Jica Foods Shark Tank Net Worth-What Happened To Jica Foods After The Shark Tank Pitch?
What Is Jica Foods? Who Is The Founder Of Jica Foods?
Jica Foods is a food company founded in 2015 by Melissa and Xin Wang. It specializes in all things jicama-based, including JicaWraps (low-carb jicama tortilla wraps), JicaSticks (plain and cilantro lime-flavored jicama sticks), and Jica de Gallo (mild, hot, and fruit-flavored salsa).
Jicama is a root vegetable native to Mexico and Central America that has been part of the region’s diet for centuries. It has a taste similar to an apple or potato. Compared to one flour tortilla which has 100 calories and 15 carbs, one jicama tortilla made with jicama flour has just 8 calories and 2 carbs.
Jica Foods products are available on their website, Amazon Prime, Sprouts, Whole Foods, Vons, Pavillions, Albertsons, and other retailers
What Happen To Jica Foods At The Shark Tank Pitch?
Jica Foods appeared on Season 14, Episode 10 of “Shark Tank” seeking $300,000 for a 3% ownership in the company. The Sharks were skeptical about the company’s profit figures and the deal fell through.
Kevin O’Leary expressed doubt that any of the Sharks would be interested in the entrepreneurs’ proposal. All of the Sharks except for “Mr. Wonderful” and Corcoran declined to participate.
Corcoran offered $300,000 in exchange for a 10% ownership in the company, as well as a pro-rata distribution. The entrepreneurs countered with a 5% ownership offer, which Corcoran promptly rejected.
O’Leary proposed the same deal at 9%. This sparked a competitive bidding war between the two Sharks and negotiations between them and the entrepreneurs.
Ultimately, Corcoran and Jica Foods came to an agreement of $300,000 for a 6% ownership stake, in addition to 3% in advisory shares and a pro-rata distribution.
What Happen To Jica Foods After The Shark Tank Pitch?
Jica Foods appeared on Shark Tank in Season 14, where they pitched their business and asked for $300,000 for a 3% equity. They got a deal with Barbara Corcoran, who invested $300,000 for 6% equity and 3% advisory shares.
Before appearing on Shark Tank, Jica Foods was available in 700 stores, including Whole Foods and Sprouts. As of 2023, their products are available in 177 Walmart stores, 234 Sprouts stores and 78 Whole Foods stores.
According to the founder of Jica Foods, they projected $9 million in sales by 2023. Their annual revenue was estimated at $1 million before appearing on Shark Tank. In the year following their appearance on the show (2020), they reached $5 million in sales.
Jica Foods started out selling jicama chips but transitioned to Jica Wraps after struggling to compete with big chip brands that were already in the market.
Their climb in profits didn’t stop there as they continued to expand their product line. As of 2023, Jica Foods continues to expand its business and increase its sales every year.
Jica Foods Shark Tank Net Worth
As of january 2023, their net worth is estimated at $5 million with annual revenue of $1 million.
Jica Foods appeared on Shark Tank season 14 episode 10 where they asked for $300k for a 3% equity. They got a deal on the show, and their sales have been continuously increasing every year.
They received an investment from Barbara Corcoran who invested $300k for 6% equity in Kudos + 3% advisory share.
Is Jica Foods Still In Business?
Yes, Jica Foods is still in business as of January 2023. The company was launched in 2019 and their sales reached $1 million in a year. Their sales increased to $4 million in 2020, $5 million in 2021, and $6 million in 2022.
Jica Foods’ profit in 2022 was $400,000, which is less than the previous year because they invested a lot of money in self-manufacturing. The company’s products are available online and can be bought through Amazon Prime. They are also sold at Whole Foods and Sprouts Farmers’ Market.
Jica Foods specializes in all things Jicama based. Their products include wraps, sticks, and Jica de Gallo (a salsa dip with Jicama as its main ingredient).
They also have a fruit option that is made with pineapples inspired by Mexico City style pico that goes great with any taco recipe or can be used as a dip. The shelf life of their food is 19 days and it is sourced from Mexico.
Jica Foods got a deal on Shark Tank with Barbara Corcoran for $300,000 for 6% equity and 3% advisory shares. Since the appearance on Shark Tank, the company has continued to expand its product line while lowering customer acquisition costs and improving margins to maintain profitability.