Gumbo Update: Outcomes of Kevin O’Leary and Lori Greiner’s Investment in Shark Tank Product

On October 18, 2024, a fresh season of Shark Tank debuted, presenting a platform for aspiring entrepreneurs to pitch their innovative products to a panel of investors in hopes of securing funding. Since its initial airing on August 9, 2009, Shark Tank has featured numerous products that have transitioned from concept to market success.

One notable example is Mee-Ma’s Gumbo, a frozen stew developed by Carole Foster. During her appearance, Carole pitched her product to prominent investors including Mark Cuban, Daymond John, Robert Herjavec, Kevin O’Leary, and Lori Greiner. The journey of Mee-Ma’s Gumbo, from its creation to Carole’s personal experiences, has been filled with challenges and triumphs.

Initially, the sharks expressed interest in the product but chose not to invest due to concerns over its sustainability. Although Kevin O’Leary and Lori Greiner considered collaborating to provide financial support, this opportunity ultimately did not materialize. Despite these setbacks, Mee-Ma’s Gumbo continues to thrive, with product availability online and through several local retailers in the Los Angeles area.

The Voyage of Mee-Ma’s Gumbo Before and After Shark Tank

Mee-Ma’s Gumbo was featured in Season 4, Episode 23 of Shark Tank in 2013, where Carole sought $200,000 for a 20% stake in her company that produces frozen gumbo packets. This delicious stew, originating from Black culinary traditions, is recognized as the state dish of Louisiana.

After introducing herself to the sharks, Carole admitted that her financial constraints hampered her ability to fulfill significant orders from retailers like Costco. She presented both her seafood and chicken variations of the gumbo, which the sharks enjoyed sampling. Carole also revealed impressive sales figures from her Costco dealings, totaling around $500,000 over the past two years.

Mark Cuban was the first shark to withdraw from the investment opportunity, expressing that while he appreciated the product, he felt Carole was aiming to expand too quickly. Robert Herjavec advised her to seek a partner to facilitate more sustainable growth. Daymond John voiced similar concerns, ultimately choosing to opt out as well.

As the pitch proceeded, only Kevin O’Leary and Lori Greiner remained as interested investors. Carole’s spirits waned when the duo raised doubts about the necessary infrastructure for scalability. During this time, she disclosed that her revenue was insufficient, with most funds directed towards familial obligations and that she had been living in temporary housing.

In a rare collaborative move, Kevin O’Leary and Lori Greiner decided to team up, ultimately offering the sought-after $200,000 for 50% equity of the company, which Carole accepted.

Post-appearance, Mee-Ma’s Gumbo encountered several challenges, particularly when its website crashed due to an overwhelming surge of traffic following the episode’s broadcast. Carole issued an apology via Facebook, revealing that she had received the air date notification just eight days before the airing:

“OK, folks… I know you’ve been e-mailing and going to the website, which is absolutely useless at this point. Truth is, our air date was released 8 days before broadcast and the website had not been built out,”wrote Carole.

Unfortunately, the deal with Kevin O’Leary and Lori Greiner was never finalized, prompting Carole to author a book titled Shark Pranked: How I Got Jerked Around By That Stupid “Investor”Show.

Nonetheless, Mee-Ma’s Gumbo has persisted without external funding, expanding its product line to include monkey bread dough, pie filling, and microwaveable jambalaya. Carole remains active in updating her followers on the brand through her Facebook page.

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