Quick Shark Tank Update on Topsail Steamer
- Founder: Danielle Mahon presented Topsail Steamer on Season 16, Episode 2 of
- on October 25, 2024.
- Product Offering: Topsail Steamer specializes in ready-to-steam seafood pots, known as “Bay Buckets,” featuring various seafood, vegetables, and seasonings.
- Ask: She sought $350,000 in exchange for 8% equity.
- Deal: Mahon secured $350,000 for 18% equity from Lori Greiner and Todd Graves.
- Achievements: The company generated $4.5 million in sales in 2023 and is projected to reach $5.7 million in 2024.
- Profit Margins: The company maintains a solid profit margin of around 60%, with food costs at approximately 28% and labor costs at about 17%.
- Store Locations: Topsail Steamer currently operates eight storefronts along the East Coast, from New Jersey to Florida.
Topsail Steamer, founded by Danielle Mahon, brings the taste of coastal North Carolina to your kitchen. Born and raised in New Jersey, Mahon started this business to offer a convenient way to enjoy seafood at home.
The company’s ready-to-steam pots are packed with fresh ingredients, including seafood, vegetables, and spices. All you need to do is add water or beer, then heat.
Available online and through platforms like Goldbelly, the brand has earned a loyal following. If you love seafood but want to skip the hassle, Topsail Steamer is worth a try!
Shark Tank Pitch Recap
Mahon’s Shark Tank pitch highlighted the simplicity and flavor of her product. She explained that her seafood pots offer a restaurant-quality meal in a matter of minutes, with no prep work needed.
Her enthusiasm caught the attention of the Sharks, especially Lori Greiner and Todd Graves.
They saw the potential in scaling the business and expanding distribution. After some negotiation, Mahon accepted their offer of $350,000 for 18% equity, doubling her original equity ask.
What Happened to Topsail Steamer After Shark Tank?
After the Shark Tank episode aired, Topsail Steamer experienced a wave of interest from customers nationwide.
The company introduced a limited-time “Shark Bite Steamer Pot,” which became a top seller.
The exposure led to higher traffic on its website and boosted sales. Mahon also worked closely with Lori and Todd to improve production processes, enhance marketing, and explore partnerships with larger retailers.
Also, don’t miss this update on Shark Tank products from Season 16, Episode 2
Product & Financial Overview
Topsail Steamer’s signature products are its ready-to-steam seafood pots, which come in nine varieties. Each pot includes a mix of shrimp, crab, clams, vegetables, sausage, and spices.
- Product Highlights:
- Pre-packed seafood pots with fresh, quality ingredients.
- Nine varieties, customizable to suit different tastes.
- Nationwide shipping, with special offerings like the “Shark Bite Steamer Pot.”
- Financials:
- 2023 Sales: $4.5 million; 2024 Projected Sales: $5.7 million.
- Food costs: 28%; labor costs: 17%.
- Popular after-Shark Tank product: Shark Bite Steamer Pot, priced at $199.95.
Future Plans
With new funding from the Shark Tank deal, Mahon plans to expand Topsail Steamer into grocery stores and introduce more seafood varieties.
Additionally, she is considering new side dishes to complement the steam pots.
The company aims to open more retail locations, especially in coastal cities, to strengthen its presence and connect directly with customers.
Closing Remarks
Topsail Steamer’s journey from a small coastal town to Shark Tank fame showcases Mahon’s vision and determination. With solid backing from Lori and Todd, the company is well-positioned for growth.
Stay tuned as Topsail Steamer continues to make waves, bringing the joy of seafood boils to kitchens nationwide!
We’re closely following the company to bring you valuable insights. Stay tuned for the latest updates on Topsail Steamer!
Feature Image Credit: @abc
