Appeared in Souper Cubes Shark Shark Tank Season 13 Episode 21, stackable freezer food trays Product company of the consumer goods industry. Souper Cubes founder Michelle & Jake, both husband and wife, asked for $400,000 in Shark Tank in exchange for 5% equity in the company.
Souper Cubes is a company that solves the problems related to food storage and safety. This is a BPA-free, dishwasher-safe, food-grade silicone product that looks like ice cubes but is designed to store food.
In this you can store different types of food like soup, broth, sauce, etc. can be kept fresh for a long time by keeping it in the freezer.
Founders Michelle and Jake Sendowski love homemade soup. So he noticed a problem if the soup becomes too much, then even after keeping it in the fridge, it bursts.
The solution product to this problem was not yet on the market, they tried a lot to find the solution product but they could not find it.
To get the information related to this, Jake did a lot of research on the internet too but he also did not get the cook information.
After that Jake tried that he would make this product, he is an engineering student, he has experience in product development.
Michelle also joined him in this work and gave him time to solve this problem. After some time he built his first model.
He told his friend Sasan Salek about his experience in manufacturing and import/exporting in China so that he could help him to manufacture this product.
These three founders together started Souper Cubes, LLC company that designs, manufactures, markets, and sells novel kitchen tools.
Souper Cubes solves a very big problem. When you make delicious food, you do not know the right way to store it.
If the foods are not stored in a safe and in the right way, then when those things are eaten, then the disease can go into the body through it. For this, the founder invented the Souper Cubes product.
What Are Souper Cubes?
Souper Cubes is a stackable freezer food trays product company in the consumer goods industry, it was launched in 2017. It’s official headquarter is in San Francisco Bay Area, Silicon Valley, West Coast.
This product provides a food storage solution that stores portions of foods such as soups, broths, leftovers, stocks, and plentiful other foods.
This is an ice tray as it is made in food-grade silicone so it is easy to pop out frozen portions that are also reheated.
This product is made from BPA-free, 100% FDA food-grade silicone, High-quality materials, Dishwasher safe, etc. The Souper Cubes Tray has been made with food safety in mind.
It provides a tray for Cubes, Milk, Baking Dish, Cookie, etc.
Or the tray can go right from the freezer to the oven for reheating—up to 415ºF. The lids, however, are not oven safe
Souper Cubes Shark Tank Update
|Company Name||Souper Cubes|
|Founder||Jake Sendowski and Michelle Sendowski|
|Product||silicone trays for freezing food in perfect portions|
|Asked For||$400,000 for 5% Stake|
|Final Deal||$400,000 for 5% Stake|
|Episode (Shark Tank USA)||Season 13 Episode 21|
|Air Date||May 2, 2022|
|Business Status||In Business|
|Net Worth||$8 Million *estimated|
Souper Cubes Contact Details
Who Is The Founder Of Souper Cubes?
Jake Sendowski, Co-Founder and CEO of Souper Cubes, is a Ph.D. scholar. He studied Electrical Engineering at Caltech.
He also completed his Master of Science (M.S.), in Electrical Engineering from the same university.
He worked at Intel Security for 2 years, after that he worked for 4 years at Vectra AI as Director of Product Management.
Michelle Sendowski, who is his wife, is the co-founder of this company and has done her degree in school from UCLA School.
Worked as a Senior Assistant at Stanford University for 4 years. Worked as a Research Analyst in Part-Time UCLA BRAID Research.
Souper Cubes Before Shark Tank
Souper Cubes had generated a lot of sales during its inception from the online and offline markets. He had marketed his product in the Silicon Valley area, which made him a success in the coming times.
The patent for this product has already been made. Michelle says that her company did $940,000 in sales in 2019, which is a huge achievement for this company.
In the middle of the 2020 pandemic, it crossed the revenue of $ 1.6 million. In the first month of 2021, it generated an amount of $330,000.
So at the end of the year, this company crossed the revenue of $3.3 million.
Michelle also said that they have a huge customer base and their customers are loving this product very much.
Positive customer feedback is coming for this product which motivates them to invent some new products.
They use Instagram, Twitter, Facebook, and Google Ads for marketing their products, which brings them more and more sales.
This product is listed on the online marketplace Amazon and this product has got a rating of 4.8 stars out of 5 stars.
