Veganism has been one of the most spoken topics in the last few decades. Hundreds of people are browsing how to be a vegan. As a most delicious Vegan milk maker NuMilk’s net worth is $55 million as of 2023. NuMilk was featured on Shark Tank in 2021, Season 12 Episode 19. And also, the company was able to secure a deal of $2 million from Mark Cuban in exchange for 7% equity and a $1 million loan with 3% interest.
Because it’s not only a part of the vegan lifestyle but also the best answer for lactose-intolerant people. So let’s dive into the story.
Numilk Net Worth in 2023
According to our online research, NuMilk will be worth around $55 million as of 2023. And its net worth is continuing to grow because of its innovative design and high marketability. In 2018 they ran a Kickstarter campaign and raised $222,000.
NuMilk generated $40,000 in 2018 from one machine, but it cost over $2 million for R&D. Also, in 2019, they generated $320,000 from 10 machines, which also cost over $3 million.
Before appearing in the shark tank, In 2021, they valued NuMilk’s net worth at $20 million. Later in 2022, NuMilk made a deal with Hamilton Beach.
|NuMilk’s Net worth before appearing on Shark Tank (2021)||$20 Million (business valuation)|
|NuMilk’s Net Worth (2022)||$55 million|
|NuMilk’s Current Net Worth (2023)||$55 million|
NuMilk’s founders Joe Savino and Ari Tolwin have a net worth of 49.5 Million USD as of 2023.
What is Numilk?
Numilk is a plant-based milk-making machine or vending machine. It is one of the easiest machines on the market and comes with plant-based milkshake mixtures.
Customers can select from types of real, pure, and whole food ingredients according to their preferences. Also, the company promised customers products without gums, fillers, processed sweeteners, and preservatives.
Who is the owner of Numilk?
Ari Talwin and Joe Savino are the founders of Numilk. Ari is an MBA graduate from Duke University, Joe graduated with a BBA from the Lubin School of Business. Both of them had years of experience in the beverage industry before joining together to start Numilk. Joe is the inventor of the Numilk machine.
What happened at the Shark Tank
Ari and Joe appeared on Shark Tank hoping for 1 Million USD for 5% of their business. They gave a chance to Sharks to taste their products after they told their story. However, all the Sharks were impressed after they heard about the home countertop machine.
Barbara Corcoran is the first one to drop out of the deal. According to her, it’s confusing and hard to decide with the fluctuating profit value. Followingly Daymond John is out for the same reason. Lori Greiner also decided not to invest. It’s because the product was not investable for her.
However, Kevin O’Leary offers them with $ 1 million loan at 1.5% interest to pay over 3 years. Also, his deal was for 5% of the business. But then Mark Cuban came with an offer of $ 2 million with a tricky deal. He offered$ 1 million for 7% while the other $ 1 million is a loan of 3% of interest for another 3%. However, they finally agreed to the deal.
Numilk SHARK TANK UPDATE
Numilk is famous for its Almond milk because of its freshness and purity. The original machine was about the size of two refrigerators. Customers have options to select sweetened and unsweetened options. The specialty is they sell almond milk For $3.99.
Also, the machines generate around $ 50,000. But it costs only $ 30,000 for the production and could make lower to $ 150000. It was sold at greater New England and New York Whole Food markets when they appeared on the show. So they were planning to expand and introduce other milk options like oat and Macadamia.
Even though their yearly revenue is not at a stable rate the profit from one machine was reliable. So this caught some sharks’ attention.
What happened to Numilk after the Shark Tank?
According to the reports, Numilk is still in the business and hoping to ship the countertop machine in 2023. However, the deal with Mark Cuban didn’t go through until August 2022. Also, the company’s plan to work with Whole Foods still didn’t continue.
However, Numilk’s Instagram got around 80,000 followers and Numilk’s Facebook also gained attention after the show. Also, the amazing fact is the company got around $ 222,000 in sales after Shark Tank officially aired. Not only that the company is now working with coffee shops. So, you can find Numilk around 69 coffee shops national wide.
Competitors of Numilk
Few companies are emerging and supplying similar products as Numilk. So,
Califia Farms, Vancouver, and Coconuts Collaborative are the companies among them.