Mark Cuban is investing $ 300,000 in Vegan Mushroom Jerky brand
Billionaire Mark Cuban invested $ 300,000 in a vegan model Pan’s mushroom jerks in change for 18 p.c fairness within the newest installment within the actuality collection Shark tank. Based in 2008 by Portland, OR-based entrepreneur Michael Pan, the corporate produces vegan dried fruit from shiitake mushrooms in Unique, Zesty Thai, Applewood BBQ and Salt & Pepper flavors. Pan was impressed to begin the corporate after visiting his household in Borneo, the place his vegetarian Buddhist cousin handled him to a mushroom snack that Pan initially thought was pork. Pan will use the funds to launch new flavors and broaden the unfold of its mushroom jerky.
Through the Shark tank On this episode, Pan, who initially needed an funding of $ 300,000 in opposition to 10 p.c fairness within the firm, obtained provides from a number of buyers (“Sharks”). He finally selected the provide from Cuba, because the shark had beforehand invested in plant-based corporations. “It was affirming and humiliating to see how a lot the sharks liked our bucking,” mentioned Pan. “You’re employed so long and hard to construct a enterprise and it was wonderful to see them compete to be part of it.”
Cuban – who not too long ago went vegetarian – has beforehand invested in a number of vegan manufacturers Shark tankThese embody dessert hummus firm Delighted by Hummus, pork rind model Snacklins, and date-based spreads firm Wanna Date ?. Vegan meat model in 2019 Mrs. Goldfarbs Unreal Deli obtained $ 250,000 from Cubans in change for 20 p.c of the corporate. Since then, the model has expanded the provision of its plant-based corned beef throughout the nation, together with at delis in a number of cities, choose Complete Meals Markets, veggie grill places throughout the nation, and Quiznos’ 16 take a look at places within the Seattle space. Earlier this month, Cuban predicted that Unreal Deli may have gross sales of $ 50 million this yr.