Nowhere Bakery Net Worth Shark Tank Update

Desserts are a treat we all love to indulge in, bringing joy with every bite. However, they often come with a downside, as they tend to be quite unhealthy and can lead to various health issues when eaten frequently. Additionally, traditional desserts are usually made with ingredients like gluten and dairy, which means people with dietary restrictions, such as gluten or lactose intolerance, are often unable to enjoy them.

Maurizio and Saphira Rasti, the owners of Nowhere Bakery, have introduced healthy cookies and brownies for all kinds of people. Their desserts are made from plant-based ingredients and are allergen-friendly as well. The products are free from dairy, eggs, gluten, soy, refined sugar, and are basically paleo-friendly.

The owners came on Shark Tank to request $200K in exchange for 5% in their company. The couple also presented the sharks with chocolate-chip cookies, candy-bar cookie, almond-butter brownie, ABC sandwich cookie, and their world-famous tag to impress the judges. Let’s explore their journey on the show.

Nowhere Bakery Net Worth Shark Tank Update

Maurizio and Saphira were looking for an investment of $200K in exchange for 5% equity in the company. At the time of the episode, they valued their company at $4 million. They successfully secured a deal with Barbara Corcoran for an investment of $100K as cash and $100K as a line of credit in exchange for 12.5% equity in the company. The investment adjusted the company’s net worth to around $1.6 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Nowhere Bakery in 2024 is around $4.8 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary + Jason Blum	$200K for 5% equity	$200K for 20% equity	No
Mark Cuban	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Barbara Corcoran	$200K for 5% equity	$100K as cash, and $100K as a line of credit, for 12.5% equity	Yes

The Owners’ Backstory

Saphira is a food blogger and recipe developer with a focus on creating plant-based, healthy treats. Because of her strict dietary needs, she started making cookies and brownies that are healthier alternatives to traditional recipes. In the beginning, she would work out of a small corner of her friend’s kitchen, often starting her baking at 3 in the morning. By 7 a.m., she would have everything wrapped and ready, personally delivering each order to her customers.

Initial Pitch

The couple came on the show to seek $200K for a 5% equity stake. The company provides cookies and different flavors of brownies that are plant-based and healthy alternatives to the sweets found in the market. Their products are free from dairy, eggs, gluten, and refined sugar, making them edible for people of all ages.

Queries about the Product

Corcoran asked the first question about the year they launch their products. Maurizio replied that they started the business in March 2020, just two weeks before the pandemic. They started selling their desserts directly to consumers.

The shark also inquired about their way of customer acquisition. Saphira related that she has a background in food blogging and recipe-developing. She sends her cookies to other food bloggers to get their reviews on their social media. This led to the spread of their products’ popularity.

Kevin asked about their sales. The wife highlighted that their sales started in April of 2020 and at the end of that year they made around $92K. In 2021, their sales rose to $524K and to $770K in 2022.

Mr. Wonderful also wanted to know their estimated sales for this year. It would be about a million dollars for this year’s sales.

Cuban inquired about their profits. Saphira replied that their last year’s profit was $32K. They basically started the company with $400K and their cost to make a single product is about $1.92. The desserts are then sold for about $5.50 to $6 a single unit.

She also added that the products are sold in 6-pack, 12-pack, and 14-pack. Maurizio highlighted that their average box sells for $80 per transaction.

Kevin asked if they had thought about co-packing. The husband replied in the affirmative but replied that they for now are in control of everything

Shark’s Response and Final Decision

Kevin offered them $200K for 20% equity in their company. He also highlighted that he wants 10% equity for himself and the rest for a co-packer.

Cuban was the first to drop out of the deal because he was bothered by the high-calorie count—300 calories—in a single pack of cookies.

Corcoran made them an offer, proposing $100K upfront and another $100K as a line of credit in exchange for a 15% ownership stake in the company.

Lori decided to leave the deal too, sharing the same concerns about the calorie content as Cuban.

Jason asked for a partnership with Kevin on $200K for 20% equity, which Kevin readily accepted.

The couple then counter-offered to Corcoran $400K for a 15% equity stake. Corcoran, however, didn’t like the offer.

Then they counter-offered Corcoran for the second time $100K as cash, and $100K as a line of credit, for 12.5% equity. Corcoran accepted the counteroffer.

Thus, the couple left the tank with a shark on their side.

Product’s Availability

Maurizio and Saphira have grown a strong social media following, especially since their appearance on Shark Tank. With Corcoran now part of their team, their business potential is limitless. Nowhere Bakery offers a variety of baked goods and mixes, some of which are available on Amazon. For more options, customers can shop directly on the Nowhere Bakery website.

Conclusion

Maurizio and Saphira’s journey with Nowhere Bakery have been remarkable, turning a small kitchen operation into a successful business with a dedicated customer base and support from Shark Tank’s Corcoran. With a mission to offer healthier, allergen-friendly desserts, they continue to grow their reach and sales, bringing delicious and inclusive treats to a wide audience. Their products are available on Amazon and their website, making it easy for everyone to enjoy their unique, plant-based cookies and brownies.