Hungry Harvest Shark Tank Update | Hungry Harvest after Shark Tank
What is Hungry Harvest?
Hungry Harvest is a food subscription business that specializes in delivering what they refer to as “ugly food,” which is food that is totally safe to eat but may not look quite as appealing as supermarket fare.
Evan Lutz, co-founder and CEO of Hungry Harvest, is a Baltimore native who studied at the University of Maryland before creating the organization.
Prior to establishing Hungry Harvest, Lutz worked as an Earned Income Coordinator at the Food Recovery Network, a position that served as a clear prelude to his eventual foundation of Hungry Harvest. He remains the CEO of Hungry Harvest.
Although the produce may be overly little or wrinkled, it is still delicious and healthy. It distributes nutritious cuisine along the East Coast.
Hungry Harvest, which operates on a subscription basis, allows users to fully customize their subscription boxes.
Who is the Founder of Hungry Harvest?
Evan Lutz, the CEO and co-founder of Hungry Harvest, was a University of Maryland business major with a strong interest in entrepreneurship and a desire to start his own firm following graduation.
The Baltimore native desired to operate his business in an unconventional manner, one that would benefit those in need, minimize waste, and still generate revenue by selling a product that no one had previously desired.
He had been deeply disturbed by the poverty, starvation, and injustice he witnessed on the mean streets of his hometown on a daily basis, but that was only a flame that ignited his passion.
Evan observed that food waste is a major issue around the world, with 6 billion pounds of food wasted annually in the United States alone, enough to fill four NFL stadiums to capacity.
Lutz purchases this food and sells it to consumers, who generally save 10% to 20% on otherwise attractive vegetables.
Additionally, for every bag of produce delivered to paying clients, Hungry Harvest distributes 1.2 pounds of produce to food banks in the surrounding Washington, D.C., and Baltimore areas, as well as to free farmers’ markets.
What Happened to Hungry Harvest at Shark Tank pitch?
Evan Lutz approached Shark Tank investors for assistance in expanding his geographical region.
Evan joins the Tank seeking $50,000 for a 5% stake in a company valued at $1 million. He recounts the account of the gleaming apples and inquires as to how they all grew so well.
The fact is that only the most attractive apples make it to retailers; the less attractive stuff ends up in trash.
Evan sources excess, unattractive goods from local farmers. He also distributes meals to needy households. This is a win-win-win scenario.
He distributes samples of unattractive carrots and describes the three available sizes. Hungry Harvest food is equally as fresh as its more aesthetically pleasing cousins. Additionally, he claims to have incurred a net loss of $20,000.
With 500 active users, sales were $37,000 in the first six months and $100,000 in the final four months. His business saves consumers time and money, and he gives 5000 pounds of vegetables each month to needy communities.
Barbara prioritizes greed before altruism. She discusses Grace and Lace’s plans to build five orphanages following their financial success. Kevin draws parallels between Hungry Harvest and Plated.
Robert offers $100,000 in exchange for 10% ownership of the firm, stating that he can assist him in running, expanding, and empowering the business. Evan inquires about alternative options, and Mark becomes enraged.
Kevin asserts that there is logistical synergy with Plated. Robert stops Kevin as he makes an offer and advises Evans to either accept it or quarrel with Kevin and Lori.
Evan immediately accepts Robert’s offer of $100,000 in exchange for 10% stock shares, and the two seal the deal.
What Happened to Hungry Harvest after Shark Tank?
Evans, following his exuberance during the pitch, the Hungry Harvest completed the transaction with Robert. Daily internet views increased from 150 to over 3,000 following the original air date.
The startup raised $7.25 million in venture capital investment in March 2020. Evan intends to utilize the capital to expand his marketing efforts, make new recruits, and improve supply chain operations.
Currently, the corporation services Maryland, Washington, DC, Virginia, Greater Philadelphia, Southern New Jersey, Northern Delaware, South Florida, North Carolina’s Triangle Area and Charlotte, as well as the Detroit Metropolitan Area.
They intend to expand into other markets by 2021. Annual revenue of the company was $4 million in August 2021.
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.
Net Worth of Hungry Harvest
The net worth of the company was $1 million during the pitch after Robert acquired the company valued at $500,000.
In 2021 the company valuation is expect to rise due to sales made by the company since the Shark Tank episode.
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 account and erase all orders.
Is Hungry Harvest 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.