HOME / ENTERTAINMENT / TV

What began as missing home cooking became a ‘Shark Tank’ pitch that scored a $100,000 investment

Two contestants missed their native Venezuelan dish and had to invent its frozen version, giving it a new direction.

Moving on from native roots is a tough task, especially forgetting the taste of local food. Mafe Cabezas and Coco Viete, from Venezuela, came to the USA for work. While they were busy with their full-time jobs, embracing a new life, they missed the arepa, a famous dish that the two had grown up with. They tried to settle for its store-bought options, but the dish did not taste great. Eventually, they came up with Toast-It, a frozen alternative to arepas, which they introduced on ‘Shark Tank,’ in Season 15.  Seeking $100,000 for 5% equity, Cabezas told the sharks, “A brand of better-for-you Latin American food staples that are ready to eat in under 10 minutes. We decided to focus on a South American classic, the Arepas.” 

Introducing their product, Cabezas continued, “It is a cornmeal bread that is crispy on the outside, fluffy on the inside, and perfect for stuffing with your favorite fillings.” They offered several flavors, ranging from chia flaxseed, original corn, and yucca. Interestingly, the arepas were even healthy and easy to digest. They had no sugar and no trans fat. Meanwhile, they even had three to four grams of protein per serving. Not only that, but the arepas were also gluten-free. Stating, “Sharks, the Hispanic community is the fastest growing minority in the US, and the love for Hispanic food is mainstream across America,” Cabezas tried to attract the investors to Toast-It. 

As the dish was served to the sharks, they instantly liked the flavor and its texture. According to Shark Tank Recap, the sharks also appreciated how the arepas were healthy to eat. Cabezas and Viete explained that their product was already in 900 stores across the country, including Central Market, Publix, as well as Walmart. Impressing the sharks even more, they said that before coming to the show, they had even signed a deal with Whole Foods and Winn-Dixie. Talking about their sales, Viete and Cabezas said that their business had reached $200,000 in 2022, and that they were at $190,000 in the first five months of 2023. They were projecting  $500,000 for that same year. 

Next, they divulged the cost per unit as $2.30, with a $3.23 retail price, and 20% margins after distribution expenses. This made Kevin O’Leary say, “That’s not good enough.” Mr.Wonderful, however, offered $100,000 for 20% equity. Next was Mark Cuban, who passed on the deal, saying that the product did not intrigue him. Daymond John did not wish to enter the market of refrigerated products. Lori Greiner also dropped out of making any deal, stating that the arepas did not fit her investment portfolio. However, the guest shark, Daniel Lubetzky, saw passion and cultural mission in Toast-It and asked Viete and Cabezas how they plan to improve their margins. 

They explained that they had recently purchased new machinery and were negotiating a deal to get packaging costs cut in half. Viete and Cabezas also explained how they were fully committed to the business and had quit jobs for their venture. Lubetzky instantly made an offer of $100,000 for 20% equity in Toast-It. Both Viete and Cabezas countered O’Leary and Lubetzky’s offers with $150,000 for 15% equity. While O’Leary did not agree, Lubetzky offered the same price for 20% equity, shaking hands with the entrepreneurs.