What Is Palmini?
Palmini is a low-carb, gluten-free alternative to pasta made completely from Hearts of Palm, an asparagus-like vegetable harvested from ethically harvested palm trees. Each serving of Palmini contains 20 calories and 4 grammes of carbohydrates and is naturally kosher, gluten-free, and non-GMO.
Palmini is an alternative to pasta made from palm hearts. Only palm trees can be found with edible palm hearts. It is completely natural, free of chemicals, and a wonderful source of fibre. Plant-based pasta alternatives are available in ready-to-eat cans or pouches. You can rinse it and prepare it with the spaghetti sauce of your choice. For those who want a bland flavour and spaghetti-like texture, this substitute for pasta is perfect.
It is low in calories, gluten-free, and GMO-free. It is also keto-friendly because it contains 90% water and has no added sugar. Phytosterol-Rich Hearts of Palm Pasta Substitute Entrepreneur Alfonso Tejada’s Company Palmini Investment Requesting $300,000 for 10% Equity in Palmini Final Deal Requesting $300,000 for 25% Equity in Palmini Shark
|Product||Phytosterol-Rich Hearts of Palm Pasta Substitute|
|Investment Asking For||$300,000 for 10% equity in Palmini|
|Final Deal||$300,000 for 25% equity in Palmini|
|Shark||Lori Greiner and Mark Cuban|
|Episode||Season 9 Episode 24|
|Business Status||In Business|
Who Is the Founder of Palmini?
Palmini was started in 2016 by Alfonso Tejada. He is still the CEO of OA Foods, the company that owns Palmini. In 2016, entrepreneur Alfonso Tejada noticed the growing health food trend for zucchini noodles, which led to the creation of Palmini.
Tejada was aware of Heart of Palm since he ran a business importing native foods from Bolivia and had a relative who ran a plant there. The cousin of Tejada talked about whether it was possible to create a noodle composed completely of palm hearts, something that had never been done before.
The following two years were spent by Tejada and his family creating special, patented machinery for turning palm hearts into pasta-like noodles. Palmini was soon being sold by Alfonso. Few cans of Alfonso’s Hearts of Palm pasta were sold each day in his first run, but he was convinced it would rival Bolivian Quinoa as the next great health food fad.
He was fully aware that in order to go where he was going, he would need help. Alfonso presented his idea on Shark Tank in the summer of 201w after trying out for the programme.
Palmini Before Shark Tank:
A new businessperson joins The Shark Tank with the promise to offer healthier versions of our vices. Alfonso Tejada from Bolivia. He resides in Miami, Florida, and has asked the Shark Tank for a $300,000 loan in exchange for a 10% ownership in his food business, OA Foods.
Palmini is a product that OA Foods developed and produces. The pasta industry has never been the same since it happened. A universal delight is a pasta. Despite the fact that many enjoy it, they avoid it because of its harmful consequences on their health.
Pasta attracts unhealthy ingredients including gluten, carbs, calories, and sugar. Alfonso brought various cardboard cutouts of characters that represent the drawbacks of pasta. He thinks it’s time to say goodbye to pasta and say hello to Palmini. The Sharks chuckle as a man leaving dressed in a Palmini box.
Palmini looks like pasta and tastes like pasta, says Alfonso. It doesn’t resemble any criminals at all, either. Palmini kicks a calorie in the face while Alfonso’s model kicks through the cutouts, kicking sauce all over the place.
There is, however, more! Palmini kicks the chunk of carbohydrates in the stomach, and his model kicks it back, sending pasta flying once more. While sugar jumps out of the container and once more embraces gluten, pasta, gluten, and other ingredients practise Muay Thai.
Palmini is a beast, according to Mark. Alfonso starts his day with a cup of Palmini, which is sugar- and gluten-free, and has only 15 calories and 3 grammes of carbs. Most importantly, palming tastes delicious. Because it is composed of palm hearts, you can eat it without worrying about any negative side effects. It is natural, high in fibre, and free of chemicals.
Palmini is already cooked, making preparation easier. By opening the can, rinsing it, heating it, and adding your preferred sauce, you may have a great low-calorie supper in a matter of minutes.
How Would You Rate Palmini’s Shark Tank Pitch?
Owner of OA Foods and Palmini founder Alfonso Tejada approached the Sharks with an offer of $300,000 in exchange for 10% stock in Palmini. Palmini fighting the “evil guys” in pasta was how Tejada started his inspiring talk.
Three different dishes the Sharks tried contained palming as well. Shark Lori Greiner claimed that she liked it and routinely eats palm hearts. Shark visitors The reduced carbohydrate level and texture were also commended by Bethenny Frankel. Daymond John, Robert Herjavec, and Mark Cuban didn’t like the flavour.
Herjavec said that Palmini’s pasta lacked flavour. Greiner and Cuban both retorted that the vegan spaghetti alternative is a vegetable and has a number of health advantages. Tejada’s excitement for the products and his business stunned the Sharks all. Tejada asserts that OA Foods spent $400,000 on the sale of quinoa.
In spite of this, Palmini only succeeded in selling 2,000 units in three months, making a profit of $50,000. The Sharks became upset about this. Vegetables are practically shredded, so Tejada was worried that rivals were copying his unique equipment. She was gone after that. John did the same, saying that the company was overvalued.
Tejada made it clear that his offer included not just the Palmini product but also the OA Foods brand of quinoa. Herjavec was also dismissed because he admitted that he didn’t think a vegetable could replace pasta.
Greiner and Cuban exhibited an interest in Palmini at the meeting and said the product is great but the packaging could be better. Due to the presence of two sharks, each wanted to participate and made an offer of $300,000 in exchange for a 30% equity stake in the business.
In Season 9 of Shark Tank, Greiner and Cuban might strike a deal with the founder of Palmini. Two Sharks volunteered to work together to make an offer to Palmini as three Sharks had withdrawn from any potential transaction with Palmini. Tejada’s market value was half by Greiner and Cuban’s offer.
Tejada rejected a $300,000 offer in exchange for 18% stock, which he later boosted to 20%. Greiner recommended a 25% equity cap. After some consideration, Greiner and Cuban’s $300,000 offer in exchange for 25% of the company’s equity was accepted by Palmini’s founders. This applies to both the Palmini and the OA Foods brand of quinoa.
What Transpired with Palmini Following Shark Tank?
Palmini is available here from the OA-Foods website store and Amazon.com! These are some of the most sought-after pasta products at the moment on Amazon.com. Four months after their first release, Palmini products are now offered in Whole Foods, Albertsons, and Kroger stores.
The Palmmini Facebook page is active on social media and is frequently updated. Even though the product page only has 35 reviews with an average rating of 4.5 stars, there are still over 35,000 followers. After embracing their way of life, Palmini devotees don’t seem to be able to switch to traditional pasta. Vegans and followers of the Keto diet love Palmini.
Palmini witnessed several miracles in the course of a single day. Four months later, sales at Whole Foods, Albertsons, and Kroger soared, and their products sold out at Amazon, their biggest distributor. Following their debut on the television programme Shark Tank, they also received phone calls from Walmart and Wegmans.
Following the shark tank acquisition, the company, which started with quinoa products, was valued at $1.2 million. Additionally, throughout a two-year period, revenue rose from $10,000 to $100,000.
Is Palmini Still in Business?
The deal Mark and Lori had with Palmini never got done. Palmini is still operating as of June 2022 and brings in $1 million annually. It is the most popular pasta alternative on Amazon.
What Is the Net Worth of Palmini?
When Palmini made an appearance on Shark Tank, it was valued at $3 million. As of 2022, Palmini has a $5 million net worth.
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