Souper Cubes is a consumer products firm that makes stackable frozen food trays. It was founded in 2017. Its corporate headquarters are located in the San Francisco Bay Area, Silicon Valley, on the West Coast.
This item is a food storage solution that can hold parts of soups, broths, leftovers, stocks, and a variety of other meals.
This is an ice tray since it is composed of food-grade silicone, making it simple to pop out frozen and warmed pieces.
This item is constructed of BPA-free, FDA-approved food-grade silicone, high-quality materials, dishwasher safe, and so on. Food safety was considered when designing the Souper Cubes Tray.
Jake Sendowski Shark Tank and Michelle Sendowski Shark Tank are the founders of Souper Cubes.
Jake Sendowski is a Ph.D. scholar and the Co-Founder and CEO of Souper Cubes. Caltech is where he studied Electrical Engineering.
From the same university, he earned his Master of Science (M.S.) in Electrical Engineering.
He spent two years at Intel Security and then four years at Vectra AI as Director of Product Management.
Michelle Sendowski, his wife, is a co-founder of this firm and holds a degree from UCLA School of Medicine.
For four years, I worked as a Senior Assistant at Stanford University. Working as a Research Analyst with UCLA BRAID Research on a part-time basis.
Souper Cubes Shark Tank Update:
|Company Name||Souper Cubes|
|Founder||Jake Sendowski and Michelle Sendowski|
|Product||silicone trays for freezing food in perfect portions|
|Asked For||$400,000 for 5% Stake|
|Final Deal||$400,000 for 5% Stake|
|Episode (Shark Tank USA)||Season 13 Episode 21|
|Air Date||May 2, 2022|
|Business Status||In Business|
|Net Worth||$8 Million *estimated|
Before Shark Tank, Souper Cubes:
Souper Cubes had a lot of sales in both the internet and offline marketplaces when it first started. He had advertised his goods in Silicon Valley, which helped him become a success in the future.
This product has already been granted a patent. Michelle claims that her business made $940,000 in sales in 2019, which is a significant success.
It reached a revenue of $ 1.6 million in the midst of the 2020 pandemic. It made a profit of $330,000 in the first month of 2021.
As a result, at the end of the year, this firm generated $3.3 million in sales.
Michelle also stated that they have a large consumer base that is enthusiastic about this product.
This product is receiving positive client feedback, which encourages them to develop new items.
They sell their items on Instagram, Twitter, Facebook, and Google Ads, which leads to increased sales.
This product is available on the Amazon online marketplace and has a rating of 4.8 stars out of 5 stars.
According to one user, the majority of Amazon purchasers have submitted favorable ratings since they are pleased with the product.
Michelle and Jake claim that 78 percent of their sales originate from Amazon, 8% through their website, and 14% via retail partners including Willamson Sonoma and Sur La Table on the Shark Tank television show.
Is Souper Cubes a Shark Tank Success?
In Shark Tank, the founder of Souper Cubes requested $400,000 in return for 5% stock in the firm, valuing the company at $8 million.
Kevin O’Leary, a shark, made the initial offer, and he made two other sorts of offers.
Kevin O’Leary #1: In their initial offer, he offers to invest $400,000 in exchange for 3% stock and $0.40 royalties on each unit.
Kevin O’Leary #2: Kevin’s second offer was to invest $400,000 in the firm in exchange for 15 percent ownership and no royalties.
Barbara Corcoran expressed interest in it and stated that she was willing to invest in it. She also presented the entrepreneur with two proposals.
Corcoran #1: Her initial offer was to invest $400,000 in the firm in exchange for 10% ownership.
Corcoran #2: Her second offer was that she would invest $800,000 in the firm if she was given 20% ownership.
Souper Cubes’ Michelle and Jake (Co-Founder): Michelle, the creator of Corcoran, believes that 20% equity is too high, and she is unwilling to provide such a large amount of equity. She hasn’t even told her spouse about it.
Kevin O’Leary (updated offer) #3: Kevin changed his offer and made a new $400K offer to the creator in exchange for a 3% ownership and a royalty of 40 cents per unit until $1 Million is paid.
Mark Cuban: Cuban stated that he and his wife loved the term “Souper Cubes,” but that he did not know much about it. As a result, he is out of these deals.
Lori Greiner: Grenier claims that she has identified no flaws in this product and that she has been proven correct in all aspects thus far.
Lori Grenier is prepared to make an offer. She claims it’s a game-changer, and he’ll put $400,000 into it in exchange for a 5% stake in the firm.
Lori Grenier finally got a $400k deal for a 5% ownership in this firm.
“I am genuinely interested in this product,” Kendra Scott stated, “but I can’t top Grenier’s offer, therefore I am out of this transaction.”
Souper Cubes: What Happened After Shark Tank?
Michelle and Jake stated that they will seek funds from the television show Shark Tank, as well as discuss shark mentorship and marketing.
This firm has received cash and will increase its marketing expenditures to advertise its goods.
This was also one of his motivations for seeking finance; he wants to develop worldwide and will devote as much time as possible to it.
Their sales increased dramatically in the months after the premiere of Shark Tank, with over $1 million in sales in the first month alone.
This company’s sales graph is now in a positive trend and is slowing down.
What Stores Sell Souper Cubes?
Souper Cubes is presently available on Amazon, their website, and through a number of retail partners, including Sur La Table, Food52, Williams Sonoma, and others.
The freezer tray costs $3.80 to build, but it is now on sale for $36.99 at Walmart. The profit margin on this product is really substantial.
What Is the Net Worth of The Souper Cubes?
First, thanks to Shark Lori Greiner, who matched the founder’s original value. After this deal, Souper Cube’s net worth has increased to $8 million.
The company’s valuation is improving as a result of the show Shark Tank, which is a good indicator.
Is Souper Cubes Still In Business?
Even in 2022, the Souper Cubes firm is profitable; it already generates millions of dollars in monthly sales.
This firm employs 10 to 50 individuals and has been effective in providing jobs to people.
On its website, it posts recipes, recommendations, and culinary hacks, among other things. In today’s world, it has become a company’s brand, and many people are familiar with it.