Magic Cook Shark Tank Net Worth 2023
Sharon was a guest on Shark Tank seeking financial investment and support for her company, Magic Cook. She was looking for a total of $100,000 to assist with the growth and expansion of her business, and she was willing to offer a 20% stake in her company in exchange for the funding. This valuation indicated that her firm was valued at $500,000.
Daymond offered her a deal of $100,000 in exchange for a 33% stake in Magic Cook, which valued her firm at $303,030.30.
Since 2018, social media surrounding Magic Cook has not seen any updates; leading many to think that the enthusiasm for the product is cooling off. Even though there hasn’t been a lot of activity on the platform, existing followers remain loyal and committed to the brand.
What is Magic Cook? Who is the Founder of Magic Cook?
The Magic Cook is a cooking system that is self-contained and does not require any electricity, batteries, gas, or fire. The stainless steel container is equipped with heat packs that can quickly boil water to cook the food.
To use it, you simply fill the plastic jar with water and a heat packet, then place the stainless steel insert inside and secure it with the pressure-resistant lid.
The food in the stainless steel container cooks in conjunction with the boiling water. There are two sizes available: a rectangular lunch box and a cup.
Outdoor enthusiasts appreciate The Magic Cook because it allows them to prepare a hot meal or beverage quickly without having to build a fire or use a gas burner.
The lunchbox size can even cook frozen food in just 20-25 minutes. Each Magic Cook purchase comes with one heat pack, and replacements can be purchased in packs of ten.
The Magic Cook is now available on Amazon. The founder of the company, Sharon Yu, is an experienced entrepreneur who established her first firm in 1999 and has worked in the manufacturing sector, primarily in production and sales of Chinese-made items.
Yu was inspired to create The Magic Cook by natural disasters, particularly Hurricane Sandy, which made her realize how important it is to always be prepared, especially when it comes to cooking during power outages.
As a passionate camper and hiker herself, Yu saw the need for a cooking system that could provide nutritious meals outdoors with minimal equipment and at a reasonable price. After two years of research, she came up with the perfect solution to fill that need.
Magic Cook Shark Tank Pitch
Sharon made an appearance on Season 6, Episode 10 of Shark Tank where she secured a deal worth $100,000 and a 20% stake in her firm, indicating a $500,000 valuation.
Although she appeared nervous, Sharon did an excellent job demonstrating her product, which includes a container that boils water in 20 minutes.
During the pitch, Mr. Wonderful questioned who would need such a product, while Mark saw potential for workplace use. Sharon emphasized the safety of her product, which includes heat packs that are sold in packs of five for $9.99, costing around $2 to produce.
The cost of production for each box is $6.50, which includes one heat pack. The box kit is sold for $29.99, while the tumbler-sized bottles are sold for $19.99, which also includes one heat pack.
These products are available in sports goods stores. Sharon disclosed that she has sold 35,000 packets within the last 12 months, generating a total revenue of $150,000. However, Mark, Nick, and Lori decided not to invest due to various reasons.
After the break, Daymond expressed his interest in partnering with Sharon, offering $100,000 for a 33% stake. Sharon requested to speak with her lawyer, but Daymond suggested calling her family member instead.
Sharon ultimately accepted Daymond’s offer and expanded her product line, which now includes a triple-layer lunchbox, a cup, and a backpack with an umbrella.
Daymond even appeared on HSN to market the products, which sold out in less than five minutes. As of August 2021, Magic Cook continues to operate, generating yearly sales of $3 million.
In February 2023, Amazon’s stock of lunch boxes has been completely sold out and the product is no longer available to be purchased – however, refill heating packs still remain in stock and can still be obtained. Although the lunch boxes are no longer on sale, customers can take advantage of this offer to obtain more heating packs if needed.
Magic Cook Net Worth
Sharon appears on Shark Tank searching for $100,000 and a 20% stake in her firm. This indicates a $500,000 valuation. She accepted an offer from Daymond of $100,000 for 33% stake thus valuing the Company at $303,030.30.
Magic Cook Competitors
There is no competitor identified for Magic Cook.
Magic Cook FAQS
What is Magic Cook?
Magic Cook is a portable cooking system created by Sharon Yu. The product is a two-part system, consisting of an insulated stainless steel container and an outer plastic container.
It uses heat packs to boil water within the inner stainless steel container and then cooks food placed in the outer plastic container.
How much was she seeking in the Shark Tank?
Sharon was seeking $100,000 investment in exchange of 20% stake in the Company.
Did she get the deal from the Sharks?
She got an investment from Daymond.
How much did she received from the Sharks?
Sharon received $100,000 in exchange of a 33% stake in the Company from Daymond.
Is Magic Cook still in business?
Magic Cook, a manufacturer of multi-purpose camping equipment, is still in operation.
Customers may acquire the company’s product line through the company’s website, Amazon, retail locations in the United States, and distributors abroad.
Magic Cook’s idea is to keep and reheat meals without using fire, electricity, or gas.
How does Magic cook work?
The Magic Cook Lunch Box has two nesting compartments. The area between the outer and inner plastic containers filled with hot water and steam, which is used to heat their noodles, veggies, soup, and eggs, among other things.
The Magic Cook Bottle Cup may be used to rehydrate their favourite tea or coffee.
What is magic Cook made of?
The Magic Cook is a tumbler-sized food and beverage container that heats meals to a temperature of 200 degrees Fahrenheit.
The heat is created chemically when a Magic Heat Pack is submerged in a little amount of water at the bottom of the container.
The Magic Cook is constructed of heat-resistant food-grade plastic and stainless steel.
How long does Magic Cook stay warm?
Once the Magic Cook reaches its maximum temperature, it will remain warm for up to 30 minutes to an hour.
What type of food can they warm up?
The Magic Cook is capable of cooking pasta, soup, hot dogs, and dried meals, among other things.
How long does it take to cook food?
Depending on the type of food they cook, Magic Cook will cook or reheat it within 5-20 minutes and keep it warm for up to 30 minutes to an hour.
Do they have to use water to activate the heat pack?
Any form of liquid may be used to activate the magic cook heat packs. For example, water and melting snow.
How long can they store the heat packs for?
Their heat packs have a 5-year shelf life.
Are the heat packs toxic?
No. Magic Cook heat packs are non-toxic and odourless.
Will Magic Cook heat packs work with any other containers?
No, Magic Cook hot packs are intended to be used exclusively with their Magic Cook Lunch Box and Cup.
Will the container shatter as a result of the high heat?
No, Magic Cook Containers are constructed of double-walled, high-temperature-resistant food-grade materials.
The stainless steel cooker is constructed entirely of food-grade materials that withstand extreme heat.
Where can they buy more heat packs?
Additional heat packs are available at www.magiccook.com.
Can they use Magic Cook indoors?
No, Magic Cook Products are intended for outdoor usage.
Can they drink the water that they used to activate the heat pack?
No, despite the fact that the heat packs are non-toxic, people should avoid consuming the contents of activated heat packs.
What is net worth of Sharon Yu?
Unknown.
