Entrepreneurs Joe Savino and Ari Tolwin got $ 2million for ABC episode of their plant-based dairy company Numilk von Friday Shark aquarium.
New York entrepreneurs Savino and Tolwin introduced sharks to their machine for making plant-based milk from almonds and oats. The machine was invented by Savino and they are available for use in selected stores and locations.
The couple were looking for a $ 1 million investment for a 5% stake in their business. Shark aquarium“Mr. Wonderful ”Kevin O’Leary offered the pair a $ 1 million loan at 9.5% interest and 5% stake in the company.
But it was Dallas Maverick owner Mark Cuban who struck a deal with the founders of Numilk. He offered $ 1 million for a 7% stake in the company and an optional loan of $ 1 million in exchange for a 3% stake in board shares.
The business duo have previous experience in the beverage industry. Tolwin co-founded Happy Tree Maple Water in 2013 and was CEO for four years, while Savino founded the Harvest Beverage Group and worked there for five years, according to TheCinemaholic.
What is Numilk?
The Numilk machine allows consumers to prepare fresh, organic almond or oat milk in the store in 30 seconds. Milk can be made using only almonds and purified water. Customers can add maple syrup if they want the milk to be sweet.
Savino and Tolwin see it as an alternative to prepackaged plant milks, many of which may contain preservatives. The couple wanted to produce plant-based milk that eliminates additives like gums and emulsifiers that are found in many popular prepackaged brands. Savino and Tolwin say their method also reduces food waste in the supply chain.
The company’s own internal figures show Numilk has captured a 30% share of the plant-based milk in-store market in some locations, while the company has raised $ 10 million from other investors and recruited from the dairy industries. drinks and technology.
“We just thought there had to be a better way to do it,” the duo said. Indeed in 2019. “The machine grinds the almonds and then mixes them with filtered water and organic maple syrup if the customer chooses to add a sweetener.”
Plant-based diets are increasingly popular, and the desire for almond milks and other plant-based milks has also increased in recent years. Proponents say the plant-based diet has health benefits, while many consumers seek vegan alternatives out of concern for animal welfare.