Are you aware of the fruit Jicama? If yes, JicaFoods derives the majority of its products from that fruit. Loaded with a variety of nutrients, Jicama is a pretty enriching fruit and one that deserves more recognition.
Founders Xin Wang and Melissa Colella-Wang wanted to bring more light on this nutrient-rich fruit, which is why they decided to launch JicaFoods. They appeared on Shark Tank Season 14, asking for $300,000 for 3% equity.
If you have bought from them before or are simply wondering what JicaFoods is up to at this point, we have all the details sorted out for you.
Shark Tank JicaFoods Update
- Entrepreneurs – Xin Wang and Melissa Colella-Wang
- Business – Jicama-based foods
- Ask – $300,000 for 3%
- Result – $300,000 for 6% along with 3% advisory shares
- Sharks – Barbara Corcoran
Shark Tank has witnessed several different types of healthy food companies and JicaFoods appeared in the fourteenth season of the show. The company’s highlight or bestselling product is its salty potato chip.
On Shark Tank, Xin clarified that although he believes in his company and the idea behind the product, he was facing a hard time making his company’s products stand out against the other chip products and companies.
To introduce something unique in the market, JicaFoods launched their Jica Wraps, which ended up being a hit since it was gluten-free and a healthier alternative to the standard taco wraps available in the market.
With the launch of a low-calorie taco wrap in the market, it didn’t take JicaFoods a long time to make their place stand out in the market. By 2019 and 2020, the company had already made $1 million in revenue.
However, in 2021, they ended up making over $5 million, beating all the odds.
The Sharks seemed to be more interested in the brand’s retailers and wanted to know where their products were available offline. Xin and Melissa confirmed that JicaFoods is currently available in Whole Foods and Sprouts’ Farmers Market too.
The founders also confirmed that the wrap retails for $3 in the market but the manufacturing cost is around $1.85, leaving them with a very narrow profit margin.
After listening to everything, Mark Cuban and Lori Greiner were the first ones to drop out from making an offer, even though they loved the product. Barbara was the first to make an offer for $300,000 for 10% equity, to which Kevin counteracted with $300,000 for 9%.
Finally, the founders were able to negotiate a deal with Barbara for $300,000 for 6% equity and 3% advisory shares. JicaFoods is still in operation and is one of the most successful companies to have arrived on Shark Tank.
The episode further boosted their sales, bringing them a diverse range of customers. In short, JicaFoods is a profitable venture and they are doing pretty well for the kind of products they are manufacturing and selling, which is quite impressive. They have made more than $5 million in revenue in the consecutive years.