Fila Manila Net Worth Shark Tank Update

Filipino cuisine has grown increasingly popular among people in the United States, becoming a favorite choice for many. Interestingly, Filipinos are now the third-largest Asian-American community in the country. Despite this rising popularity, it’s surprising to see that Filipino food is still not widely represented in the market.

Many people find it challenging to locate authentic Filipino dishes, as they are often hard to come by. This gap in availability means that even those who enjoy this delicious cuisine may struggle to find it nearby.

 Jake Deleon, the owner of Fila Manila, has introduced a packaged Filipino flavored food for all US inhabitants to enjoy. He has launched three award winning product lines inspired from Filipino flavors including banana ketchup that has half the sugar, carbs, and calories as compared to the normal tomato ketchup.

The owner came on Shark Tank to request $250K in exchange for 5% in his company. He also presented the sharks with the products including chicken adobo, Kare Kare sauces, Uber spread, and banana ketchup to impress them. Let’s see if he got the deal or not.

Fila Manila Net Worth Shark Tank Update

Jake was looking for an investment of $250K in exchange for 5% equity in the company. At the time of the episode, he valued his company at $5 million. Jake successfully secured a deal with Daniel Lubetzky for an investment of $250K for 20% equity in the company, with an option to reduce it to 15% if sales targets are met. The investment adjusted the company’s net worth to around $1.25 million.

After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Fila Manila in 2024 is around $4.8 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$250K for 5% equity	$250K for 10% equity + a royalty of 5-8% until $500K is recouped	No
Mark Cuban	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Daniel Lubetzky	$250K for 5% equity	$250K for 20% equity + option to get back 5%	Yes
John Daymond	Out	N\A	N\A

The Owners’ Backstory

Jack related that when he was a kid, he used to help his mother in preparing Filipino cuisine and then they would sell it to friends and family. He then started to work in food companies including Starbucks and Procter and Gamble. In Covid when he heard about the 20% frontline Filipino workers, he started to work on a market representation for his culture. In November 2020, he made the first prototype of Fila Manila, and the rest is history.

Initial Pitch

The owner came on the show to seek $250K for a 5% equity stake. The products are Filipino sauces, desert, and ketchup to give the culture a representation in the stores. These include banana ketchup, Uber spread as a desert mixed with coconut, Kare Kare sauce, and the chicken adobo sauce.

Queries about the Product

Kevin asked the first question about his sales.  Jack related that in the first year, his sales were $6K, in 2021, it was about $50K, in 2022, it grew to $400K in sales and this year his sales are at $150K but at the end of the year it will be about $800K.

He also mentioned that after changing their package from the 12-ounce glass jar to that of a paper pouches, increasing the margins for up to 55%.

Cuban inquired about the cost of one unit to make and their selling price. The founder replied that the pouch costs him $1.60 to make and then he sells it for $3.33 and retails it for $5.99.

Daniel, the guest shark, was not happy with his high valuation of $5M. Jack mentioned that the Filipino section is a new space in the market and Filipinos have 96% of market shares, which made him measure his valuation at millions.

Cuban was interested in knowing about the number of stores his product is selling at and the percentage of selling ratio online. He replied that the business started at Wholefood and then it expanded to four locations. Last year’s sales ratio was 90% retail and 10% online through Amazon.

Daymond asked about his investors. Jack pointed out that he raised about $900K at an $8M valuation.

Shark’s Response and Final Decision

Lori was the first shark to drop the deal as she considers his valuation to be high compared to his low sales and the Filipino food education is very difficult to handle in the market.

Cuban followed Lori and decided to back out too as he didn’t understand his plans and approach regarding his business.

Daymond highlighted that he couldn’t eat that food as he gets a heartburn from it and thus passed the deal.

Kevin also dropped out of the deal as he was not happy with the high valuation of the business.

The guest shark, Daniel, offered him $250K for 20% equity in his company.

Jack then takes out a golden ticket with a Royalty mentioned on it. He offered Daniel, like all the other sharks, $250K for a 5% equity stake along with a royalty of 5-8% of sales until $250K is paid back.

After hearing the word royalty, Mr. Wonderful jumped back in and offered Jack $250K for a 10% equity stake along with a royalty of 5-8% of sales until $500K is paid back.

Daniel revised his offer to $250K for 20% equity in his company with an option to return 5% if sales criteria are met.

Finally, Jack accepted Daniel’s offer and left the tank with a shark by his side.

Product’s Availability

After appearing on the show, there was an incredible increase in sales for the company. Jack shared in an interview that, “Right after stepping onto the carpet to present my pitch, we saw an immediate rise in both our online and in-store sales.” In fact, online sales alone brought in more revenue within 48 hours of the show appearing than the company made through online sales in all of 2023.

Currently, Jack’s agreement with Daniel is in process, but in the meantime, he has also formed a partnership with Camino Partners, a group that played a significant role in helping the popular snack brand KIND grow into a national name. Looking to the future, Jake shared that We are working hard to increase our reach, not only in major retail outlets across the country but also through online platforms.” As of now, Fila Manila products are available at major retailers like Whole Foods, Target, and Stop & Shop, along with a range of independently owned grocery stores nationwide.

Conclusion

Fila Manila’s appearance on Shark Tank has given the brand an increase in visibility and sales, helping Filipino flavors gain a wider audience in the U.S. market. With Jake’s passion for sharing his culture and the partnership with Daniel, Fila Manila is set to grow even more, expanding its reach both online and in major retail stores nationwide. Now available in stores like Whole Foods, Target, and Stop & Shop, the brand is trying to bring the rich, authentic taste of Filipino cuisine to a broader customer base across the country.