Nourish and Bloom Net Worth Shark Tank Update

Everyone, no matter their age or background, needs healthy food for a good lifestyle and a happy life. Healthy food is essential because it helps our bodies stay strong and our minds stay clear. However, not everyone has easy access to nutritious food. In some areas, especially poorer neighborhoods, it can be much harder to find healthy options.

People in these places often struggle to get fresh fruits, vegetables, and other foods that are good for them, making it more challenging to live a healthy life.

Jamie and Jilea Hemmings, the owners of Nourish and Bloom, have introduced a system to make healthy food easily accessible. Their business provides healthy and fresh food corners in every area which can be easily accessible all day. They also claim to change any food desert in just three months. Their stores have an AI system that helps to allow customers to check in the store and buy things through their app.

They are also planning to open their stores on college campuses, schools, and offices.

The owners came on Shark Tank to request $400K in exchange for 5% of their company. They also presented a demo video of how their stores operate through AI to impress the judges. Let’s see if they got the deal or not. 

Nourish and Bloom Net Worth Shark Tank Update

Jamie and Jilea were looking for an investment of $400K in exchange for 5% equity in their company, Nourish and Bloom. At the time of the episode, they valued their company at $8 million. They did not secure a deal with any of the Sharks. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Nourish and Bloom in 2024 is around $3 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	Out	N\A	N\A
Jason Blum	Out	N\A	N\A

The Owners’ Backstory

Jamie shared that he got into the fresh food business because he grew up in an area known as a “food desert.” In his neighborhood, the only nearby stores were small corner shops that mostly sold packaged snacks and sugary drinks, so getting fresh, healthy food was difficult. Jamie also mentioned that his oldest son has autism, and part of his motivation for this business is to create a secure future for his son. He wants to make healthy food available so that other children won’t face health problems due to a lack of nutritious options.

Additionally, Jamie’s stores are unique because they are fully autonomous, meaning people can come in and find food solutions without needing much assistance. These stores provide healthy options and are the first of their kind, helping people get access to fresh, nutritious food in a convenient way.

Initial Pitch

The couple came on the show to seek $400K for a 5% equity stake. The company provides a micro market in every food desert area across the country where fresh food is available all day. Their easy-to-use markets are designed in a way where customers can easily buy food on their own by connecting with an app.

The customers first have to download their app and then add their payment method. Afterward, the app will provide access to the store by scanning it. When they are done with shopping, they will be provided with a receipt.

Queries about the Product

Corcoran asked the first question about their business. Jamie replied that they provide food and technology both. They have a working flagship store in Georgia where a distributor brings the food to the store.

Jason, the guest shark, inquired about the number of people they need to run a single store. Jilea highlighted that they need only one person to run these stores, which makes their stores unique.

Cubans asked about the rates of food stealing in their stores. The wife replied that it is about 1.8%, which is very low compared to the national level of average shrinkage rates. The reason behind such low shrinkage is their technology.

The shark then asked a chain of questions including the cost to make a single store, the duration to make one, and their sales. She related that their first flagship store cost them $1.5M to build which they launched in January 2022. Moreover, their lifetime sales are $800K.

Cuban also wanted to know about their sales last month’s sales. Jilea mentioned that it was about $22K. They are also not profitable yet. However, for the next stores they want to use containers which will only take $400K to make.

Jamie also added that they have four models to choose from while building their own stores. These include their brick-and-mortar stores, container stores covering 300 square feet, smart vending machines, and satellite stores which can be placed inside hotels.

Corcoran was interested to know regarding the store which generates more money. Jilea highlighted that container stores are more profitable. The micro-markets are better as they will generate 25% net profit.

Cuban asked about their raised amount. She replied that so far, they have raised about $440K from family and friends. They also got an SBA loan of $875K and some notes for $250K as well.

Kevin inquired about their bank balance recently. They have basically no money left and are living off of their revenues from the store.

Shark’s Response and Final Decision

Lori was the first shark to drop the deal as she had no idea about their business model.

Corcoran also passed the deal as she is confused about their ideas and it is too much for her to handle.

The guest shark backed up as well because he thinks their business is in between the non-profit and for-profit line and their four different models are also confusing him a lot.

Kevin after showing concerns regarding their issues highlighted that they should be connecting with the government for such businesses instead of private investors like them. He then passed the deal too.

After highlighting the bad condition of their investment, Cuban told them that he couldn’t invest in their business. However, Cuban promised to help them introduce their business in Dallas in the future.

 Thus, Jamie and Jilea left the tank without any deal on their hands.

Product’s Availability

Despite getting no deal on the show, in 2024, Jilea and Jamie plan to open three new Nourish and Bloom Market stores in Atlanta, Georgia. According to Jilea, there has been huge interest from cities nationwide wanting to bring a Nourish and Bloom Market to their communities. Details about these upcoming locations are available on the Nourish and Bloom Market website.

The city awarded them a $600,000 grant to help fund two of the new stores, while they are personally financing the third. They are also in talks with city officials in Laredo, TX, Buffalo, NY, and Needles, CA, to discuss setting up additional stores. After receiving a high volume of franchise requests during their appearance on a recent show, they have started offering franchise opportunities as well.

Conclusion

Despite leaving Shark Tank without a deal, Jamie and Jilea are moving forward with their mission to make healthy food accessible in food desert areas. With plans to open three new Nourish and Bloom Market stores in Atlanta in 2024, supported by a $600,000 city grant for two of them, they are working to grow their autonomous, AI-powered stores that allow customers to shop conveniently.

The couple is also discussing additional store locations in cities like Laredo, Buffalo, and Needles while exploring franchise opportunities due to high interest.