“Simply Good Jars” got featured on Shark Tank America on 2021 March. It was founded by Jared Cannon.
Simply Good Jars Net Worth in 2022
Here is an update on Simply Good Jars’s net worth so far.
|Simply Good Jars’ Net worth before appearing on Shark Tank||7 Million USD (business valuation)|
|Simply Good Jars’ Current Net worth (2022)||4.5 Million USD|
Simply Good Jars’ founder Jared Cannon has a net worth of 1 Billion USD as of 2022.
What are Simply Good Jars?
Do you like to eat a chef-made healthy salad with minimum packaging on the go? Then Simply Good Jars is for you. The salad is a combination of Southwestern Cobb, Smoked Salmon, Simply Greek salad, and Chicken Quinoa along with a touch of super tasty Pesto sauce.
Who is the owner of Simply Good Jars?
The renowned Philadelphia chef Mr. Jared Cannon is the founder of Simply Good Jars. Simply Good Jars brings his inspiration of eating healthy while working to reality.
What happened at the Shark Tank?
Jared Cannon offered 7% equity for $500,000. His original offer assigned Simply Good Jars a net worth of $7.1 million.
After presenting the basics, Jared distributed samples among the sharks and they seem inspired due to cool product margins. As per stats, the cost of the product varies between $2.5- $3.6 and the retail price is over $8.99.
In 2019, Jared has made a $300,000 sale and he has plans to make $700,000-$750,000 in 2020. The Covid hit has hurt the sales yet the smart coolers installed in conference halls, airports, and hotels generate large amounts of sales in a consistent manner. However, now the product is available at a range of convenience shops as well.
After hearing all these, Robert and Daymond decide not to invest and Kevin offered 500 grand for a 9.5% interest rate and 7% equity.
Mark’s offer was $500,000 for 7% equity of the firm. Jared counter the offer to 8% and Mark’s counter was 500 grand investment share with Ms. Lori for 10% equity and Jared says ‘Okay 10%, deal’.
Simply Good Jars SHARK TANK UPDATE
Philadelphia star chef with 18 years experience in the industry appeared on shark tank offering 7% equity for $500,000 of his business Simply Good Jars.
The business enjoyed a good time during 2019 and hit six-figure sales but then due to the Covid hit the sales dropped. According to Jared, he has raised over $2.5 million and it’s 51% of his business.
However, Simply Good Jars expanded the product to local retailer stores in 2020 and the business was on the go. After Jared’s presentation, Robert and Daymond were out and Jared was not impressed by the offer of Mr. Wonderful.
Jared countered Mark’s original offer, a $500 grand investment for 7% equity, and accepted the counter offer placed by Mark and Lori, 10% equity for a $500,000 investment.
Also read: What happened to the Prepdeck after the shark
What happened to Simply Good Jars After the Shark Tank?
The presence of the shark tank boosted business inquiries overnight. Simply Good Jars has got over 750,000 inquiries, as a percentage, it was a 1500% increase.
However, the shark tank deal was never finalized but the company has opened up its second operating facility in Philadelphia. Jared has plans to distribute the product in 28 states of the USA in 2022.
As per the stats, the business is operating with over $4 million in annual sales. As per the original valuation, the net worth of the company was $7.1 million but since it is still in operations with increasing market share, can’t be specific on the net worth.
Competitors off Simply Good Jars
Eat Club, City Pantry, Chewse, and Alchemist companies offer competitive products to Simply Good Jars.