The rise of plant-based meat alternatives shows no signs of slowing down. Beyond Sushi is a vegan restaurant chain looking to lead the movement. Founder and executive chef Guy Vaknin brought the business to Shark Tank and sealed the deal with Lori Greiner and guest Shark Matt Higgins. Beyond Sushi is now valued at $10 million.
Background of Guy Vaknin
Guy Vaknin is originally from Israel, where there was always delicious food at weekly gatherings. He moved to New York to study at the Institute of Culinary Education. Prior to that, he served in the Israel Defense Forces.
Guy began his culinary career as an executive chef at the catering company Esprit Events. He even had the opportunity to be on the tenth season of Hell’s Kitchen and starred in seven episodes. The Israeli professional chef left the show in 13th place. He has since returned to his family and the food industry.
Founding Beyond Sushi
At some point in his career, Vaknin decided to focus on creating vegetarian dishes. This emphasis on serving vegan customers inspired him to explore the idea of plant-based sushi.
In 2012, he invested $70,000 in City Roots Hospitality, which launched Beyond Sushi. In addition to sushi, Guy also offers vegetarian dumplings, noodles and salads. His dishes are popular even among meat eaters.
In 2015, Guy partnered with renowned entrepreneur Sandy Beall. Three years later, the sushi company has six locations across the country. His largest stores are bringing in about $2 million in revenue each year.
Shark Tank Appearance
Guy Vaknin sought Sharks’ help as he looked to expand on the West Coast. He appeared on Shark Tank Season 10 looking to raise $1.5 million to purchase 25% of his future West Coast stores and 5% of his existing East Coast stores.
The entrepreneurial chef impressed the sharks with his dishes. He knew his numbers and was clearly passionate about his cause. However, some of the sharks didn’t think they were a good fit for the company.
Guest Matt Higgins showed interest but had several concerns, and he wanted more equity on the East Coast. Then Lori Greiner offered to partner with him to buy 15% of the East Coast business and 30% of the West for $1.5 million. Vaknin accepted the offer.
After Shark Tank
Unfortunately, the deal with Lori and Matt never closed. In an interview with the Institute of Culinary Education, Guy revealed that he turned down the investment during the due diligence phase, thinking things would go in a different direction.
In early 2020, the pandemic hit the company, causing heavy losses and slowing growth. The Israeli-born chef used to serve about 1,500 customers a day, but now the number of customers has dropped to a few hundred. He also had to lay off 100 employees and close some stores.
They recently ended their lease on Mulberry Street in New York, and now only have three stores left. In addition to the physical stores, you can also order sushi on their official website BeyondSushi.com.
GrubHub users give their food an average of 4.4 stars from 617 votes. Sales figures have not been released recently, but sources such as growjo.com estimate that the business has annual revenue of $3.4 million. This would put Beyond Sushi’s market value at $10 million.
Categories: Shark Tank
Source: dut.edu.vn
