Started in her garage with $2K — this ‘Shark Tank’ founder’s $6M brand is now in 1,100 Kroger stores
Many entrepreneurs walk into the 'Shark Tank' with the hope of making their start-ups into a big venture by bagging a life-changing deal. Few walk into the tank with a story as inspiring as Laura Lady, founder of FryAway, who launched her business in a garage with just $2,000. In Season 16, Lady pitched her brand to the Sharks, asking for $250,000 in exchange for 10% equity. She explained her product with a video of a massive 'fatberg,' a sewer-clogging blob formed from cooking oil and grease collected from U.S. households. Her solution? FryAway: a cooking oil solidifier.
Lady told the Sharks, "I have found a way to easily clean up and dispose of used cooking oil responsibly." She added, "FryAway is 100% plant-based," which "Magically transforms used cooking oil into solid organic waste." This eliminates the need to pour oil down the drain and allows for safer disposal straight into the trash. Lady wrapped up her pitch to a chorus of impressed “Wows” from the Sharks. But the biggest jaw-drop came when Kevin O’Leary asked her about sales. Lady noted it was her first year in business, and she’d already made just under $700K in sales, earning applause from the Sharks.
She revealed she became cash-positive in just three months, further stunning the Sharks. When O'Leary asked, “Where do you manufacture the product?" Lady replied, "I manufacture it in my garage." She also told the Sharks that she used platforms like Shopify and Amazon to market her products and strongly believed in PR and earned media, which propelled her towards success. She also revealed the product retailed between $9.99 and $15.99, with a manufacturing cost that gave her a 34% gross margin.
Despite the promising pitch, O'Leary was the first one to opt out of the deal, stating, "I don't believe in fried foods," so he conflicted on moral grounds to invest in the business. Shark Daymond John said, "I don't know if I can add value," and was the second to bow out. Robert Herjavec told Lady that the idea didn't excite him, so for that reason, he was out. But Lori Greiner had a different take and said, "You are a dream entrepreneur," and proposed an offer of $250K for 20% equity. Mark Cuban jumped in to be a partner and made the offer of $250K for 25% in partnership with Greiner. After a quick negotiation, Lady struck a deal: $250,000 for 22% equity with both Cuban and Greiner.
According to Shark Tank Recap, the company later ventured into retail and was soon seen in the 1,100 Kroger stores across the United States. The outlet also reported that at the end of 2024, FryAway's net worth had grown to an estimated $6 million, and its annual revenue reached approximately $2.8 million. The product also landed on Buzzfeed's top 17 ranking in 2023.