Fishwife Net Worth Shark Tank Update

Seafood is a delicacy in itself and it is loved by the majority of the human population. Even though they are readily available to those living around the sea, those who live far away do not have the opportunity to eat them fresh unless they travel to such areas. Even though there is canned seafood available, they are not as tasty and are in fact mushy in texture.

Becca Millstein, the owner of Fishwife, has revolutionized the tinned seafood industry with her premium quality product. She has introduced different types of premium fish in a can including smoked salmon, rainbow trout, Cantabrian anchovies, and smoked mackerel.

The owner came on Shark Tank to request $350K in exchange for 4% in her company. She also presented the sharks with smoked salmon with some crème fraiche on a potato chip, smoked rainbow trout dip on a pita chip, slow-smoked mackerel onigiri, and a hand roll with Sichuan chili crisp.

Fishwife Net Worth Shark Tank Update

Becca was looking for an investment of $350K in exchange for 4% equity in the company. At the time of the episode, she valued her company at $8.75 million. Becca successfully secured a deal with Lori Greiner and Candace Nelson for an investment of $350K for 6% equity and 2% advisory shares. The investment adjusted the company’s net worth to around $5.83 million. After the show was aired, Fishwife experienced a big boost in exposure. As per my rough estimate, the current net worth of Fishwife in 2024 is around $15 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$350K for 4% equity	$350K as a loan at 11% interest for 3 years + 5% equities	No
Mark Cuban	Out	N\A	N\A
Lori Greiner + Candace Nelson	$350K for 4% equity	$350K for 6% equity + 2% advisory shares	Yes
John Daymond	$350K for 4% equity	$350K + $0.15 per can in perpetuity	No

The Owner’s Backstory

Becca related that she had studied abroad in southern Spain and during that phase, she became familiar with high-quality tinned fish called conservas.

During the COVID pandemic, Becca lived with her brother and his girlfriend. One day, while on a hike, they started brainstorming business ideas and the conversation turned to tinned fish. That’s when Becca then struck with the idea and she realized there was a gap in the market for premium tinned fish, and no one was working in that space. This idea later inspired the creation of Fishwife.

Initial Pitch

The owner came on the show to seek $350K for a 4% equity stake. Her product is a canned seafood that includes a variety of fish including trout, salmon, and mackerel. Her product also has oil in it to give a delicious taste to a canned fish which is impressive in itself.

Queries about the Product

Kevin asked the first question about the uniqueness of her product. Becca explained that its unique quality is the taste, as no other product offers fish in a can with so much flavor.

Lori wanted to know if she offers any canned seafood that is not made with oil. She replied in the negative and highlighted that they are not using water currently as they offer premium fish.

Candace asked about the selling rate of her product as she is claiming her company to be a premium brand. The owner replied that the core line retails for $7.99.

Cuban wanted to know about the cost it takes her to make a unit. She highlighted that it costs her $2.09 to make. She also added that premium brands are growing faster than commodity brands.

Lori then inquired about her sales. Becca related that she started her brand in 2021 and in the first year made $750K and it was 90% direct-to-consumer-based selling. In successive years, her sales were $2.6M, and currently, their projected sales are $5.8M.

Mr. Wonderful was interested to know her distribution rates in D2C and in retail. She highlighted that they both have equal bases and her product is in 1300 stores.

She also added that Whole Foods will be her first national retail partner.

Shark’s Response and Final Decision

Kevin offered her $350K as a loan at 11% interest for a 5% stake in her company.

Daymond then offered $350K for a royalty of $0.15 per unit sold in perpetuity.

Cuban was the only shark to back out as he did not consider himself to be fit for the business.

The guest shark, Candace, offered $350K for 10% equity but in partnership with the retail queen Lori. The shark also accepted the partnership.

Becca then counter-offered the two ladies $350K for a 6% equity along with 2% in advisory shares for a duration of two years.

Finally, the two-lady shark accepted Becca’s counter-offer and she left the deal with two strong women sharks by her side.

Product’s Availability

After appearing on the show, Fishwife is gaining attention, though there is no official word yet on its partnership with Boarderie. The brand has a solid customer base, especially with its strong online presence.

On Instagram, Fishwife has over 86K followers. They have even launched a brand ambassador program for dedicated fans who want to enjoy extra perks beyond delicious seafood. You can find Fishwife products at Whole Foods and other major retailers, including Amazon. Some of their menu include Smoked Salmon, Smoked Rainbow Trout, Smoked Albacore Tuna, Smoked Mackerel, and Anchovies.

Fishwife secured a deal with Whole Foods and is now available in over 3,200 stores nationwide. After the original episode appeared, co-founder Becca filed a lawsuit against Caroline Goldfarb in July 2023 over access to the company’s online accounts, including the website and email. The lawsuit was settled a month later, though the terms were not disclosed. In 2023, Fishwife made $6M in revenue.

Conclusion

Fishwife has rapidly grown since its inception, getting deals with major retailers like Whole Foods and generating $6M in revenue in 2023. Despite some internal challenges, including a lawsuit between co-founders, the company continues to grow with strong customer demand and a successful Shark Tank appearance, where Becca partnered with Lori and Candace to further increase the brand’s visibility and growth.