Umaro Net Worth – 2024 Shark Tank Update

One of the hardest things about veganism is missing the taste of pork. Luckily, plant-based meat products are slowly coming to market. Amanda Stiles and Beth Zoet invented Umaro, a bacon made from seaweed. After pitching it on Shark Tank, they landed a deal with Mark Cuban. As of 2024, Umaro is valued at $15 million.

About the Founder

Amanda Stiles is a research scientist from Berkeley, California. She holds a bachelor’s degree in biology from Virginia Tech. From the same university, she received her doctorate in plant molecular biology.

Beth Zotter is from the San Francisco Bay Area and studied Public Policy and Environmental Science at Harvard University. Beth holds a Master’s degree in Energy and Resources from the University of California, Berkeley, where Amanda did postdoctoral research.

Stiles has applied much of his research to companies such as Ripple Foods, Activate, and American Journal Experts, while Zotter has held various positions at companies such as Energetics, Inc., Bio Architecture Lab, and Cyclotron Road.

Founding of Umaro

Zotter had extensive experience in renewable energy, and one day the Department of Energy awarded her $5 million to build a seaweed farm to produce alternative fuels. During the project, she discovered that seaweed was a good source of protein.

This gave her the idea to develop a plant-based version of a beloved food: bacon. She sought out Berkeley’s plant and protein experts and found Amanda.

Since the two women shared a common goal, they worked together to create Umaro, the first vegan alternative to bacon. The company was founded in 2018 and received a $3 million investment from Clear Current Capital in early 2022.

Shark Tank Appearance

After making their first batch of 500 bacon slices, Amanda and Beth needed to raise more money. They appeared on Shark Tank Season 13 and asked for $500,000 in exchange for a 2% stake. The $25 million valuation was high, and the company would need to raise more money in the future, which would dilute the Shark Tank’s equity.

In addition to bacon, they also plan to launch more seaweed-based meat products. Most of the Sharks believed them, and Kevin O’Leary was the first to make an offer. However, Mark Cuban and Lori Greiner eventually fought it out.

Lori tried to play the female empowerment card but failed. Ultimately, Mark won when he accepted Beth and Amanda’s counteroffer of 7% for $1 million.

After Shark Tank

Umaro’s deal with Mark Cuban is one of the biggest in recent Shark Tank history. At this point, it looks like their deal with Mark Cuban has not closed. Cuban lists all of his Shark Tank investments on markcubancompanies.com, but Umaro is not on the list!

Umaro is still working on bringing its seaweed bacon to the masses. According to UmaroFoods.com, the product is already sold in more than 50 restaurants and cafes in areas such as New York, Nashville, San Francisco, Orlando and Atlanta. The company currently has five full-time employees, according to their LinkedIn profile.

With millions of dollars in funding, Umaro is poised for success in the coming years. Although the company has yet to start large-scale production, it is valued at $15 million. They are also working on improving the taste of their product.

Categories: Shark Tank
Source: dut.edu.vn