Magic Cook Shark Tank Update | Magic Cook after the Shark Tank Pitch
What is Magic Cook?
The Magic Cook is a self-contained cooking system that does not require power, batteries, gas, or fire.
The stainless steel container is equipped with heat packs that quickly boil additional water to cook the meal.
The plastic jar is filled with water and a heat packet; the stainless steel insert is then nestled within and secured with the pressure resistant lid.
Food inserted in the stainless steel container cooks in conjunction with the boiling water. The product is available in two sizes: rectangular “lunch box” and cup.
Outdoor lovers adore it because it allows them to quickly prepare a hot beverage or meal without building a fire or using a gas burner.
The lunchbox-sized one can transform frozen food into cooked meals in as little as 20-25 minutes. Each version of The Magic Cook includes one heat pack; heat pack replacements are sold in packs of ten.
Amazon is now selling The Magic Cook.
Sharon Yu, the company’s founder, is an entrepreneur who founded her first firm in 1999 and has experience in the promotional goods market.
Her experience is mostly in production and sales in the manufacturing sector for Chinese-made items.
Since then, she has established a number of businesses, including Dynamic Solutions Group, Minime 3D, and China Sourcing Company.
Yu was motivated to create the device by natural calamities.
Hurricane Sandy made her realize how critical it was to always be prepared, and how difficult it was for people who were unable to cook due to the storm’s widespread power outages.
Yu is also a passionate camper and hiker who saw a market need for folks looking to make a nutritious meal outdoors with minimum equipment and at a fair price.
She ultimately came up with the ideal notion to fill that need after two years of investigation.
Who is the Founder of Magic Cook?
Sharon Yu is the founder.
What happen to Magic Cook at the Shark Tank Pitch?
Sharon appears on Shark Tank season 6 episode 10 in exchange for $100,000 and a 20% stake in her firm. This indicates a $500,000 valuation.
She seems anxious, but does an excellent job demonstrating the goods. The container’s water comes to a boil! Cooking a meal takes around 20 minutes.
Mr. Wonderful is curious as to who need this.
Mark indicates that he may bring it to the workplace! Sharon says that the heat pack is very safe.
Mark inquires as to how many Sharon has sold, the expense of production and the price at which they are sold.
Each box costs $6.50 to construct and includes one of the heat packs necessary to bring the water to a boil.
The box kits cost $29.99 each. The tumbler-sized bottles cost $5 to create and come with one heat pouch. They are available for $19.99. They are available for purchase in sports goods stores.
The heat packs are offered in packs of five and cost around $2 to create (for all five packs). They retail for $9.99.
She has sold 35,000 packets, indicating that there is a market for the product. Sharon comes from a manufacturing background in China, so she understands the production side of the company.
Within the last 12 months, sales have totalled barely $150,000.
Mark is out because he believes the product is not intuitive.
Nick, who does not believe it is a sufficiently unique option, is also out.
Kevin is neither an outdoorsman nor a camper, and hence the product lacks enthusiasm for him. As a result, he is no longer present.
Lori asserts that there is simply too much competition for outdoor enthusiasts – there are already more beautiful and affordable methods for preparing food everywhere. She has exited.
Following the break, Daymond inquires as to why Sharon need a companion.
Daymond appreciates her knowledge of sourcing and production, and he believes they can collaborate on further projects.
Daymond offers $100,000 in exchange for a 33 percent stake.
Sharon requests to speak with her lawyer, which Daymond declines, stating that a phone call to her husband, spouse, or family member would be more acceptable.
Sharon considers Daymond’s offer of 33 percent in return for a $100,000 cash investment in her Magic Cook business.
Magic Cook after the Shark Tank Pitch
Magic Cook continues selling a range of items, including a cup and a triple-layer lunchbox.
In 2015, Sharon made an appearance in an edition of Marcus Lemonis’ video series.
Daymond appeared on HSN in 2016 to market the items, which sold out in less than five minutes.
Sharon updated her website with several new goods. The EZ Funshell backpack is a backpack that includes an umbrella.
Additionally, she sells torches and a camping cooling fan. As of August 2021, the firm continues to operate with yearly sales of $3 million.
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?