Highlights from Shark Tank Season 16, Episode 4

The fourth episode of Shark Tank Season 16 aired on ABC on November 8, 2024. This episode showcased an array of promising ventures, demonstrating the determination and creativity of their founders. Notably, guest shark Daniel Lubetzky invested in innovative brands, including the vegan seafood startup Fysh Foods.

The Pitch: Fysh Foods

Entrepreneurs Zoya and Alix, a dynamic duo from Los Angeles, introduced their company Fysh Foods, specializing in plant-based alternatives for seafood like sushi-grade salmon and yellowtail. Their presentation highlighted their food industry backgrounds, earning them immediate praise from the panel when they served sushi made with their product.

Initial Offer and Negotiations

Seeking $150,000 for a 10% equity stake, Zoya and Alix emphasized the health concerns surrounding traditional seafood, citing common issues like mercury and microplastics. Their product, which they referred to as Finneato Fysh Foods, was unique in its creation process, being crafted by chefs rather than manufactured in laboratories.

“Our plant-based raw fish is made from a unique blend of organic fruits, vegetables, sea algae, and fermentation magic,”Zoya explained.

Their ingredients aimed to replicate the flavors of tuna and salmon while providing additional health benefits like omega-3 fatty acids, iron, and fiber. The versatility of their fish substitute, suitable for various dishes such as ceviche and poke, along with its extended shelf life compared to traditional seafood, made it particularly appealing to chefs.

Sales Performance and Market Challenges

Despite their substantial social media following of 3 million, which Zoya attributed to her experience as a private chef and Alix’s role at BuzzFeed Tasty, their sales figures were modest, amounting to only $52,000 over the past year. Their distribution was primarily B2B, limited to the Los Angeles area, and they indicated plans to expand direct-to-consumer sales.

Daniel Lubetzky saw the potential in their concept and offered them $150,000 for 40% of their company. As negotiations unfolded, the founders hesitated, leading Kevin O’Leary to humorously caution them about the consequences of declining the offer. Mark Cuban chimed in, suggesting that turning down the deal could result in missed opportunities.

In response to their counteroffer of 20%, Daniel countered with 35%. After further discussion, they settled on 30%, successfully securing investment and walking away from the tank with a deal.

Upcoming Episodes

Shark Tank Season 16 continues to air new episodes every Friday at 8 PM ET on ABC, promising more entrepreneurial ventures and investment opportunities.

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