PipSnacks Shark Tank Net Worth
The net worth of Pipcorn/Pipsnacks is estimated to be around $10 million as of February 2023. Pipcorn/Pipsnacks had a net worth of $2 million when they appeared on Shark Tank in 2014.
After appearing on Shark Tank in 2014, the siblings asked for an investment of $200,000 in exchange for a 10% stake in their company. Barbara Corcoran agreed to invest the requested amount and also offered a 10% draw every time Jeff and Jen withdrew cash until she recouped her investment.
The popularity and sales of Pipcorn/Pipsnacks skyrocketed after their appearance on Shark Tank. Within a month of the agreement with Barbara, they had received over 12,000 orders and their sales had reached $1.1 million As of February 2023, their sales have grown to nearly $1.4 million.
What is PipSnacks and who is the founder of PipSnacks?
PipSnacks is a brand of healthy popcorn snacks that are made from heritage popcorn kernels, which are naturally rich in fiber, vitamins, and antioxidants.
The brand was founded in 2010 by Jennifer Martin, a New York City resident who is passionate about living a healthy lifestyle and expanding food diversity with natural items.
Jennifer’s brother Jeff and his wife Teresa also co-founded the company, and their business and financial expertise have helped PipSnacks grow as a popular product and company.
PipSnacks popcorn is made from heritage corn with tiny kernels that are farmed in the Midwest. The hulls almost completely evaporate when popped, resulting in popcorn that is half the size of regular popcorn and has fewer hulls stuck in your teeth.
PipSnacks popcorn is inherently gluten-free and does not contain butter. It is available in five different flavors, including sea salt, rosemary, slightly sweet kettle, tangy crabby, and white truffle, with a four-ounce bag costing $4.99.
PipSnacks gained significant exposure and sales after being included on Oprah’s Favorite Things lists in 2012 and 2013. The brand is now available in several areas in the Northeast as well as online.
What Happened to PipSnacks at Shark Tank pitch?
During episode 9 of Season 6 of Shark Tank, Jeff and Jennifer presented their company PipSnacks to the investors with the goal of expanding their distribution. They opened with a personal anecdote about the inception of their business, explaining that they were struggling financially.
In the Tank, they requested $200,000 for a 10% stake in PipSnacks, which they valued at $2 million. The Sharks tasted their popcorn samples and were impressed, with Kevin asking about exclusivity for the kernels. The entrepreneurs revealed that they were close to securing a deal.
They disclosed that they made $200,000 in sales the previous year, but their profit margins were low due to their self-production. Robert suggested that using a co-packer would increase their margins and asked what made their product unique.
Kevin was skeptical about their valuation, claiming that their product was not proprietary. The entrepreneurs defended their valuation, but Kevin withdrew from the deal.
Robert offered $200,000 for a 20% stake, but the entrepreneurs countered with $200,000 for a 10% stake. Barbara believed they were worth the investment and agreed to their terms, but requested a draw every time Jeff and Jen withdrew money.
Robert then offered $200,000 for a 10% stake without any conditions. The entrepreneurs considered Barbara’s offer and ultimately accepted her offer of $200,000 for 10% equity shares plus a 10% draw until she recouped her investment, given her track record in the food industry.
PipSnacks received an update during episode 9, only a few months after their appearance on the show. Their sales had skyrocketed from $200,000 to $1.1 million after partnering with Barbara. The entrepreneurs received 12,000 orders after their segment aired, leading to some fulfillment challenges.
Instead of viewing this as a negative, the team took it as an opportunity to offer discounts to those who waited the longest and free delivery on subsequent orders. They now have co-packers on the east and west coasts and in the Midwest, and their popcorn is available nationwide.
In a season seven update, Barbara and the entrepreneurs attended the New York Food Show to showcase PipSnacks, which had generated over $1.4 million in revenue.
In 2019, Factory LLC invested $6 million in the company, which enabled them to launch their new Heirloom Snack Cracker line made from recycled maize flour in February 2020.
The company expanded into Kroger, adding to its list of retail locations such as Whole Foods Market, Sprouts Farmers Market, The Fresh Market, Central Market, and Amazon.
