Press Waffle Shark Tank Net Worth
During the pitch, the company was valued at $2.5 million (net worth). However, after Barbara Corcoran invested in the company, its value was adjusted to $2 million.
Since then, the company has been generating sales and expanding its business operations, resulting in a steady increase in its net worth. As a result of this growth, the current value of the company is now higher than the initial valuation presented on the show.
What is Press Waffle? Who is the founder of Press Waffle?
Press Waffle is a company based in Dallas, Texas that specializes in customized Belgian waffles, as well as locally roasted coffee, espresso, and cold brew. Founded by two brothers, Bryan and Caleb Lewis, who had no prior experience in the food industry, the company has expanded from a food truck to three food mall locations in Texas and a fourth in Oklahoma City.
Bryan discovered Belgian waffles while traveling with his then-fiancée (now wife) in the summer of 2013, but when they returned to Dallas, they were unable to find them. So, Bryan started experimenting in the kitchen until he created his own recipe for Belgian waffles.
Press Waffle’s menu includes sweet waffles with toppings such as Nutella, chocolate, and caramel, as well as savory options like chicken and waffles and waffles with melted cheese and bacon.
One unique aspect of Belgian waffles and Press Waffles is that they are made from dough instead of batter, which sets them apart from other types of waffles in the United States. In 2016, the Lewis brothers launched their waffle-themed food truck in the Dallas area after raising $15,150 on Kickstarter.
Since then, they have opened three more brick-and-mortar stores, with plans for franchising and expanding to more locations.
Press Waffle is a family-owned and operated franchise concept that serves amazing waffles for breakfast, lunch, or dessert. The Lewis brothers have introduced a new way of enjoying waffles to America with their delicious and customizable Belgian waffles.
Press Waffle Shark Tank Pitch
Brothers Caleb and Bryan pitched their franchise operation on Shark Tank Season 10 Episode 17 to seek assistance in expanding their company. They requested $200,000 in exchange for 8% of their company, which was valued at $2.5 million.
They impressed the Sharks with their story and waffle samples. Their revenue was $900,000, which is impressive for the restaurant industry. The bidding started when Mark Cuban made an offer of $350,000 for 20% ownership of the company, which was more than what the brothers were offering.
Barbara Corcoran also expressed her admiration for the brothers and offered two proposals: $200,000 for 15% equity or $400,000 for 30% ownership of the company. Kevin O’Leary offered a $200,000 straight-up loan with a 7%-11% interest rate for 3% equity and promised to provide additional funding.
Lori Greiner preferred Kevin’s offer and encouraged the brothers to accept it. Robert Herjavec made an offer of $600,000 but lowered it to $400,000 for 20% equity after the brothers stated they wouldn’t go over a 20% stake.
Barbara Corcoran came back with a $250,000 offer for 15% equity, but the brothers didn’t accept. Finally, they accepted Barbara Corcoran’s offer of $300,000 for 15% equity and left the pitch with a deal.
What happened to Press Waffle after Shark Tank?
After the show aired, they received over 400 eligible franchise leads and aimed to find 10 new franchisees for the year. They completed the deal with Barbara and planned to open a fourth location by June 2019. They received another 200 qualifying franchise leads, and as of December 2020, they had seven outlets.
Expansion plans in 2020 were postponed, but they announced the opening of their eighth location in The Woodlands, Texas by the end of 2020. In 2021, they planned to open new stores in Houston, Dallas, Little Rock, St. Louis, and Arizona.
In December 2021, they announced their plan to establish a site in Denver, Colorado in the spring of 2022.
How many press waffle restaurants are there?
20+ restaurants, various bars, an onsite brewery, and an outdoor performance venue are all housed in one fantastic location. Experience the greatest waffles in Plano, TX by joining them for the perfect weekend brunch or late-night dessert!
How much do press waffles cost?
The menu prices at Press Waffle Co. The Elvis (Sweet Waffles) is $8, the Chicken & Waffles (Savory Waffles) is $9, and the American (Savory Waffles) is $9.
Press Waffle Shark Tank Update
Press Waffle Co. is a family-owned business that specializes in Belgian waffles. The company appeared on Shark Tank in March 2019, seeking an investment of $200,000 in exchange for 8% equity.
The Lewis brothers, who own the company, ended up accepting a deal from Barbara Corcoran, who offered $300,000 for 15% equity. The investment helped the company expand, and by late 2021, the company had earned $1.3 million in sales.
After appearing on Shark Tank, Press Waffle Co. opened its fourth store in Oklahoma City and continued to seek motivated franchise partners.
The company’s website shows that potential franchisees need at least $100,000 in cash to be eligible, and they must be willing to initially invest between $200,000 and $400,000. The company has since expanded to seven locations across the Midwest, including in Texas, Colorado, and Arkansas.
In December 2020, Press Waffle Co. opened its first full brick-and-mortar location in The Woodlands, Texas, and the next Press Waffle shop to open will be in Little Rock, Arkansas.
The company’s success can be attributed to its fresh ingredients, customizable waffles, and best-seller preset waffle meals. The company’s most popular waffle costs $8 and pairs well with freshly-cut strawberries.
