Who would have thought that someone would ever come up with the idea of using the technique of lyophilization to freeze and store breast milk to extend its shelf life for consumption? Well, someone did, and not just used their ability to do so, but established a full-fledged company surrounding the idea. Milkify, a company founded by Pedro Silva and Dr. Berkley, offers a freeze-drying service to turn breast milk into a powder, which extends its shelf life while preserving its nutrients.
The founders took their distinctive products to Shark Tank, appearing in Season 14, Episode 20, which aired on April 7, 2023. This article will explore details about the company and its performance on the show.
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The company Milkify was founded by the couple, Dr. Berkley and Pedro Silva, in 2019 in Houston, Texas. The idea of freezing milk into powder came to Pedro, and the rest is history. The core principle and belief of the company was to offer a freeze-drying service that would convert frozen breast milk into a shelf-stable powder while preserving the nutritional benefits to last longer.
Officially, the company came into being in 2021 and miraculously gained attention amongst the parents of newborns and toddlers who wanted an ultimate solution for breast milk storage for the long term. Available in the USA, Milkify is a GMP-certified company operating under the pharmaceutical grade for students.
The process is quite simple, and mothers are required to send their frozen breast milk using the specialized shipping kits provided by the company itself. On receiving the milk, the process of dry freezing starts and is done in individual contact-free pouches to avoid any contamination, then shipped to the customers in powder form, and can stay up to 3 years at room temperature. The price depends on the quantity of milk and the processing package.
However, the brand got its major recognition after appearing on Shark Tank, Season 14, Episode 20.
The founders of the product, Dr. Berkley Buck and Pedro Silva, are a real-life couple based in Houston, Texas. Dr. Berkley Luck has a medical background and a Doctor of Chiropractic Degree, while Pedro holds a Bachelor’s Degree in Bioengineering and later got an MBA degree.
It was Pedro’s inclination towards maternal health and infant health that made him found Milkify, specifically when the couple was going through their own parenthood journey. Their struggles combined with the knowledge of technology helped both of them find a miracle way of freeze-drying the breast milk.
Later, they took the brand to Shark Tank and locked the deal with Mark Cuban.
The founders, Dr. Berkely and Pedro Silva, appeared on Shark Tank Season 14 and Episode 20, which was telecast on 7th April, 2023, and they walked in with a cooler and breast milk storage bags, introducing their brand, Milkify.
They started their pitch by talking about the struggles of the mothers to keep producing breast milk and how this revolutionary service is changing it by transforming the milk into a powder that can last up to 3 years. They also talked about the GMP-certified and pharmaceutical-grade standards that are being followed. They asked for $400,000 in exchange for 20% equity.
Sharks were impressed, and Lori asked about the freezing process, about which Dr. Berkely talked about how the insulated cooler does the process and how the mothers are required to send the milk in their packages. Mark enquired about the pricing, to which Dr. Berkely replied that they charge $1.50 for an ounce of milk, and the average cost of a package is $450, and the time taken in the process is about 4 to 5 weeks.
The sharks asked about the sales, and Pedro informed them that the pre-orders were about $2 million and the lifetime sales were $525,000. In the first year of the launch, which is 2021, they made $184,000, and in 2023, they made $345,000, and have a target to reach $500,000.
Mark dropped out of the deal, considering the product is more of a luxury, followed by Kevin because he was not convinced by the evaluation, and Barbara dropped out, stating it to be a supplement. Gwyneth and Lori took some time to discuss, and they both showed interest but had doubts about the evaluation. However, they offered $400,000 for 20% equity, but Pedro asked for $400,000 as a payback note within 3 years or else acquire equity. The deal was made final.
Based on the present reports, Milkify is indeed successful, and after its appearance on Shark Tank, it has performed well. The valuation of the company was put at $2 million, and it reported over $500,000 in lifetime sales. It continues its operation in the USA.
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