'Shark Tank': Lori Greiner says Mark Cuban 'outmoneyed' her after $1M Umaro deal
Looking to go vegan but not sure you'll find suitable substitutes for the food you love? Umaro is here to change that. The brand offers 100% plant-based bacon made from seaweed. This bacon is nutritious, but it is also good for the planet!
But now, the question is, will Umaro be able to bag a deal with Mark Cuban, Lori Greiner, Kevin O'Leary, Emma Grede and Robert Herjavec?
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Umaro founders Beth Zotter and Amanda Stiles walked on to the show, hoping to score a $500,000 for 2% equity in their company. With impressive backgrounds and the fact that both were on the mission to help save the planet, Umaro is the first and only company to commercialize seaweed protein. They also had multiple patents pending and even though they were still improving their product, they were already in talks with two restaurants about opting for vegan bacon, among other deals.
The cost of goods was $7, and they were looking to bring it down to $5.30. While Umaro is still in the prototype stage, having only created the first 500 pieces, the brand was already looking to venture into breakfast meats and cured meats. Kevin O'Leary noted they were out to 'reinvent the wheel', and the other sharks were on the same page. While Emma Grede and Rober Herjavec were both impressed with the women, they backed out early on. However, O'Leary was quick to make them an offer for 8% equity.
They countered with 8% for $1 million, an offer which even Mark Cuban agreed to. However, Lori Greiner stepped in, willing to do 4% with no dilution of funds. Cuban and Greiner began to argue, as they both wanted in but not together. So it all came down to picking a shark who would add the most value. Umaro countered with 7% for $1 million, and Mark didn't even blink twice before taking it!
Fans were looking forward to see what the brand would do. "Well, the Umaro pioneers of the new frontier chose @mcuban over @LoriGreiner. #SharkTank. So much for girl power. Good luck to them." tweeted a fan. "#UMARO Congrats on getting a deal with the richey man @LoriGreiner is so funny #SharkTank" added another.
Well, the Umaro pioneers of the new frontier chose @mcuban over @LoriGreiner. #SharkTank. So much for girl power. Good luck to them.
— Claire Collins (@clairec345) April 2, 2022
#UMARO Congrats on getting a deal with the richey man 😆 @LoriGreiner is so funny #SharkTank
— Nice introvert (@IntrovertNice) April 2, 2022
'Shark Tank' Season 13 Episode 18 airs on ABC on April 1, 2022, at 8 pm ET. Catch the latest episode featuring products like Apolla, No Limbits, Umaro and FORT.
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
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