When Lucinda Cramsey, an eighth-generation farmer, stepped into the Shark Tank, she had a mission: to help small family farms thrive by offering ethically sourced, humanely raised meats to conscious consumers. Her company, Moink, aimed to provide a platform for these farmers to sell their products directly to customers through a subscription box service. In this blog post, we’ll dive into Moink’s Shark Tank journey, their deal, and where they are now.
The Moink Pitch And Deal At Shark Tank
Lucinda Cramsey ucinda Cramsey walked into season 10, episode 15. Shark Tank seeking a $250,000 investment in exchange for a 10% stake in Moink, valuing the company at $2.5 million. She impressed the Sharks with Moink’s rapid growth, having reached $500,000 in sales within just six months of launching. The Sharks were also intrigued by Moink’s unique business model and its mission to support small family farms.
However, concerns arose regarding Moink’s slim profit margins, which Cramsey attributed to the higher costs associated with ethically sourced meats. Despite the initial hesitation, guest Shark Jamie Siminoff saw potential in Moink and offered $400,000 for a 20% stake in the company. Cramsey accepted the deal, securing the funding and partnership she needed to take Moink to the next level.
Moink Is Gone Out Of Business
Despite the Shark Tank deal and initial success, rumors began circulating that Moink had gone out of business. However, these rumors are unfounded. While Moink faced challenges following their appearance on the show, such as depleted stocks, delivery delays, and packing errors, they persevered and continued to grow.
Cramsey and her team worked diligently to address these issues, upgrading their facilities and streamlining their operations to accommodate the increased demand. They also faced criticism from conventional farmers who felt threatened by Moink’s mission to support small, ethical farms. Despite these obstacles, Moink received an outpouring of support from customers and fellow family-run farms who believed in their cause.
What Was Moink Net Worth?
At the time of their Shark Tank appearance, Moink was valued at $2.5 million based on Cramsey’s ask. However, following the deal with Jamie Siminoff and the company’s continued growth, Moink’s net worth has likely increased significantly.
In the year following their Shark Tank episode, Moink reported sales of $2.8 million, demonstrating their ability to scale and meet the growing demand for ethically sourced meats. As Moink continues to expand its network of small farms and explore new opportunities, such as offering themed gift boxes and potentially selling their products in grocery stores, their net worth is expected to rise.
Business Overview
Moink’s business model revolves around partnering with small family farms to offer ethically sourced, humanely raised meats to consumers through a subscription box service. Each box, priced at $159, contains a variety of meats, recipe cards, and an in-house magazine featuring stories about their partnered farmers.
Moink currently delivers to 48 states and Washington D.C., and they continue to expand their network of farms to meet the growing demand. The company’s mission extends beyond just selling meat; they aim to support struggling farmers, promote ethical farming practices, and offer consumers a more conscious choice when it comes to the food they eat.
Conclusion:
Moink’s Shark Tank journey has been one of perseverance, growth, and staying true to their mission. Despite the challenges they faced following their appearance on the show, Lucinda Cramsey and her team have proven that there is a growing market for ethically sourced, humanely raised meats.
As Moink continues to expand, they remain committed to supporting small family farms and offering consumers a more conscious choice. With Jamie Siminoff’s investment and partnership, Moink is well-positioned to compete with major players in the industry and bring their products to even more consumers. The future looks bright for this mission-driven company, and we can’t wait to see what they achieve next.
