TOAST-IT Valuation – The Secret to Success After Shark Tank

Arepa is a South American staple, but not many companies in the U.S. can replicate its authentic taste. Venezuelan sisters Maria Fernanda and Maria Corina Cabezas discovered it when they immigrated. The Maria sisters relaunched their favorite food through TOAST-IT and landed a deal with Shark Tank’s Daniel Lubetzky. TOAST-IT is estimated to be worth $2 million in 2024.

About the Founder

Maria Fernanda “Muffi” and Maria Corina “Koko” left their home countries to study in the U.S. Muffi studied corporate finance, while Koko earned a master’s degree in data science from the University of California, Berkeley.

After graduating from college, Mafe went on to work for major companies such as Citibank, PepsiCo, and Pfizer. Coco also initially took the corporate route but always wanted to be an entrepreneur.

The Cabezas sisters live a busy life in Miami, but one thing unites them: a craving for Venezuelan cuisine. They found several stores that sold their favorite tacos, but they didn’t taste the same as back home.

The ingredients used were unhealthy and original recipes were rare. Mafi did some market research and realized there was a huge gap in authentic Spanish cuisine. She planned to start a business and her sister was keen to join.

Founding of TOAST-IT Arepas

Sister Maria got her mom’s recipe, and TOAST-IT was born in 2020. Coco made the tortillas herself, while Mafe packaged them. At the time, she had to juggle her job at Pepsi.

They came up with Venezuelan food that was as authentic and healthy as possible, but also tailored for an American audience. It’s frozen, pre-cooked corn meal that can be toasted in an air fryer, toaster, or oven.

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Mafe and Coco excelled in advertising, getting TOAST-IT into more than 800 retail stores in three years. The sisters are long-time fans of Shark Tank and practiced their pitch endlessly in front of friends and family. The episode was filmed on June 13, 2023, and the wait was less than four months before it aired.

After Shark Tank

Even though the episode has only just aired, the girls have already noticed a significant increase in website traffic and emails from interested customers. The promotion alone should help them sell at least $100,000 in product next week, as nearly 3.5 million people will watch the episode live. The deal with Daniel should be completed within the next four months.

Viewers will be tempted to try their tacos, and if you’re one of them, you can order them online at ToastItFoods.com. You can also buy them in-store at Walmart, Whole Foods, Milam’s, and Central Market. The authentic tacos are also hitting 500 Publix stores in 2021. These girls are selling Shark Tank meals for $55.99! In the long run, businesses need to reduce their cost of goods to increase profitability.

Currently, they sell three flavors: Original, Cassava, and Chia & Flax. On their website, Chia & Flax has a 5-star rating, while the other two flavors have an average rating of 4.5 stars. Recently, the company has expanded beyond tortillas and now sells Pandebono Bites.

Categories: Shark Tank
Source: dut.edu.vn

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