EveryTable Net Worth Shark Tank Update

The world is developing and leaning more towards healthy food owing to the side effects of eating junk every day. However, when the demand increases, the product also gets higher rates resulting in the inaccessibility of any healthy alternative.

Sam Polk and David Foster, the owners of EverTable, are here to the rescue. Their company provides fresh, delicious, and healthy packaged food to all sorts of people. The best part about them is that they cost less in backward and food desert areas where most of the population is occupied by the poor and middle class.

The owner came on Shark Tank to request for a whopping $1M for 5% of their company. They also brought their EveryTable meal for the sharks to make an impression. Let’s see if they got the deal or not.

EveryTable Net Worth Shark Tank Update

Sam and David were looking for an investment of $1M in exchange for 5% equity in the company. At the time of the episode, they valued their company at $20 million. Sam and David successfully secured a deal with Rohan Oza for an investment of $1M for 10% equity in the company. The investment adjusted the company’s net worth to around $10 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of EveryTable in 2024 is around $55 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Rohan Oza	$1M for 5% equity	$1M for 10% equity	Yes
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A

The Owner’s Backstory

Sam was initially into trade and after 30 he started to work on a nonprofit Polk created called Groceryships, which basically educates people from food deserts to eat healthy meals. In the same organization, he met David and they decided to move ahead of educating people and providing people with healthy food.

Their food costs $7-$8 in affluent areas and only $4-$5 in food deserts. Their mission is to supply people from any level of life with high-quality and delicious meals.

Initial Pitch

The co-owners came from Los Angeles to request $1M for 5% of their company. Their product constitutes healthy food in a packaged form. Moreover, their food rates change with respect to cities making it an affordable option for everyone. Their menu includes all sorts of healthy options like Kale chicken Caesar salad, Jamaican jerk chicken, etc. Their restaurant’s location can be traced to not only affluent but also food desert areas.

Queries about the Product

Lori wanted to know about food deserts. The owner highlighted that these are areas like South Los Angeles where the per capita income yearly is only $13K. They are left out of a functioning healthy food system and thus their life expectancy is 12 years less than other higher capital areas. Moreover, healthy foods are hard to maintain fresh, resulting in no healthy food chain in food deserts.

Rohan pointed out that their valuation raises to $20M from the deal they offered but how is it possible? Sam answered that according to their fund-raising history, they raised $2.9M at $7M evaluation, and then $2M at $23.5M. David added that last year they built their first location and made $650K in revenues. Additionally, they built other five too, making $2.5M in revenues in total.

Cuban then asked about their dollar usage. David pointed out that they are burning $125K every month. The cost of one box to make is $2.50-$3.

Shark’s Response and Final Decision

Corcoran initially praised their idea and mission but she pointed out that she couldn’t see any entrepreneurial qualities in them, leading to her backing out.

Herjavec after highlighting that their profit is very low when one compares their valuation and fundraising, backed himself out.

Lori acknowledged the mission as well but also pointed out that they lack passion and marketing. She then dropped out too.

Cuban dropped out of the deal after mentioning their high valuation and very low profit. They have to go through a lot before getting any deal.

Rohan was the only shark left. He pitched an offer of $1M for a 13.3% stake, making a valuation of $7.5M. They counter-offered $1M for a 6.7% equity.

Rohan then firmly offered another deal of $1M for a 10% stake, a $10M valuation. Finally, they accepted the deal.

Product’s Availability

Although the practical presence of Rohan’s deal with EveryTable can’t be affirmed, EveryTable has experienced impressive growth over the years. In 2018, they reached $4 million in sales. By July 2019, the company raised $7 million in funding, allowing it to open 13 new locations, including one at Los Angeles International Airport.

In early 2020, they secured an additional $2.5 million in low-interest loans from philanthropic foundations. These funds were designated for opening 25 franchise locations. At the same time, EveryTable expanded its services by launching a subscription meal service in Los Angeles and supplying meals to food providers, which helped them grow to $19 million in annual revenue.

By August 2022, the company had opened 47 stores in California and 4 in New York City. They also launched a subscription-based meal delivery service, similar to companies like Blue Apron.

EveryTable’s revenue hit $36 million in 2020 and $47 million in 2021. In August 2022, they raised $55 million in Series C funding to support their expansion into key markets such as Southern California, the Bay Area, and New York City.

As of January 2023, EveryTable had 52 locations in Southern California and 7 in New York City. In February 2024, they partnered with the city of Los Angeles to deliver meals to senior citizens, further advancing their social mission.

With these milestones, it’s clear that EveryTable is on a successful path. By the end of 2021, they had laid the groundwork with 10 stores and had plans to add 20 more in 2022, aiming to lead the market in healthy fast-food options.

Conclusion

In a nutshell, EverTable’s mission of providing affordable healthy food to all kinds of people became successful due to their passion and hard work. They made an impression on the show by securing a deal from Rohan and even reaching success on a higher spectrum.