Alex Houseman brought his company Over the Moo into Shark Tank with great hopes and a bold claim. He said that he makes the best dairy-free ice creams in Australia.
He was looking for an 8% stake in his company to ensure growth. For this, he wanted to take in $250,000 from the Sharks. So what did they think of his product? Did they bite?
What is Over the Moo?
Over the Moo ice cream is a lactose-free ice cream brand. When Alex created the company he wanted to create a product that is on par with the normal ice creams in shops.
It’s bold to claim that their own ice cream is the best tasting dairy-free product on the market, but the market seems to agree. Over the Moo, ice creams are always in high demand, and even people that are not lactose intolerant like it.
Not only is the product lactose-free, but it’s free from most additives and it’s a 100% vegan ice cream.
Who is Alex Houseman?
Alex is a young Australian entrepreneur. Before he started Over the Moo he might not have imagined the success.
As he said he got the idea while watching TV. He was watching with his girlfriend who was happily munching on some ice cream straight from the bucket.
Lactose intolerant Alex Houseman wanted to experience the same thing. He wanted to grab a bucket of ice cream and just chip away. However, while hunting for such a product he found that none tastes any good. At least not as good as the normal ones.
This is why he created Over the Moo.
What happened to Over the Moo at the Shark Tank?
He entered the stage with hopes held high and knew: he has a winning product. He was so confident that he invited the Sharks over to grab some ice cream from his pop-up truck.
After trying Over the Moo ice cream the Sharks were very interested. They definitely agreed on two things. It’s the best dairy-free ice cream they ever had. It can rival normal brands.
The other thing they agreed on was not so good for Alex. They all thought that he overvalued his company at $3,100,000. Although the company was making money it needed more money to keep growing.
over the moo shark tank update
After deciding that Over the Moo is overvalued the offers started rolling in. The first offer was $250,000 for a 49% stake. Talk about lowballing!
Even the Sharks mostly agreed that it was a very low offer. The next offer was much better.
$250,000 for a 25% slice. Still a lot lower than the initial assessment from Alex but at least in the ballpark. During the negotiation, the Sharks asked a simple question that changed everything.
Intellectual Property Problems
Does Alex own the intellectual property rights for the recipe? He said no, his manufacturer does. What a turn of events! This puts a huge liability in the business.
Shortly after, almost every offer disappears. Only one is left: $250,000 for a 40% stake. After some discussion, the deal is off the table and Alex has to go home without new investment.
What happened to Over the Moo after the Shark Tank?
Regardless of the rejection, Alex didn’t give up. Over the Moo after the Shark Tank continued to grow and expand.
Shortly after the episode went live on TV he got a deal with Woolworths to put Over the Moo on the shelves.
Due to this deal, the company crossed $1,000,000 in revenue for the year.
Alex is planning to take it even further. His plans include making $50M in the span of five years. Quite the dream!
Also read: coconut girl ice cream
Over the Moo net worth in 2022
Over the Moo net worth is around $1,000,000 today. Alex has seen the growth but due to the missing intellectual right, his profits stay low.
Lately, some stores have started pulling Over the Moo from their shelves. Alex is improving well to combat this like employing the company’s own ice cream truck.
Regardless, the removal from stores is not a great look for the brand. We expect the net worth to go down in the future.
over the moo ice cream net worth in 2021 is about $1 million.