Quick Shark Tank Update on Fysh Foods
- Pitch on Shark Tank: Co-founders Zoya Biglary and Alix Traeger requested $150,000 for 10% equity in their business.
- Deal Outcome: Daniel Lubetzky invested $150,000 for 30% equity after negotiations.
- Annual Revenue: Reported revenue was approximately $50,000 in 2023.
- Product Line: Features plant-based fish alternatives like spicy tuna and smoked lox, crafted from vegetables, sea algae, and nutrient-rich ingredients.
- Achievements: Fysh Foods products are now found at six restaurants in Los Angeles. Their website sales have grown due to increased visibility and demand.
Fysh Foods is the innovative brainchild of Zoya Biglary and her collaborator Alix Traeger. They both share a passion for food and sustainability.
As Zoya explained, her transition to vegetarianism motivated her to create alternatives for “sushi lovers who avoid raw fish.”
However, these customers still desire the authentic sushi experience. Alongside renowned chef Paul Barbosa, Zoya developed a plant-based fish substitute.
This substitute mimics the “taste, texture, and nutrients of real fish” while offering a cruelty-free option. Fysh Foods is as much a “mission-driven” endeavor as it is a business.
It provides environmentally conscious consumers with “a vegan-friendly, sustainable alternative to raw fish.” Discover why Shark Tank’s Daniel Lubetzky chose to invest in this forward-thinking brand.
Fysh Foods Journey Before Shark Tank
Founded in September 2021, Fysh Foods initially focused on filling a gap in the plant-based food market. They aimed to address the “lack of satisfying vegan seafood alternatives.”
As Zoya Biglary describes, “many vegan alternatives failed to capture the real taste and texture of fish.” Determined to improve on these offerings, Zoya partnered with Alix Traeger, a food content creator with experience in the culinary arts.
Together, they developed what became known as Finneato Fysh.
Using ingredients like “sea algae, tapioca, root vegetables, and omega-3 from flaxseed oil,” Fysh Foods’ plant-based fish substitute offers a realistic seafood alternative.
It’s also rich in fiber, iron, and vitamin B12.
The brand quickly gained traction in Los Angeles through partnerships with local restaurants and catering services. Fysh Foods provided a vegan-friendly option for sushi, poke, and ceviche dishes.
Their early sales totaled $50,000 in 2023. The cost to produce their product remains efficient at “under $4 per pound, which is then sold for $10–$13.” This makes it an affordable choice for restaurants seeking plant-based options.
However, Zoya and Alix faced financial obstacles that “limited their ability to enter the direct-to-consumer (D2C) market.” This challenge ultimately led them to Shark Tank.
Shark Tank Pitch Recap
In Season 16, Episode 4 of Shark Tank, Zoya and Alix pitched Fysh Foods. They sought $150,000 for a 10% stake, which placed the company’s valuation at $1.5 million.
They described their product as a “mercury-free, cruelty-free, and eco-friendly alternative to raw fish.” It was also free from “the microplastics and health risks associated with traditional seafood.”
The Sharks were offered samples of dishes like “spicy tuna on crispy rice, smoked lox, and ceviche.” All of these dishes received praise for their “authentic flavor and texture.”
Zoya and Alix explained how their product caters to both the health-conscious and environmentally aware consumer.
However, the pitch was not without challenges. Kevin O’Leary pointed out the missed opportunity in not focusing on direct-to-consumer sales. He questioned why the founders hadn’t leveraged their “strong social media following.”
Zoya explained that “limited funds” restricted their ability to expand into D2C, but Kevin was unconvinced. He remarked, “Shame on you.”
Meanwhile, Robert Herjavec appreciated the taste of the product but noted that “sales were too low” for him to invest. Lori Greiner and Mark Cuban also hesitated due to scaling challenges and a lack of immediate retail packaging.
Daniel Lubetzky was the only Shark to make an offer. He initially proposed $150,000 for 40% equity. Negotiations followed, with Zoya countering at “20% equity.”
After further discussion, they settled at 30%. This investment made Daniel Lubetzky a critical partner in Fysh Foods’ journey to scale and reach new markets.
Fysh Foods Shark Tank Update
Following the Shark Tank appearance, Fysh Foods saw a “significant increase in website traffic and social media engagement.” Many new customers were driven by curiosity about their plant-based seafood products.
The brand also expanded to serve prominent Los Angeles locations. These include “Koi Restaurant and BESTIES Vegan Paradise.” This expansion reflects its growing popularity among vegan and vegetarian consumers.
With Lubetzky’s investment and mentorship, Fysh Foods is scaling its business-to-business (B2B) operations. They now cater to more regional and national markets.
The company also introduced new branded merchandise. Items include the “Keep Swimming Unisex Sweatshirt” for $39.99 and “Go Fysh Dad Hat” for $29.99.
Their two-pack Spicy Tuna With Sauce, available for $34.99, continues to be a top seller. Fysh Foods’ fanbase is growing as the company diversifies its product offerings.
Future Plans
Fysh Foods is committed to becoming an eco-friendly leader in the vegan seafood market. They plan to phase out plastic packaging and explore “seaweed-based biodegradable alternatives.”
This aligns with their sustainable mission. Expansion into the D2C retail space is also on the horizon, allowing customers to enjoy Fysh Foods products at home.
With plans to broaden their plant-based offerings, Fysh Foods aims to “redefine vegan seafood.” They seek to appeal to eco-conscious consumers across the U.S..
Closing Remarks
Fysh Foods’ journey from the founder’s kitchen to a national audience is a testament to the power of innovation in sustainable food. Their partnership with Daniel Lubetzky brings both financial backing and invaluable strategic guidance.
This positions them well for success in the competitive plant-based food market. With plans for new eco-friendly products and an expanding client base, Fysh Foods is well-positioned to “make waves in the plant-based food industry.”
We’re closely following the company to bring you valuable insights. Stay tuned for the latest updates on Fysh Foods!
feature Image Credit: @abc/@christopherwillard