Despite the pandemic, PipSnacks was able to shift to digital sales and remained highly profitable in 2021, with annual revenue reaching $5 million as of November 20, 2021.
Competitors of PipSnacks
Angie’s BOOMCHICKAPOP, Popcorn, Indiana, and SkinnyPop are PipSnacks main competitors.
Net Worth of PipSnacks
The company was valued at $2 million during pitch and after the investment done by Barbara. In 2021 the company has a net worth of $400,000.
PipSnacks Shark Tank Updates
PipSnacks appeared on Shark Tank in season 6, where they asked for $200,000 for 10% of their business. They received a deal with Barbara Corcoran for the same amount of money and equity, plus a 10% draw whenever Jeff and Jen take cash out until she recoups her investment.
After their segment aired, they had 12,000 orders, which was about 11,000 more than they ever had. Since doing the deal with Barbara, their sales went from $200,000 to $1.1 million.
PipSnacks has since evolved into Pipcorn Snacks, which seems to be a more fitting name. As of 2023, the net worth of Pipcorn/Pipsnacks is $10 million, and they generate $5 million in annual sales. They switched to digital sales and are still highly successful.
Pipcorn/Pipsnacks has been featured on several major television shows following its appearance on Shark Tank, including Good Morning America and Dr. Oz.
Pipcorn’s journey really took off when their Mini Heirloom Popcorn made Oprah’s list of Favorite Things in 2012.
They went through the audition process with Shark Tank before deciding Pipcorn wasn’t quite ready to face the Sharks. When Shark Tank first reached out to Pipcorn about coming on the show, they were shocked.
PipSnacks Shark Tank Net Worth 2023
|The net worth of Pipcorn/Pipsnacks in 2014
|Investment in Shark Tank
|$200,000 for a 10% stake from Barbara Corcoran
|Sales after Shark Tank
|Reached over $1.1 million within a month and $1.4 million as of February 2023
|Founders of PipSnacks
|Jennifer Martin, Jeff Martin, and Teresa Tsou
|Healthy popcorn made from heritage corn kernels
|Sea salt, rosemary, slightly sweet kettle, tangy crabby, and white truffle
|Several areas in the Northeast and online
|Angie’s BOOMCHICKAPOP, Popcorn, Indiana, and SkinnyPop
What Is Pipsnacks And How Does It Work?
PipSnacks is a family business that makes salty snacks using heirloom corn and other clean ingredients. The company was founded in 2012 by Jeff Martin, his sister Jen, and Jeff’s wife Teresa.
The idea for Pipcorn was born when Jeff and Jen were moving apartments and found a bag of mini heirloom popcorn kernels in the back of a cabinet.
They popped batch after batch and realized that the kernels were delicious and had a crazy amount of flavor and crunch for such small kernels.
They decided to share their discovery with the world and launched Pipcorn in 2012 with their small savings and big dreams to use heirloom corn to reinvent their favorite childhood snacks.
PipSnacks offers better-for-you, tastier versions of classic salty snacks, including mini popcorn, cheese balls with real cheese, and non-GMO corn chips.
The company uses heirloom corn, which is smaller and crunchier than regular corn, and other clean ingredients to make their snacks. Pipcorn products are available for purchase online or in stores that carry Pipcorn near you.
PipSnacks has gained recognition for its delicious snacks. The company was featured on Shark Tank and was named one of Oprah’s favorite things.
Who is the founder?
Jennifer Martin founded PipSnacks on a kernel of an idea that grew into one of the most popular brands in America.
What Are The Ingredients Used In Pipsnacks?
PipSnacks uses clean and all-natural ingredients in their snacks, including heirloom corn, which offers superior nutrition, quality, and sustainability benefits compared to conventional corn.
The company sources their heirloom corn from small family farmers in the US and saves seeds from each harvest to replant later, honoring the history of heirloom corn farming. PipSnacks also uses organic whey sourced from Wisconsin dairy farms as a byproduct of their milk production.
