If you watch Shark Tank, you probably know about the brand Numilk which produces fresh almond milk in front of your eyes. All the steps are eco-friendly and bacteria-free.
Numilk is the brainchild of Joe Savino and Ari Tolwin. They pitched the product on Shark Tank season 12 and received a solid response.
For those who are curious to know, the estimated net worth of the company is $55 million.
About Numilk Founders
Numilk was started by the founder’s duo, Joe Savino and Ari Tolwin. Both of them are from New York and dreamt of becoming entrepreneurs growing up.
Based on their social media profiles, Joe is a BBA graduate from the Lubin School of Business and Ari has done his MBA from Duke University.
Both of them have very good experience in the beverage industry. Before founding Numilk, both of them had different businesses. Ari was the co-founder of Happy Tree Maple Water, a tree water provider company. Joe, on the other hand, was the co-founder of Harvest Beverage Group.
However, the two decided to quit their respective companies to start a new venture. They joined forces to establish Numilk, a company that specializes in plant-based milk.
Setting Up Numilk
Joe Savino is the one who came up with the idea of the Numilk machine. He wanted to build a device that would provide on-demand fresh almond milk. The impressive thing about Numilk is that it requires only two ingredients: purified water and almonds. For sweetness, it uses a cup of maple syrup.
Numilk provides fresh almond milk in less than a minute. All you have to do is insert a bottle into the faucet. The retail price of the machine is $299.
The company was launched in 2018. The same year, they raised $12 million from investors. The next year, they made $320,000 but lost $3 million. In 2020, the business suffered a loss of $2 million but gained $400,000.
Numilk On Shark Tank
Struggling to scale their business Savino and Tolwin decided to appear on Shark Tank. They proposed a deal of 5% equity for $1 million. Given the statistics of the business, the valuation was too high for the Sharks.
The original design of the Numilk machine was the size of two refrigerators. But they also made a portable version. Mark Cuban who is a vegetarian found the product very impressive. He offered them a counter deal of $2 million of which $1 million would be cash for 7% equity. The other $1 million would be a loan for 3% interest. Both founders agreed to the offer.
Numilk After Shark Tank
Appearing on Shark Tank changed the fate of Numilk for the better. They received massive publicity from the show. At present, Numilk devices are sold across 111 stores in the US.
As per sources, Numilk is also looking forward to partnering with more coffee shops and grocery stores. In 2022, they struck a partnership with Hamilton Beach.
As of 2023, the net worth of the company is $55 million.
