Toast-It Net Worth Shark Tank Update

People love to explore different areas around the world and sometimes they have to move to other regions as immigrants. This becomes a very different and sometimes difficult experience, especially when you start to crave your original native dishes. 

Maria Fernanda Römer Cabezas (aka ‘Mafe’) and Maria Corina Vieteis (aka ‘Coco’), the owners of Toast-It, have the perfect solution for all the Latin American immigrants. Their company offers delicious Latin American staple food that is ready to eat in just 10 minutes. Their product is basically arepas, a cornmeal bread that is crispy on the outside and fluffy on the inside and can be used with any type of fillings that we want.

The owners came on Shark Tank to request $100K in exchange for 5% of their company. They also brought samples of original flavor arepas filled with sweet plantain and queso blanco, Chia flaxseed one with guacamole, and yuca arepas with mozzarella cheese. Let’s explore their journey on the show.

Toast-It Net Worth Shark Tank Update

Mafe and Coco were looking for an investment of $100K in exchange for 5% equity in the company. At the time of the episode, they valued their company at $2 million. They successfully secured a deal with Daniel Lubetzky for an investment of $150K for 20% equity in the company. The investment adjusted the company’s net worth to around $750K. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Toast-It in 2024 is around $3 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$100K for 5% equity	$100K for 20% equity	No
Mark Cuban	Out	N\A	N\A
John Daymond	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A
Daniel Lubetzky	$100K for 5% equity	$150K for 20% equity	Yes

The Owner’s Backstory

Coco and Mafe are sisters and came from Venezuela about eight years ago to the US. This immigration was due to social and political unrest in the native country. Then Mafe started working in one of the largest CPG companies in the US and Coco got involved in banking.

During this whole time, the sisters were missing their Latin American culture, specifically food and thus they started experimenting with food at their home. Their first recipe was the traditional area that is ready to eat in just five minutes. Thus, their journey of Toast-It started.

Initial Pitch

The owners came on the show to seek $100K in exchange for a 5% equity stake. The product comes in different flavors like Chia flaxseed, yuca, and original corn recipe. Their product is sugar-free and has three to four grams of protein per serving. Toast-It is a gluten-free food staple that represents the Hispanic community.

The bread can be used as a toast or as a filling bun and comes in frozen form.

Queries about the Product

Daniel asked the first question regarding the product’s availability in the store. Mafe replied that their product is already in 900 stores including Publix and Walmart. She also added that they also got distribution at Whole Foods markets, central markets in Texas, and Winn-Dixie.

Lori inquired if they had any background in food manufacturing. The sisters replied in the negative.

Mr. Wonderful then asked about the cost it takes them to make the product and its selling rate. Coco answered that one unit is sold for $3.23 and costs them $2.30 to make, making 30% margins. However, after selling and distribution it reduces to 20% margins.

Kevin was not satisfied with their margins. Coco highlighted that they will work on the packages and the ingredients to bring the cost down.

Kevin also wanted to know about their revenues. Their last year’s sales were $200K and for this year in just five months, they have made $190K. At the end of this year, the estimated sales will be $500K.

Lori then asked about their competitors in the Latin American staple food section. Mafe pointed out that although they have competitors but not in the frozen aisles section.

The sisters also pointed out that until this year they have not been profitable and thus were not getting any money out of it.

Daniel asked about their plans to cope with the low margin. Mafe replied that through optimizing machinery to process the food and packaging to reduce the cost, they are planning to increase their margins.

Shark’s Response and Final Decision

Kevin was the first shark to offer them $100K for 20% equity as he really liked the product and even checked his glucose level which was surprisingly unaltered.

Cuban was the first shark out of the deal as even though he considers the product phenomenal he is not interested in investing in it.

Daymond backed out of the deal too as he was concerned with the high cost of refrigerator trucks for their product to deliver in different stores.

Initially, Lori praised their efforts and product but she related that she is not the right person to invest in it. Thus, dropping the deal too like Daymond and Cuban.

After hearing about the sister’s passion for the business and their culture, Daniel offered them the same deal of $100K for 20%, just like Kevin.

Coco then counter-offered them $150K for 15% of their company. Daniel in return asked them for $150K for a 20% equity stake.

Finally, they accepted Daniel’s offer.

Product’s Availability

The company is growing its presence and has recently entered the retail market in Florida. They now offer several purchase options on their Toast-It website, including a special Shark Tank Bundle.

Daniel said in a statement “Mafe and Coco have built the magical bond of sisterhood into a formidable business partnership. I love discovering companies like Toast It that have mastered the formula for bringing beloved Hispanic staples to mainstream consumers in a format that is delicious and convenient.” 

As of March 2024, about five months after their appearance on Shark Tank, there is no confirmation that the deal with Daniel has been finalized. However, their products are available in Publix, Central Markets, Walmart stores across the southeastern U.S., and various independent retailers.

Conclusion

In conclusion, Toast-It’s appearance on Shark Tank highlighted their journey of bringing Latin American arepas to the US market. With a deal from Daniel Lubetzky, the sisters have the support to continue growing their business. Despite challenges like high production costs and low margins, their passion to share their culture has led to their success.

Toast-It products are now available in major stores like Walmart and Publix, making their dream of providing Latin American comfort food come true.