Simply Good Jars is a high-quality, chef-made, ready-to-eat, slides in a jar, that appear in Shark Tank Season 12 Episode 16. Jared Cannon, the founder of Simply Good Jars, is a chef who asked the sharks for $500,000 for 7% equity.
Cannon asked to sign Dean with the Sharks, showing his company’s valuation of $7.1 million. Mark Cuban and Lori Greiner signed this business deal at a $5 million valuation.
Simply Good Jar offers healthy salads and this jar is recyclable too. It provides fresh salad with healthy ingredients so that healthy salad can be enjoyed at any place.
In 2017, this Simply Good Jars Company started selling from the Philadelphia area. Apart from providing fresh salads, this company also acts as a packaging product.
This jar comes with Health Fresh Salad and its container is made from recycled plastic, The jars can be reused after the salad is over.
The special thing in this business is that any customer who buys their product can return the jars while re-ordering. So that they can be washed and returned for donation.
There is a very long story behind the origin of Simply Good Jar’s business idea. Jared Cannon started working in the hotel business in Miami. After working in Miami for 6 years, moved to Philadelphia to work as Head Chef at Iron Hill Restaurant.
Cannon was passionate about doing business and becoming an entrepreneur To fulfill this hobby, he launched the Simply Good Jars company in the Philadelphia area in 2017 by loaning $1,000.
What Is Simply Good Jars?
Simply Good Jars is a healthy ready-to-eat salad that comes packed in a jar. Their jars contain fresh salad ingredients which are very good for your health.
There are many people whose salads are also different, the same company offers Cobb Salad, Smoked Salmon Salad, Chicken Quinoa, and Greek Salad.
High-quality ingredients are used in this fresh salad, which builds muscles and keeps healthy and fit. The salad which is in the jar has to be shaken for a few seconds before making it eight so that the salad gets mixed by you. Now it is ready to eat.
This Plastic Jar Is Reusable Once The Fresh Salad Is Finished This jar can be used to store eggs, pens, nuts, etc.
Each Simply Good Jar Salad has a shelf life of 9 days.
This salad was previously only sold in the Philadelphia area but is now available on GoPuff and the 9.2oz salad is priced at $10.99.
Simply Good Jars Shark Tank Update
|Company Name||Simply Good Jars|
|Product||High-Quality, Chef-Made, Ready to Eat, Salads in A Jar|
|Asked For||$500,000 for 7% Equity|
|Final Deal||$500,000 for 10% Equity|
|Shark||Mark Cuban and Lori Greiner|
|Episode (Shark Tank USA)||Season 12 Episode 16|
|Air Date||March 5, 2021|
|Business Status||In Business|
|Net Worth||$2.1 Million *estimated|
|Headquarters||Philadelphia, Pennsylvania, United States|
|Go To Amazon||Buy Now|
Another Shark Tank Pitch
Who Is The Founder Of Simply Good Jars?
The founder and CEO of Simply Good Jars Company are Jared Cannon, who is also a head chef. He started this company in 2017. But in 2013, he became the CEO of Sapor Food Group.
He did his graduation from The Culinary Institute of America and worked in the hotel business in Miami.
After that, he got a job as Head Chef at Iron Hill Brewery & Restaurant. Kenan was very passionate about business, so he did a master’s degree in business from the Fox School of Business at Temple University in 2016.
After his master’s degree, he worked as a corporate executive chef in Tria for 1 year. In 2017, he left his job and started Simply Good Jars Company.
Cannon comes from a food background and had very good knowledge of healthy foods. He found a need for a healthy salad in the market and that’s why he started this company.
Simply Good Jars Before Shark Tank
When Cannon started this business, he took a loan of $1,000 for this business, after a few months he started getting advance orders.
Cannon has a very good knowledge of ingredients from Healthy Foods and also knows what is good for the environment.
The salad made from Simply Good Jars is fresh and healthy as well as the jars it contains are re-usable.
Simply Good Jars donates its meals to different local organizations.
In October 2020, Cannon was selected Entrepreneur of the Year as a 2020 Greater Philadelphia Award Winner!.
According to a CrunchBase report, Simply Good Jars raised an investment of $675k from Investor’s Circle, Robin Hood Ventures, and SOSV in the 2018 Pre-seed round.
Raised investment of $1.6M in a seed round in 2019, raised $110K in funding under convertible notes in 2020.
Victor Fiorillo of PhillyMag interviewed Jared on March 2nd, Cannon revealed that he has raised an investment of $4 million in the last 4 years.
Did Simply Good Jars Get a Deal on Shark Tank?
After joining Shark Tank, Jared Cannon asked the Sharks for $500k for 1% equity, saying his company was valued at $7.1 million.
As a pitch in Shark Tank, Cannon tells the story of his business journey from a chef to a businessman.
Sharks After testing this healthy salad, all the sharks had a saying “It tastes great”.
Before the Covid-19 pandemic, their major sales were by placing “smart coolers” at different places, including hotels, airports, convention centers, office buildings, and universities. After the arrival of Covid19, all the distribution got down 98% in one night.
It was available in 4 locations between Easter and Memorial Day, including 230 doors.
He launched 175 convenience stores in Chicago’s Walgreens stores and Through Cloud Kitchens, he provided the salad to the Near meal delivered platform.
Cannon told Shark Tank that it sells each jar for $8.99 to $10.99, and the wholesale model for $5 to $6. Its making cost ranges from $2.50 to $3.60.
In 2020, he had sales of $300,000. Cannon said in his pitch that he is currently running on a $475k track to date. he’s on track to do $700,000 – $750,000. Cannon said that he is not profitable even after this revenue. In 2020, he lost $900k.
Cannon said that this food company could be moved to national distribution in 18 months through Relationship, Production, and Distribution. In the coming 2 years, this company can become from $ 50 million to $100 million.
Cannon holds 51% shares of this company at present.
Kevin O’Leary made his offer of $500k as a loan at 9.5% Interest for a 7% Stake.
Robert Herjavec said that this business is very good but there is a lot of risk in it, so he is out of this offer.
Mark & Lori made an offer of $500k for 10% equity and Jared Cannon accepted the offer.
What Happened To Simply Good Jars After Shark Tank?
Shark Tank was successful for simply good jars, the company got an investment of $500K. Mark & Lori signed a deal with this company and the deal has not been closed yet.
When Shark Tank Season 12 Episode 16 Aired on Television People liked this product so much, that their sales increased by 1500% and this company received 750,000 inquiries.
Since then, their sales are increasing till July 2022. In 2021, their revenue was $ 4 million. In 2022, he expects it has become available in 28 states of the United States.
Cannon is looking to expand this business internationally with the help of Mark & Lori.
This salad’s local delivery platform is currently available in NYC, Brooklyn, Chelsea, Harlem, Long Island City, and Philadelphia.
What Is The Simply Good Jars Net Worth?
The business signed a deal in Shark Tank in 2021 at a $5 million valuation, with sales of $4 million by the end of 2021. Looking at all these reports, Simply Good Jar’s net worth can be $2.1 million.
Is Simply Good Jars Still In Business?
Yes’ This Simply Good Jar Business started to become profitable in July 2022, it has covered a lot of states in the United States.
This company makes the healthy salad, its shelf life is 9 days, so it is not able to cover more states in less time.
It has reached its cloud kitchen in many states of the United States so that fresh salads can be available to the customer.
We expect the company to reach a $100 million valuation soon, according to Cannon.
Content Photo Credit: simplygoodjars.com