Toast It is a brand that makes ready-to-eat Venezuelan arepas and Latino foods. Arepas is a very popular cake in Central and South America, mainly people of Colombia and Venezuela like to eat it.
This Latina-owned business was started by two sisters Mafe Cabezas and Coco Viete in 2019. When these two sisters came to the United States from Venezuela, they missed the cookies made by their mom.
They knew the recipe for cookies from their mothers, so they created a product that was ready-to-toast and had traditional flavors in it. They started making arepas from their kitchen with a taste of Latin American culture.
They were successful in striking deals with big supermarket chains like Walmart and Whole Foods. Both these sisters appeared in Shark Tank Season 15 Episode 2 for investment so that they will be able to expand their business.
What is Toast It?
TOAST IT is a brand that sells ready-to-eat Venezuelan arepas and Latino foods. This brand sells different types of products like Cassava Arepas, Chia Flaxseed Arepas, Original Arepas, Pandebono Bites, and Plantain Bunuelos.
All Arepas are gluten-free, dairy-free, sugar-free, and gluten-free and use high-quality ingredients to make the product. The cost of 6 packs of Cassava(Yuca) Arepas is $55.99 and the cost of 6 packs of Original Arepas is $49.99.
|Company Name||Toast It|
|Founder||Mafe Cabezas and Coco Viete|
|Product||Guilt-free & convenient Latin American food staples|
|Asked For||$100k for 5% equity|
|Final Deal||$150k for 20% equity|
|Episode (Shark Tank USA)||S15 E2|
|Air Date||Oct 6, 2023|
|Business Status||In Business|
|Headquarters||Miami, Florida, USA|
|Lifetime Worth (Sales)||$0.4M *estimated|
|Buy and Watch||Buy Now||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of Toast It?
The co-founders of Toast IT company are two sisters Mafe Cabezas and Coco Viete. They started their business in 2019 from their kitchen.
How Was The Shark Tank Pitch Of Toast It?
Mafe Cabezas and Coco Viete Ask Sharks for $100K for 5% Equity After Appearing on Shark Tank. Explained their business journey to the sharks. The Sharks liked the taste of Arepas very much.
By May 2023, these products were available at 900 stores, including Publix, Walmart, Whole Foods Market, and Winn-Dixie. By 2022, they had made a total of $200,000 in sales and by May 2023 (5 months period) this year, they had made $195,000 in sales. They project to do $500,000 in sales by the end of the year.
Making cost $2.30 and selling cost $3.23 in this the gross margin is only 30% after expenses 20% margin.
Kevin O’Leary offered $100k for 20% equity at a $500,000 Valuation. Daniel Lubetzky matches Kevin O’Leary’s offer of $100k for 20% equity.
Founder countered with $150k for 15% equity. Kevin O’Leary refused. Daniel counters $150k for 20% equity. The founder accepted the offer from Daniel Lubetzky.
What Happened To Toast It After Shark Tank?
Toast IT got a deal on Shark Tank, Daniel Lubetzky took a 20% stake in the business and invested $150k.
Founder Mafe Cabezas gave birth to a child named Lara on October 10, 2023. Currently, frozen foods of this brand are available at Walmart, Publix, Winn Dixie, Whole Foods, Milans, and more stores nationwide.
What’s new on Toast It
Last Update: October, 2023
This episode of Shark Tank was shot in 2023 and at that time Mafe Cabezas was 5 months pregnant. This episode of Shark Tank aired on October 6, 2023, and Mafe gave birth to a child on October 10, 2023.
Toast It Shark Tank Update
After Toast IT got the deal in Shark Tank, many people started buying frozen food of this brand from big stores like Whole Foods, and Walmart. Within a few days of this episode of Shark Tank airing, this company made thousands of dollars in sales.
What Is Toast It Net Worth?
Toast It net worth is estimated at $0.3 million. The bigger the food industry is, the more competition there is. Many popular brands are competing in this industry. At present, most companies are running at a loss.
Is Toast It Still In Business?
The culture of Latin America is found in the food of this brand. According to a report, in 2021, there are an estimated 62.5 million Latinos living in the United States.
The official address of this food brand is Miami, Florida, United States and it has 2-10 employees according to its LinkedIn profile.
Yes, Toast It is still in business as of October 2023.
frequently asked questions
Who is the Founder of Toast IT?
Toast IT was founded by Mafe Cabezas and Coco Viete.
Did Toast IT get a deal on Shark Tank?
Toast It Arepas gets a deal on Shark Tank, and Daniel Lubetzky funds this business.