Chapul Flour Shark Tank Net Worth 2023
Chapul Flour appeared on Shark Tank in March 2014 with a company valuation of $1 million. Mark Cuban invested $50,000 in exchange for 15% of Chapul, which increased the company’s net worth to $333,333.
Since then, Chapul has experienced tremendous growth and success. They have secured additional funding and partnerships, leading to an estimated net worth of $2 million as of 2023.
Chapul Flour is a protein-rich energy bar made from sustainable cricket flour. The founder of Chapul is Pat Crowley from Salt Lake City, Utah.
Despite the Sharks’ reservations about cricket-flavored energy bars and Robert’s conviction that selling the flour rather than the bars is the key to success, Chapul has expanded into 3,000-4,000 additional retail shops since appearing on Shark Tank.
What is Chapul Flour? Who is the founder of Chapul Flour?
Chapul Energy Bars are made from sustainable cricket flour and are high in protein. They are the brainchild of Pat Crowley from Salt Lake City, Utah, who was inspired by the potential of insect protein to help preserve the world’s water supply.
The majority of freshwater resources in the Western United States are used for agriculture, with animal production being a significant contributor.
In contrast, insects are a highly efficient source of protein for humans, generating very little greenhouse gases and requiring minimal space.
Crowley began producing Chapul Energy Bars in 2012, using a particular cricket flour to extract protein from crickets.
The bars come in a variety of flavors, including peanut butter and chocolate, dark chocolate with coffee and cayenne, and coconut ginger lime.
Despite insects being a delicacy in many parts of the world, Americans have been slow to adopt them as a food source.
However, Crowley sees Chapul bars as a way to introduce people to the idea of eating insects in a simple and enjoyable way. He raised over $16,000 through a successful Kickstarter campaign to get his business off the ground.
Chapul Flour Shark Tank Pitch
In Shark Tank episode 523 on March 21, Pat Crowley believed that the Sharks would be interested in investing in his cricket-powered protein bar business, Chapul.
Pat was seeking $50,000 in exchange for a 5% stake in his million-dollar company. Despite some hesitation from the Sharks, Mark eventually offered $50,000 in exchange for 15% equity, which Pat accepted.
Chapul had $50,000 in sales per year, and its revenue was growing by 30% month over month. The bars were being sold in natural food stores, bike shops, rock climbing gyms, cross-fit gyms, and other places.
Each bar cost $1 to create and $2.99 to sell, with crickets being the main protein source. Pat chose crickets because the technology to cultivate them on a large scale was already in place, and they were highly nutritious.
After the deal with Mark, Chapul expanded into 3,000-4,000 additional retail shops, with some large stores showing interest in the brand.
Social media was thriving, and the blog was frequently updated, indicating a strong and expanding business.
Despite some people’s reservations about eating cricket-based products, Chapul emerged as a popular option for those interested in “green” eating.
Chapul was the featured “update section” in Season 7 episode 716, where Pat announced that the bars were flying off the shelves and were now available in all 217 Sprouts locations, making $750,000 in sales so far.
Daniel Lubetzky of Kind Bars fame invested in the company in 2016, and Pat is still involved in a nonprofit that assists new insect farming companies in Indonesia. The company has $5 million in lifetime sales as of January 2022.
Competitors of Chapul Flour
The primary competitors of Chapul Flour are; Exo, Cricket Flours, Entomo Farms, ReGrained, Pulsin and BumbleBar.
Net Worth of Chapul Flour
The company valuation was $1 million during the pitch, after the investment done by Mark Cuban the company worth $333,333.
Since then the company have been performing well with annual sales of $1.5 million as of January 2022 and hence the company net worth has increased.
Chapul Flour FAQs
What is Chapul Flour?
Chapul Flour is high-protein energy bars made with sustainable cricket flour. In fact, flour made from ground-up iron-rich insects. Who is the inventor?
Pat Crowley, an American entrepreneur and rock climber is the inventor of Chapul.
How much was seeking on Shark Tank?
Pat was seeking for $50,000 in exchange for 5% of his company.
How much did he get on Shark Tank?
Pat was able to negotiate a deal with Mark Cuban who offered Pat $50,000 in exchange for 15% equity shares of the company.
Is Chapul Flour still in business?
Yes, Chapul Flour is still in business and available for purchase online.
What are the ingredients of Chapul Flour?
The ingredients used in making Chapul Flour include whole roasted crickets, brown rice flour, almond meal, coconut sugar, shredded coconut and salt.
How is Chapul Flour made?
Chapul Flour is made by roasting crickets in an oven and grinding them into a fine powder and then mixing them with other products to obtain the desired taste.
Where was Chapul Flour invented?
It was invented in Boulder, Colorado, United States.
What does Chapul Flour do?
It is a protein bar made from cricket flour. It is marketed as a healthy and nutritious substitute for other energy bars where the protein source is whey or soy derived powder. It has 30g per 100g of protein in it for dieters on calorie restricted diets who want to get high-quality protein with their diet.
What are the nutritional benefits of Chapul Flour?
The Flour has been proven to be either Gluten free or Wheat free. However it is safe for everyone who eats it and also high in protein.
It is not only as a healthy food but also that it helps reduce all your cholesterol levels, reduces stress on heart and immune system. Being a gluten free food, it helps in weight loss as well as helps in muscle development.
Why is Chapul Flour?
Insects are an important source of protein and have existed long before humans made the switch to eating other animals and plants.
How do I buy Chapul Flour?
Customers can buy Chapul Flour online by visiting its official website http://www.chapul.com/ or Amazon.
Is Chapul Flour approved by FDA?
Yes Chapul Flour is FDA approved and hence safe for consumption.
What is the net worth of Pat Crowley?
The Net worth of Pat Crowley is estimated at $1.5 Million.
