'Shark Tank': Where is Toast-It now? Venezuelan sisters who impressed the judges continue to expand the product line
LOS ANGELES, CALIFORNIA: Toast It, a Latina-owned food brand co-founded by sisters Coco and Mafe Cabezas, is making significant strides in showcasing Venezuelan culinary heritage. Their range of authentic Latin American products highlights traditional staples like cassava arepas and buñuelos, emphasizing the cultural richness and flavors of Venezuela's culinary traditions. The company's ethos revolves around providing guilt-free indulgence while staying true to the authenticity of Latin American flavors.
The Venezuelan sisters innovative approach to making arepas caught the attention of the judges on 'Shark Tank' ultimately leading to a successful pitch and a contract with investor Daniel Lubetzky. Currently, Toast-It is strategically targeting markets with a significant Hispanic demographic, focusing on regions near their base before they focus on expanding to the Northeast and Texas as primary targets. Toast-It is poised to capitalize on the opportunity as a latin american food and continue its growth in the food market.
What happened to Toast-It on 'Shark Tank'?
Toast-It Founders Mafe and Coco delivered a compelling presentation to the sharks in this episode of 'Shark Tank'. They shared their personal journey from Venezuela to the United States, which inspired them to create Toast-It. They emphasized the convenience, quality ingredients, and health benefits of their products, highlighting their gluten-free and trans-fat-free nature. Additionally, they pointed out the growing popularity of Hispanic food in the mainstream US market, especially among the rapidly expanding Hispanic community.
The sharks had the opportunity to taste Toast-It's arepas filled with various delicious fillings like queso blanco and plantain, chia-flax seed arepas with guacamole, and cassava arepas stuffed with mozzarella cheese. However, the focus quickly shifted to business aspects as the sharks delved into distribution, competitors, and revenue margins. Kevin O'Leary, in particular, expressed interest due to his gluten-free diet and saw the potential of the product in catering to similar consumers.
O'Leary made an initial offer of $100,000 for 20% equity, which was a significant stake for Mafe and Coco, who initially asked for the same amount of money in exchange for only 5% equity. Guest shark Daniel Lubetzky matched O'Leary's offer, prompting the sisters to counter with a proposal of 15% equity for $150,000, ultimately striking a deal with Lubetsky.
What is the story behind Toast-It Arepas?
Arepas are a beloved staple in Venezuelan cuisine, enjoyed at any time of day and available with a variety of fillings, from savory cheese to sweet options known as arepas dulces. The founders of Toast-It, two sisters who launched the company in 2019, shared the common experience of missing the flavors of their homeland, especially arepas, after immigrating. However, they faced challenges in recreating these meals efficiently due to time constraints and the lack of culinary traditions in their new environment.
Drawing inspiration from their mother's authentic arepas recipe, the sisters worked to develop a version that could be prepared ahead of time and easily toasted whenever a craving struck. They meticulously crafted each box of ready-to-toast arepas in their residential kitchen, capturing the hearts of Latinx communities and non-Latinx individuals alike. One satisfied customer left a review praising the guilt-free yet delicious nature of Toast-It's arepas, emphasizing their versatility for breakfast, lunch, or dinner.
The company initially gained traction through its website before reaching new heights by securing a partnership with Walmart, further expanding the accessibility of their beloved arepas to a wider audience.
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Walmart sold Toast-It products before 'Shark Tank'
Toast-It's journey from a concept to a successful food brand received a significant boost when they earned a spot at the Walmart Open Call competition, validating their South American family-run business in the competitive food industry. Now, if you're craving toaster-ready arepas or delicious buñuelos, Toast-It has you covered. You can purchase their products directly from their website, where they also offer a convenient subscription service to ensure you never run out of your favorites. A six-pack of their arepas is available for approximately $50, providing you with a total of 30 delicious servings.
Based in Miami, Toast-It's toastable arepas can be found in-store at major retailers like Walmart, Winn Dixie, Publix, and recently, Whole Foods locations throughout Florida. Their products are also stocked in stores across cities such as Austin, Texas, New Orleans, Louisiana, and other southern regions, making it easier for customers to enjoy their authentic South American flavors.
What are Toast-It's founders Mafe and Coco currently upto after appearing on 'Shark Tank'?
Toast-It's founders Mafe and Coco recently attended Expo West 2024 for the first time and talked about how grateful they were of connect with fellow entrepreneurs, to try out amazing products and visit booths of incredible brands. Their favorite part was meeting and connecting with the people behind these brands.
Toast-It secured a significant investment of $150,000 at a 20% stake from Daniel Lubetzky, the founder of KIND Snacks and Camino Partners. The company plans to utilize this investment to expand its distribution into new regions and meet the growing demand for better-for-you global flavors in the frozen aisle, as stated by the two sister co-founders in an interview with FoodNavigator-USA. This investment marks a significant milestone for Toast-It and positions them well for further growth and market expansion in the frozen food sector.
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Toast-It has carved out a unique niche in the frozen food sector
With a focus on accessibility, Toast-It has positioned itself well in the frozen food sector by offering pre-packaged arepas that cater to the growing demand for convenient and diverse meal options. Their smart expansion strategies and innovative approach to product development and packaging have contributed to their success.
A few key aspects driving Toast-It's growth include:
1. Technology & Innovation: Utilizing advanced food preservation methods and eye-catching packaging to attract consumers.
2. Focus on Florida & Texas Markets: These regions have shown a strong uptake for Latin foods, prompting TOAST-IT to tailor offerings to meet consumer preferences.
3. Expansion Plans: Despite a strong presence, Toast-It is continuously looking to broaden its product range and accessibility, aiming to introduce Latin American cuisine to more households across the country.
Overall, Toast-It stands out as a promising player in the frozen food sector, leveraging its cultural authenticity and commitment to quality to capture a larger share of the market.
‘Shark Tank’ Season 15 airs on Fridays on ABC at 8 pm ET. For those who missed the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.