‘Shark Tank’ Season 12 Episode 2: What's the cost of GoOats? How Nahum Jeannot got Barbara's deal for $150K at 20%
‘Shark Tank’ is back with a new set of deals in Season 12. If last week's episode had a solution for storing paint efficiently; a portable electric vehicle charger; a product designed to keep garments safe from bacteria and odor; and a blanket that claimed to kill Covid-19, the second episode comes with healthier options of living. A chef from Falls Church, Virginia, thinks he's found the recipe for success when he brings out his effortless approach to a classic breakfast meal.
GoOats recently announced it had pitched its signature oatmeal-in-a-ball snack food on the popular business reality TV show. As per a press release, the product was presented to the power investors with an innovative take on fast, portable breakfast food and hope to secure funding for a market-food aimed at parents, kids, and anyone with an oatmeal craving.
What is GoOats?
Cooked with natural steel-cut oats, GoOats are combined with fresh ingredients like blueberries or Vermont maple syrup, before baked with a crispy outer shell to form a heart-smart and satisfying breakfast. The perfect on-the-go, heat-and-eat breakfast food seems to be a wonderful new take on the first meal in the morning.
As per its official website, the chef-inspired brand believes “breakfast shouldn’t be a chore.” It further reads: “Our mission is to help you eat healthier at breakfast and all the time, by giving you a fun-to-eat, convenient food that is healthy and appealing to children and adults alike. Our attention to detail and commitment to our product is unparalleled in the quick breakfast market because we want you to love it.”
Who founded it?
Founder and COO Nahum Jeannot credits his “mom and grandmom” for the product. “Whether we were rushing to church, school, or a game, they always made sure my siblings and I ate well, even when we didn’t want to. I remember coming down to a bowl of oatmeal in the mornings, made from scratch with real ingredients like milk, butter, spices and fresh fruits. GoOats is my version of their oatmeal, a childhood favorite without the bowl,” he says.
After graduating from The Restaurant School at Walnut Hill College in Philadelphia, he got a BA degree in culinary arts and hospitality management. Previously, he has worked for luxury hotels like Four Seasons, Hyatt Regency and Marriott’s Luxury, W Hotel and The Inn at the Union League of Philadelphia.
How did the idea first come to him? Interestingly, Nahum was in charge of creating a breakfast buffet at Hyatt Regency Hotel and the old recipe from his childhood days dawned upon him. As oatmeal is rather messy, he created finger food with the same ingredients and soon converted the concept into oatmeal bites. Shedding light on how “excited” he was for his appearance on the show, Jeannot said, “After our very successful soft-launch in 2017, I knew we had finally perfected GoOats because people loved it. But getting investors to see that potential, especially when you're surrounded by so many other great ideas out there – well, that's the hard part.”
He also stressed how they've gone the extra mile to ensure that GoOats is delicious, nutritious, and quality food. Explaining how they've made it easier for consumer use, he said, “Steel-cut oats are the best, but they take forever to cook. With our product, we combined this staple breakfast food with amazing flavors and rolled into a convenient bite-sized ball. Consumers can take it on the go – just heat-and-eat.”
What are its benefits?
The website reads: “Good ingredients are the key to a great day, so we use only the best. Steel-cut oats are both heart-healthy and extremely satisfying and when combined with our natural flavors, like fresh blueberries or real Vermont maple syrup, the results are delicious and nutritious.”
Are there any varieties?
Rich in fibre, calcium, antioxidants, and protein, GoOats comes in four flavors: Apple Cinnamon, Maple Brown Sugar, Blueberry, and Cran-Walnut. The four-pack includes one pack of each flavor and the eight-pack includes two of each flavor. Made with all-natural ingredients and steel-cut oats, there are nine balls in each pouch.
How much does it cost?
The GoOats Variety Pack may be a little expensive for people looking for a cheaper breakfast option. While the four-pack is priced at $34.99, the eight-pack costs $67.99.
Does it stand a chance?
Back in Season 9, Mark Cuban invested in Mush, an oatmeal snack food designed to compete with yogurt. As he's familiar with the health space, he could be interested but it all depends on the deal. As per analysis on Shark Tank Blog, Kevin O'Leary isn't quite fond of food businesses that require refrigerated shelf space. That's a downside as GoOats clearly mentions on its website that it should be frozen until ready to heat. Now, it's yet to be seen whether he stands a chance in front of Lori Greiner, Barbara Corcoran and Guest Shark Kendra Scott.
Who invested in it?
Impressed with the product, Barbara Corcoran offered him $1,50,000 for 25% stake. A little hesitant, Jeannot pondered for a long time and then finally clinched the deal for 20%. She also offered to help with all the logistics saying that she is great at it. One fan said, "He should have known to counteroffer to 20% instead of having Barbara lead him to it. Overall, it's a very promising product!" Another posted, "I'm glad @GoOatslife took @BarbaraCorcoran's offer. She's has been a #success in the food. She is hilarious."
He should have known to counteroffer to 20% instead of having Barbara lead him to it. Overall, it's a very promising product! #SharkTank
— Robert C. Watson (@rottenbob) October 24, 2020
I'm glad @GoOatslife took @BarbaraCorcoran's offer. She's has been a #success in the food. She is hilarious. #SharkTank #entrepreneur #BreakfastDaily #eatingout @ABCSharkTank
— iDefineTV (@iDefineTV) October 24, 2020
‘Shark Tank’ Season 12 Episode 2 will premiere on October 23, 2020, at 8 pm ET/ 7 pm CT on ABC. Episodes can also be viewed the next day on demand and on Hulu.