Hungry Harvest Shark Tank Net Worth 2023 | Hungry Harvest Shark Tank Update
Hungry Harvest Shark Tank Net Worth
Hungry Harvest was featured on Shark Tank in 2015 and had a valuation of $1 million. This is based on an accepted offer from shark Robert’s of $100,000 in exchange for 10% equity.
Hungry Harvest was worth $1 million dollars and had an annual revenue stream of one to two million dollars when it made an appearance on Shark Tank.
Since its appearance on the show in 2015, the company’s customer base has grown threefold and it now caters to over 100 retailers across the United States. As a result, the company’s current net worth has soared to $12 million dollars.
What is Hungry Harvest? Who is the Founder of Hungry Harvest?
Hungry Harvest is a food subscription service that delivers “ugly food,” which refers to perfectly safe food that may not look as visually appealing as supermarket produce.
The co-founder and CEO of Hungry Harvest is Evan Lutz, a Baltimore native who studied at the University of Maryland. Before creating Hungry Harvest, Lutz worked as an Earned Income Coordinator at the Food Recovery Network, which foreshadowed his founding of Hungry Harvest. He remains the CEO of the company.
Despite the less attractive appearance of the produce, it is still nutritious and delicious. Hungry Harvest distributes healthy food along the East Coast on a subscription basis, allowing customers to customize their subscription boxes.
Evan Lutz, the CEO and co-founder, was a business major at the University of Maryland who had a keen interest in entrepreneurship and a desire to start his own company after graduation.
Lutz wanted to run his business in a way that would benefit those in need, reduce waste, and generate revenue by selling a product that no one had wanted before. He was moved by the poverty, hunger, and injustice he saw on the streets of his hometown.
Lutz noticed that food waste was a major problem worldwide, with 6 billion pounds of food wasted annually in the United States alone, enough to fill four NFL stadiums to capacity.
He purchases this wasted food and sells it to customers at a 10-20% discount on what they would pay for better-looking produce.
Additionally, for every bag of produce delivered to paying customers, Hungry Harvest donates 1.2 pounds of produce to food banks in the surrounding Washington, D.C., and Baltimore areas, as well as to free farmers’ markets.
Hungry Harvest at Shark Tank Pitch
Evan Lutz appeared on Shark Tank to seek assistance in expanding his business to new areas. He offered a 5% stake in his company, which was valued at $1 million, in exchange for $50,000.
He pitched his business, which specialized in delivering “ugly food” that was still safe to eat but may not look as appealing as supermarket produce.
He also distributed meals to needy households and saved consumers money by selling the unattractive produce that would otherwise go to waste.
Robert Herjavec offered $100,000 for a 10% stake in the company, which Evan accepted. Following the show, daily internet views increased from 150 to over 3,000, and in March 2020, the company raised $7.25 million in venture capital investment to expand its marketing efforts, hire new staff, and improve its supply chain operations.
As of August 2021, the company services several regions, including Maryland, Washington, DC, Virginia, Greater Philadelphia, Southern New Jersey, Northern Delaware, South Florida, North Carolina’s Triangle Area and Charlotte, and the Detroit Metropolitan Area. Its annual revenue at that time was $4 million.
Competitors of Hungry Harvest
The major competitors of the Hungry Harvest are; The Produce Box, Field Goods, Dazzlepro, VegiWorks, Thoroughbred Racing Association, Qanta, Nature Camp and Phoenix Group International.
Hungry Harvest Net Worth
Hungry Harvest was featured on Shark Tank in 2015 and had a valuation of $1 million. This is based on an accepted offer from shark Robert’s of $100,000 in exchange for 10% equity.
Hungry Harvest was worth $1 million dollars and had an annual revenue stream of one to two million dollars when it made an appearance on Shark Tank.
Since its appearance on the show in 2015, the company’s customer base has grown threefold and it now caters to over 100 retailers across the United States. As a result, the company’s current net worth has soared to $12 million dollars.
Hungry Harvest FAQs
What is Hungry Harvest?
Hungry Harvest is a company that sells fresh, ugly produce. Their food waste reduction model aims to reduce food waste by selling goods that would otherwise go to waste which can be sold for less than typical fruits and vegetables.
Who is the founder?
Evan Lutz is the founder and owner of Hungry Harvest. He is a University of Maryland business student who saw food waste as an opportunity to help out people in need, reduce food waste, and make the company profitable.
What is the vision of Hungry Harvest?
Hungry Harvest’s vision is to disrupt the ugly produce industry by creating a new category that benefits farmers, consumers, and the economy at large. Evan wants to change how people shop for their fruits and vegetables.
What is his offer on Shark Tank?
Evans was asking for $100,000 for 5% equity in the company which valued his company at $1 million.
Did he get the deal?
Yes, Evan got the deal.
How much is the deal?
Robert offer $100,000 for 10% stake in Hungry Harvest valued at $500,000.
Is Hungry Harvest still in business?
Hungry Harvest closes a $14 million round amidst a business boom fueled by Covid. Hungry Harvest, based in Baltimore, has completed its Series a round of fundraising, raising $13.7 million in venture money.
How does Hungry Harvest make money?
Certified organic vegetable bags range in price from $30 to $55. Hungry Harvest donates two pounds of vegetables for every bag of produce sold to local groups that feed the hungry.
Lutz says that they have “recovered” 300,000 pounds of food and donated 100,000 pounds to those in needs thus far.
How many people are employed by Hungry Harvest?
The company currently employs 110 people.
How do I cancel Hungry Harvest?
5.2 To deactivate or delete the account, send an email to [email protected] advising them that they wish to discontinue their account. Additionally, users may go into their own accounts and erase all orders.
Is Hungry Harvest a nonprofit?
Any remaining funds will be used to support any other food access initiatives or to assist other hunger-fighting partners.
As with Hungry Harvest, Produce in a SNAP is not a 501(c) (3) organization; thus, if users wish to make a tax-deductible gift, please consider assisting their hunger-fighting partners.
How did he get into this business?
Hungry Harvest was created out of Evan Lutz’s desire to solve a problem that he saw happening in his neighborhood.
He noticed that, while America is fortunate enough to have an abundance of food, it just wasn’t reaching the people who needed it most. However, Evan believes there are still ways to make money off of this surplus food.
How Does Hungry Harvest Reduce Food Waste?
Hungry Harvest sources excess fruits and vegetables that do not meet the typical aesthetic standards of grocery stores and other less picky retailers.
Is Hungry Harvest profitable?
Hungry Harvest earned $37,000 in the first six months and slightly more than $100,000 in the most recent month, Lutz stated on the episode, which aired in June.
However, the firm suffered a net loss of roughly $20,000, and Lutz stated that he was not profitable.
What is the net worth of Evans Lutz?
The net worth of Evans Lutz is unknown and is expected to go high since the company has made millions in sales since the episode aired in June.
