Popcorn cereal, ice cream fries, and peanut butter burgers are all examples of weird food combinations that really work. However, none of these have been more successful than the pizza cupcakes created by Michelle Jimenez and Andrea Mejiato. The product was featured on Shark Tank, and the couple landed a deal with Lori Greiner. As of 2024, the pizza cupcakes are valued at $2.5 million.
Founder Profile
Andrea Meggiato is a professional chef from Italy. He started cooking at the age of 16 and was hired by an Italian restaurant in London. A few years later, Andrea decided to bring his culinary talents to New York.
Michelle Jimenez is a Filipino immigrant from Mechanicsburg, Pennsylvania. After graduating from high school, Michelle moved to New York City to attend college and become a social media marketing specialist.
In addition to cooking at the restaurant, Meggiato also worked in the jewelry business at Faraone Mennella. However, his love for pizza led him to find the love of his life. In 2015, he invited Michele to join him for pizza, and she agreed.
Create Pizza Cupcakes
Andrea had a vision to revolutionize pizza by baking it in cupcake form. He was so excited about the idea that he quit his day job and started the company in 2018.
After many failed experiments, the perfect pizza cupcake recipe was born and quickly became an Instagram sensation. The founders later opened a shop near Smorgasburg Vendors and Citi Field.
In 2020, they had to close their stores due to the pandemic and switched to selling products directly to consumers online. Despite the setbacks, they still achieved sales of $344,000 thanks to Michelle’s e-commerce experience. The couple also focused more on the production of frozen foods.
Shark Tank
Despite steady revenue from their startup, Michelle and Andrea decided they needed to raise more money to grow their business. In 2021, the entrepreneurs entered the 12th season of Tank. The duo asked for $125,000 for a 5% stake, a fair valuation compared to their peers on the show.
After tasting such unique delicacies, the Sharks became even more excited about the business. Kevin O’Leary and Mark Cuban thought the frozen food business was difficult to do, so they gave up.
Daymond John and Robert Herjavec expressed interest in the cupcake business. Lori Greiner showed the most interest, but wanted a large equity stake. The two entrepreneurs agreed to her final proposal of 12.5% equity and 2.5% consulting shares in exchange for $125,000.
Success after Shark Tank
Soon after the show aired in January 2021, Michelle and Andrea’s company made $300,000 from online sales. About 10 months later, revenue had risen to a staggering $3.1 million.
The Pizza Cupcake debuted in 100 Wegmans stores on the East Coast. Only the pepperoni flavor is available in stores, while the Margherita flavor is only available at ThePizzaCupcake.com. In September 2022, The Pizza Cupcake announced that it is now available in 1,600 Walmart stores across the United States.
In May 2023, they expanded their retail presence in Foxtrot, Woodmans and GIANT. Now that pandemic restrictions are over, business is performing better than ever. Annual revenues have risen to $5 million, with a company valuation of $2.5 million.
Categories: Shark Tank
Source: dut.edu.vn