Most of the buyers on Amazon have given positive reviews because it is satisfied with this product, one user says that.
In this Shark Tank television show, Michelle & Jake say 78% of their sales come from Amazon, 8% from their website, and 14% from retail partners such as Willamson Sonoma and Sur La Table.
Did Souper Cubes Get a Deal on Shark Tank?
The founder of Souper Cubes asked for $400,000 in Shark Tank in exchange for 5% equity of the company, after which his company is valued at $8 million.
The first offer was from shark Kevin O’Leary and he gave two different types of offers.
Kevin O’Leary #1: In their first offer he agrees to invest $400,000 but needs 3% equity with $0.40 royalties on every unit.
Kevin O’Leary #2: Kevin’s second offer was that he would invest $400,000 but he wanted 15% equity in the company, no royalties whatsoever.
Barbara Corcoran: Barbara Corcoran also showed interest in it and she was ready to invest in it. She also made 2 offers in front of the founder.
Corcoran #1: Her first offer was that she would invest $400,000 in this company but she wanted 10% equity.
Corcoran #2: Her second offer was that if she gets 20% equity in the company then she is ready to invest $800,000 in it.
😥 They Didn’t Get the Deal 😥
Michelle & Jake (Co-Founder) of Souper Cubes: Looking at Corcoran’s offer, the founder Michelle says that 20% is too much equity and she is not ready to give so much equity. She hasn’t even talked about it with her partner.
Kevin O’Leary (revised offer) #3: Kevin modified his offer and made another offer to the founder of $400K for a 3% stake + a royalty of 40 cents per unit until $1 Million is paid.
😥 They Didn’t Get the Deal 😥
Mark Cuban: Cuban said that he liked the name “Souper Cubes” both husband and wife, but he does not know much about it yet, Because of this reason, he is out of these Deals.
✋ Out of Deals ✋
Lori Greiner: Grenier says that she has not found any fault in this product, she has been proved right in all the factors so far.
Lori Grenier: Grenier is ready to make her offer. She says it is a hero product and he will invest $400,000 in it in exchange for 5% equity in the company.
😄 Finally, Lori Grenier Got a Deal of $400k for a 5% stake in this company 😄
Kendra Scott: Scott said that “I am very interested in this product but I can’t beat this offer from Grenier so I am out of this deal”.
✋ Out of Deals ✋
What Happened To Souper Cubes After Shark Tank?
Michelle & Jake said they would seek funding from the Shark Tank television show, as well as talk about mentoring sharks and marketing them.
This company has got funding and they will spend more on their marketing to promote their product.
This was also one of his reasons for taking funding, he wants to expand globally, so he will work on it as much as possible.
The first few months after the show Shark Tank, their sales showed a huge increase, more than $1 million in sales came in the month itself.
The sales graph of this company is currently in the growing position and it is moving slowly.
Souper Cubes had a lifetime sale of $2 million in Shark Tank Season 12 February 2021. So Lori invested $400,000 for 5% in this business, and the product was sold for $938K within 24 hours of the show. With the help of Lori, this business was able to expand internationally(Canada, Mexico, Europe, Australia, and the Middle East).
Where Can You Buy Souper Cubes?
Souper Cubes is currently available on Amazon, their website, and some retail partners like Sur La Table, Food52, Williams Sonoma, etc.
The freezer tray costs $3.80 to make but is currently on sale for the retail price of $36.99. This product is selling with a very high-profit margin.
What Is The Souper Cubes Net Worth?
First thanks to Shark Lori Greiner, she matched the original valuation of the founder. Souper Cube’s worth is now $8 million after this deal.
After the show Shark Tank, the company’s valuation is increasing which is a sign of a positive.
Is Souper Cubes Still In Business?
Even in 2022, the Souper Cubes company is running in profit, it currently does sales of millions of dollars every month.
10-50 employees are working in this company, it has also been successful in giving employment to people.
It shares many things on its website like recipes, tips, food hacks, etc. In today’s time, it has become a brand of the company, and many people know about this company.
He has more than 30.7k followers on his official Instagram account.
Shark Tank Air Date: 5/2/22 – Season 13 – Episode 21
Next, we will give you information about the Souper Cubes startup.