Like Air Net Worth Shark Tank Update

Snacks are a favorite for people all around the world, providing a quick and enjoyable bite to eat, especially during leisure time. However, while snacks can be fun and convenient, many of them are not the healthiest choice, particularly for children. Some snacks are loaded with sugar, unhealthy fats, or too many calories, which can affect health if eaten too often. That’s why it is important to be mindful of the snacks we choose, especially when it comes to kids.

Allison Lin, Steve Atieh, and Kevin Atieh, the owners of Like Air, have introduced a tasty snack for all ages. Their product is a puffed corn that is light in weight and can be enjoyed by people from 6 months to 106 years. One cup of Like Air is around 50 calories and their sugar content is also half of that found in sweet kernels. The snack comes in four different flavors including two savory ones, Classic and white Cheddar, and in two sweet flavors of pancakes and cinnamon rolls.

The owners came on Shark Tank to request $300K in exchange for 3.5% in their company. They also introduced the sharks with their sweet and salty snacks to impress them. Let’s see if they got the deal or not.

Like Air Net Worth Shark Tank Update

Allison Lin, Steve Atieh, and Kevin Atieh were looking for an investment of $300k in exchange for 3.5% equity in their company. At the time of the episode, they valued their company at $8.57 million. They successfully secured a deal with Mark Cuban and Lori Greiner for an investment of $300k for 10% equity in the company.

The investment adjusted the company’s net worth to around $3 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Like Air in 2024 is around $15 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban + Lori Greiner	$300K for 3.5% equity	$300K for 10% equity	Yes
Robert Herjavec	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A

The Founders’ Backstory

Allison related that with her first daughter, she was extra careful with her snack choices. She was into researching the different healthy snacks that her daughter can enjoy and then got to know that the snacks industry really needs innovation in terms of flavors and artificiality. Then she came to her brother Steve to start working on that site.

Steve at that time was into investment banking. He was also the CFO of a pharmaceutical company, which he sold afterward.

Allison has a degree in International Politics and she was a Fulbright scholar. She also worked in the United Nations and also on the financial technology side.

Kevin also started his career in investment banking and private equity. Afterward, he worked in a couple of high-growth startups. Now they are all working together for their business Like Air.

Initial Pitch

The founders and CFO came on the show to seek $300K for a 3.5% equity stake. The product is light and delicious with no hard kernel left behind, making the snacks dissolve in your mouth instantly. Moreover, they don’t use any artificial flavors in it, and it is non-GMO, gluten-free, and free from eight major allergens too. It is made differently from the traditional popcorn, initially, the corn is ground and then it is moved through an excursion system where a little bit of water and oil is added into it, to re-puff it.

Queries about the Product

Herjavec asked the first question about the price of their snack in comparison to others found in the market. Steve highlighted that it has similar pricing compared to other snacks and it is retailed for $3.99. The wholesale price is about $2.50.

Lori inquired about the cost it took them to make a single bag of puffcorn. Kevin replied that it takes $0.88 to make one.

Steve also added that recently they have also invested in their dedicated production line at a new co-packing in Chicago. Basically, they bought the machine to make the snacks for about $2.5M.

Herjavec was curious to know about their raised money. Steve again pointed out that in 2019, they raised about $800K. Recently they have raised $3.5M.

Lori then asked if they had raised such huge money then why they needed a shark. Allison highlighted that with such high competition, they need a partner to help them grow.

The shark also inquired about their sales. Kevin replied that in 2020, their sales were $100K, in 2021, it was about $2.5M and here their profit was break even. Moreover, they made $5M in sales in 2022.

Mr. Wonderful was curious to know about their profit in 2022. The CFO highlighted that they had no profit that year and in fact had lost $190K.

Cubans were confused about their money distribution and the reason behind their loss. Kevin highlighted that they use the money for distribution and to give salaries to their staff. Moreover, in the same year, their trade sales were 16%.  Allison also highlighted that they are competing with a mature business of making popcorn but still their product is sold in Kroger, the number one retailer in the country. Moreover, they are working to launch their product on 2200 Albertsons banners.

Kevin then reminded them that they forgot to mention their sales in 2023. The CFO highlighted that their projected sales will be over $10M. Moreover, they are planning to burn $1M from those sales too.

Herjavec wanted to know about their big ambition. Steve pointed out that they are planning to do more than $30M in sales in 2024 and by 2025 they want to exceed $50M in sales.

Shark’s Response and Final Decision

Kevin was the first shark to drop the deal because of their low 3.5% equity offer.

Corcoran followed Kevin and decided to drop the deal too because she thought they needed a lot of money to get to their higher ambition besides she didn’t have a good experience in such an industry as she had already invested in a snack company called the Pipcorn.

Herjavec passed on the deal too because of the same reasons as that of Kevin.

Lori offered them $300K for a non-dilutable 7.5% equity in their company.

The founders then counter-offered Lori $300K for a dilutable 7.5% equity stake.

Lori revised her offer to $300K for 10% equity.

Then, Lori and Cuban partnered for $300K for 10% in their company, which they finally accepted and left the set with two sharks by their side.

Product’s Availability

The team shared in an interview that while they have noticed a “positive impact from the show.” This exposure has helped them gain new retail partners and increase direct sales through their updated website.

They also mentioned that they accepted the sharks’ offer during the episode, and working with them has been a great experience. Steven, Allison, and Kevin are focused on expanding their retail presence, and they have also made improvements to their website to drive more direct sales.

Their calorie-conscious single-serve bags are now available for shipping on their website. Their products can now be found in retail stores across all 50 states, including major chains like Kroger, Meijer, HEB, ShopRite, and Wegmans.

Conclusion

Thus, Like Air has seen growth since its Shark Tank appearance, benefiting from increased exposure, new retail partnerships, and an updated website that has increased direct sales. With the support of Sharks Cuban and Lori, the founders are focused on expanding their product’s presence in retail stores nationwide and continuing to improve their brand.

Their light, healthy puff corn snack is now available across all 50 states in major chains and online, making it accessible to more consumers than ever.