Numilk bags $2 million deal, 'Shark Tank' fans ask why you can't 'make your own nut milk with a blender'
The plant-based diet is the latest dietary fad to take the world by storm. Thanks to its several health benefits and the philosophy of compassion towards animals, plant-based struck a chord with many people. So, many people began looking for vegan alternatives for all their dietary staples, such as milk.
Vegans have a whole range of options when it comes to vegan milk, from almond milk, oat milk, to sesame milk and macadamia nut milk, the consumers are spoilt for choice. But the vegan milk that's sold in the market is filled with gum, which negates all the health benefits of plant-based milk as it may cause digestive issues. So, Joe Savino and Ari Tolwin, two entrepreneurs from New York came up with the idea of creating their own milk machine for making plant-based milk called Numilk. They entered the tank with the hopes of reeling in a shark to invest a million dollars into their venture in exchange for a 5% stake in their company.
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Savino and Tolwin explained their product and even gave a demonstration to show how easy it is to use. Although the Sharks unanimously agreed that the milk tasted exceptionally good, they had many concerns about the product itself. Barbara Corcoran, Lori Greiner, and Daymond John decided to sit out of making the deal based on concerns over getting space in grocery stores for installing the machine to, the tremendous loss that the company seems to be running under. Savino and Tolwin revealed that they experienced a loss of over $7 million since the brand's inception.
But Kevin O'Leary and Mark Cuban saw some potential in the product and made their offers. Kevin made an offer of $1 million as a loan at a 9.5% interest rate and 5% equity in the company. Mark followed it up with a more lucrative offer of $1 million for a 7% stake, and another optional $1 million as a loan at a 3% stake in advisory shares. The entrepreneurs happily closed the deal with Mark.
But fans weren't entirely convinced about the product itself. Numilk machine makes either almond or oats-based fresh milk within 30 seconds. But fans pointed out how the same thing can be done at home with blenders already present in the kitchens, thus questioning the need for a Numilk machine in the first place. A fan tweeted, "Can’t you make your own nut milk with a regular blender? #SharkTank #numilk." Another fan echoed similar thoughts with, "Do people not know you can make your own oat milk with a blender? #sharktank." Fans were also not impressed by the heavy losses the company was running under. "Seems too complicated and they loose money like crazy. #SharkTank," commented a fan.
Can’t you make your own nut milk with a regular blender? #SharkTank #numilk
— Amy Naas (@AmyNaas) March 27, 2021
Do people not know you can make your own oat milk with a blender? #sharktank
— caitlin b. (@_seabrooks) March 27, 2021
Seems too complicated and they loose money like crazy. #SharkTank
— Blackstarprivateye (@blackstar_pi) March 27, 2021
What did you think of the Numilk machine? Let us know. 'Shark Tank' Season 12 airs every Sunday at 8/7c only on ABC.