PipSnacks offers a variety of snacks, including mini popcorn, cheese balls with real cheese, corn chips, snack crackers, and Heirloom Crunchies. The company’s popcorn is popped in small batches and seasoned by hand with flavors like rosemary, sea salt, kettle, and Old Bay-inspired “crabby”.
PipSnacks’ cheese balls are made with real cheese and upcycled corn byproducts from their cheese ball production into crackers. The Heirloom Crunchies are sort of like mini cheese curls, but crunchier.
Overall, PipSnacks uses high-quality and sustainable ingredients in their snacks, making them a healthier and tastier option for customers who are looking for clean and all-natural snacks.
What Was The Outcome Of Pipsnacks’ Appearance On Shark Tank?
PipSnacks appeared on Shark Tank in season 6 and received a deal with Barbara Corcoran for $200,000 in exchange for a 10% stake in the company.
After their appearance on the show, their sales increased from $200,000 to $1.1 million within a month. They received so many orders that they could not fulfill every order on time.
PipSnacks has been featured on several major television shows following its appearance on Shark Tank, including Good Morning America and Dr. Oz. As of 2023, their net worth is $10 million.
Did they get the deal?
They got a deal with Barbara for $200,000 for 10% equity shares plus a 10% draw until she recoups her investment.
What Was The Deal Made By Pipsnacks With The Sharks?
During their appearance on Shark Tank in season 6, brother and sister team Jeff and Jennifer Martin asked for $200,000 for 10% of PipSnacks.
They were seeking a Shark to help them with broader distribution. Barbara Corcoran made a deal with them for $200,000 in exchange for a 10% stake in the company plus a 10% draw whenever Jeff and Jen take cash out until she recoups her investment.
The Sharks were impressed with their gourmet snack, which is vegan, gluten-free, organic, and non-GMO.
What Changes Have Been Made To Pipsnacks Since Appearing On Shark Tank?
Appearing on Shark Tank can be a game-changer for entrepreneurs, providing them with national publicity and the opportunity to secure investment from the show’s panel of investors, or “Sharks”.
However, even those who don’t secure investment can see significant boosts in traffic, revenue, and customers.
For those who do secure investment, working with the Sharks can lead to significant changes in their business.
Villy Customs, for example, worked with Mark Cuban and his team to grow their business tenfold, with sales projected to reach $2 million.
The Gameface Company, which secured the first-ever million-dollar offer on Shark Tank, was pushed to expand its market focus and reorganize its approach with the help of Mark Cuban and his team.
Even those who don’t secure investment can make changes to their business based on the feedback they receive on the show. Andrew Feld, founder of Fresh Patch, notes that appearing on Shark Tank helped him improve his business model and how he talks about the business to different buyers in the retail space.
Mark Cuban himself has also made changes to the show. He threatened not to return until an equity clause was removed from contestants’ contracts, and ultimately got his way.
How much were asking on Shark Tank?
They were asking for $200,000 for 10% stake in the company.
Is PipSnacks still in business?
Yes, PipSnacks is still in business.
How does PipSnacks compare with other brands?
PipSnacks are unique in that they use all-natural ingredients, and there is no butter used during production. When you eat them, you’ll have fewer things stuck in your teeth because the kernels don’t come with hulls attached.
Can I make changes to my order after I’ve placed it?
Send an email and they’ll do their best to make the change before it ships!
Is it possible to track my package?
Yes! Once their package was shipped, individuals should have received an email with a tracking number. Check there, or send an email to [email protected] with their name and address, and we’ll find it for them.
What do I do if my product is faulty?
If customers have any questions, please email [email protected].
Where can I purchase PipSnacks?
Right here on the internet! Alternatively, visit their Store Locator page and enter their zip code to find a store near that sells PipSnacks. They recommend calling ahead of time to ensure that they have the product and flavor customer want in stock.
I’m throwing a party and urgently require PipSnacks! How do I obtain it?
For more information on bulk ordering, please contact [email protected]!
Do you ship to other country besides the United States?
No. Unfortunately, they do not ship worldwide; however, they are working hard to provide PipSnacks to the admirers outside of the United States. Sign up for their email list to receive the most recent information.
What is the net worth of Jennifer Martin?
Jennifer Martin net worth is $1.3 Million.