer Jane entered Shark Tank with their company, Proper Good, asking for $400,000 in exchange for 10% equity. While most of the Sharks declined to invest due to the high customer acquisition costs, Mark Cuban decided to invest, predicting the company could reach $25 million in sales within 3 to 4 years.

Their British accents were well-received by viewers, making their pitch a memorable part of the show. After Shark Tank, Proper Good launched several new products, including Chana Masala Curry, Lentil Dahl Curry, Basmati Rice, Peanut Butter & Banana Overnight Oats, Apple Cinnamon Overnight Oats, and more. In December 2021, they added an oatmeal product line.

On August 25, 2022, the company shared on Instagram that they had donated 10,000 meals to welfare.org. By October 15, 2022, they celebrated one year since Mark Cuban’s investment.

Proper Good’s key team members are Christopher Jane, Jennifer Jane, and Madeena Khan, the outbound sales manager. Mark Cuban’s investment and mentorship have been instrumental in the company’s growth.

Following their Shark Tank appearance, Proper Good saw a significant increase in sales. They projected million-dollar sales by the end of 2021. Despite initially relying on direct-to-consumer sales, expanding into retail could further boost their revenue. As of October 2020, reports indicated that the company was on track for $2 million in sales.

We will continue to follow Chris Jane, Jennifer Jane, and their company for further updates.

What Is Proper Good Net Worth?

This year, Proper Good’s sales data shows significant improvement over last year, and the company is growing steadily. To increase revenue further, the company should expand beyond its website and be available on other online e-commerce marketplaces. Currently, Proper Good’s net worth is estimated to be between $0.9 million and $1.4 million.

Founders Chris and Jennifer Jane are focused on growing their business and have recently introduced many new products. Investor Mark Cuban is assisting with business growth through his contacts.

Proper Good is headquartered in Bozeman, Montana, United States, and employs a team of 2-10 people.

Yes, Proper Good is still in business as of August 2024.