Filipino cuisine has a unique appeal that is very different from traditional American food. This exotic and familiar taste is gaining popularity among the Filipino American community in the United States. Fila Manila, founded by Jake Deleon, found a promising market and struck a deal with Daniel Lubetzky. After Shark Tank, Fila Manila’s valuation is estimated at $3 million.
Jack DeLeon’s Background
DeLeon was born in the Philippines and grew up in New Jersey. He is a first-generation Filipino American, so the influence of his motherland is still strong. He experienced the joy of Filipino partying firsthand.
In addition, one of his parents’ side jobs was to cook Filipino food for friends and family. He helped them and became familiar with Filipino cuisine at a very young age.
Founded Fila Manila
Jack founded his first startup, Original Almond, in 2015, but it closed during the pandemic. The Washington, D.C.-based entrepreneur was frustrated, but only temporarily, because he felt a surge of Filipino pride when he read an article about frontline health care workers in the Philippines.
This led him to research Filipino cuisine and discovered that it was not common in the U.S. De Leon cooked up three staple must-have sauces for $1,200: one for adobo, one for curry and one for caldereta.
He launched Fila Manila on Amazon in late 2020. The product quickly became a bestseller on the site, attracting the interest of Kraft Heinz and Sputnik ATX, which later invested in the seed round.
Enter Shark Tank
With two successful rounds of investment and annual revenue of about $150,000, Fila Manila underwent a massive transformation. They switched from canned products to more sustainable pouches and squeeze bottles. They presented the packaging on Shark Tank and sought $250,000 for a 5% stake. The valuation was too high, and Daniel Lubetzky made his feelings clear.
After Shark Tank
Although the episode just aired, Fila Manila is already benefiting from the infamous “Shark Tank effect.” The episode attracted more than 3.5 million viewers, and millions more will see the product through video clips on social media. The deal with Daniel will be completed within the next three months.
Thanks to the packaging change, the company is better positioned to maximize gross profit from the upcoming sales growth. Fila Manila should be able to double its annual revenue by 2024.
Deleon’s products are sold in 2,000 stores in 25 states, a number that has doubled in the past 18 months! The founders also estimate that business is growing 30% to 40% per year at major retailers.
You can buy these products online at Amazon, Umami Cart, Weee, and FilaManila.com. You can also buy them in stores like Sprouts, Target, Whole Foods, Meijer, Fresh Thyme, and Mom’s Organic Market.
Prices range from $9.50 to $15, and the company sells a Shark Tank Pack of four sauces and a gift box for $39. Mild Adobe Sauce is their best-selling product on Amazon, with a 3.8-star rating from 261 reviews. According to the 2020 census, there are 4.4 million Filipino Americans who would love their product.
Categories: Shark Tank
Source: dut.edu.vn
