Souper Cubes Shark Tank Update (Season 13)

Souper Cubes is a stackable freezer food trays product company in the consumer goods industry, it was launched in 2017.

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, cookies, 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

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 is a co-founder of this company and has earned 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 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 proven 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, “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 ✋

Souper Cubes Shark Tank Update

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.

The product 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?

Souper Cubes’ net worth is estimated at $2.5 million.

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.