A Summary Table for Press Waffle Based:
|Company Name||Press Waffle Co.|
|Founders||Bryan and Caleb Lewis|
|Product/Service||Belgian waffles, coffee, espresso, and cold brew|
|Shark Tank Pitch||S10E17; asked for $200,000 for 8% equity; company valued at $2.5 million|
|Shark Tank Deal||Barbara Corcoran invested $300,000 for 15% equity|
|Current Net Worth||Higher than the initial valuation of $2.5 million|
|Current Status||Family-owned franchise with 20+ locations|
|Expansion Plans||8th location opened in The Woodlands, TX in late 2020; planned to open new stores in Houston, Dallas, Little Rock, St. Louis, and Arizona in 2021; announced a plan to establish a site in Denver, CO in spring 2022|
|Investment Helped||Expand the company and earn $1.3 million in sales by late 2021|
What Happened To Press Waffle After Shark Tank?
Press Waffle is a Dallas-based restaurant chain that makes caramelized Liege-style Belgian waffles. The company appeared on Shark Tank in March 2019, where brothers Bryan and Caleb Lewis asked for $200,000 in exchange for an 8% stake in the company.
Barbara Corcoran invested $300,000 in Press Waffle for a 15% stake. Since appearing on Shark Tank, Press Waffle has expanded its franchise program, opened its first location outside of Texas in Oklahoma City, and opened several more locations in Houston. As of January 2022, Press Waffle operates seven locations across the Midwest.
The Lewises credit the Shark Tank assistance with helping to take sales up to $1.3 million by late 2021. They also began franchising Press Waffle following their Shark Tank investment.
Potential franchisees need at least $100,000 in cash to be eligible, and they must be willing to initially invest between $200,000 and $400,000.
Did Any Of The Sharks Invest In Press Waffle?
Yes, one of the sharks invested in Press Waffle. The two entrepreneurs behind Press Waffle, brothers Caleb and Bryan Lewis, pitched their business on Season 10 of Shark Tank and received offers from four of the five Sharks – Mark Cuban, Barbara Corcoran, Kevin O’Leary, and Robert Herjavec.
After negotiating, they left with a deal with Barbara Corcoran: $300,000 for 15 percent. The photo of Barbara and the brothers were taken at the grand opening of the Oklahoma City location in August 2019, and the brothers say that “partnering with Barbara Corcoran has been a game changer!”
It is worth noting that a more recent article from sharktanksuccess.com states that Barbara Corcoran offered $200,000 for 15% or $400,000 for 30% shares, while Mark Cuban offered $350,000 for 20% equity.
However, this article is dated December 25, 2022, and it is unclear whether the information is accurate or whether any of the other Sharks made counteroffers.
Nonetheless, it is clear that Press Waffle received investment from at least one Shark, Barbara Corcoran, and that the partnership has been successful.
How Many Locations Does Press Waffle Have Now?
Press Waffle Co. operates seven locations across the Midwest.
These locations are at Legacy Hall in Plano, TX; at Union Hall in Waco, TX; at the Exchange at AT&T in Dallas, TX; at Creekside Park in The Woodlands, TX; at The Collective in Oklahoma City, OK; at the Mall of America in Bloomington, MN; and at the Rosedale Center in Roseville, MN.
Press Waffle Co. specializes in fully customizable authentic Belgian waffles, savory waffle creations, and locally roasted coffee.
How Has Press Waffle Grown Since Appearing On Shark Tank?
Press Waffle Co. is a restaurant chain based in Dallas that specializes in making caramelized Liege-style Belgian waffles. The founders of the company, Caleb and Bryan Lewis, appeared on Shark Tank in March 2019 to pitch their business.
During the show, they requested $200,000 in exchange for 8% equity and received three offers from the Sharks. Barbara Corcoran eventually invested $300,000 in Press Waffle Co. for a 15% equity stake.
Since the appearance on Shark Tank, the company has expanded its franchise program and opened its first location outside of Texas in Oklahoma City. As of January 2022, Press Waffle Co. has seven locations across the Midwest.
The company is set to open two or three more locations in Houston. Additionally, new menu items have been added, such as locally roasted coffee and a savory sandwich with bacon, cheddar cheese, and a fried egg
Competitors of Press Waffle?
Press Waffle is a company that offers fully customizable authentic Belgian waffles, savory waffle creations, and locally roasted coffee.
Its competitors include other waffle companies like Waffle House, Waffle House Express, and Waffle House Grill. Moreover, there are other breakfast and brunch restaurants like IHOP, Denny’s, and First Watch that also serve waffles.
Who Owns Press Waffle?
Press Waffle Co. is a family-owned business founded in 2016 by brothers Bryan and Caleb Lewis. The company produces caramelized Liege-style Belgian waffles and has expanded from a food truck to its first storefront in 2017. As of January 2022, the company has seven locations across the Midwest.
In March 2019, the Lewis brothers pitched their business on Shark Tank and asked for $200,000 in exchange for 8% equity. Barbara Corcoran invested $300,000 in Press Waffle Co. for 15% equity.
Since appearing on Shark Tank, the company has launched its franchise program and opened its first location outside of Texas in Oklahoma City. Additionally, it plans to open two or three more locations in Houston.
In December 2021, Alex Gardner and Aleks Meeker took over the local franchise in The Woodlands, Texas. However, the company is still fully family-owned.
What Is The Business Model Of Press Waffle?
Press Waffle Co. is a restaurant chain that specializes in made-to-order authentic Belgian waffles, both sweet and savory. The company was originally founded in 2016 as a family-owned food truck and has since expanded to multiple locations across state lines.
Press Waffle Co. is committed to upholding its family values and providing opportunities for growth and development to its employees. The company is currently hiring and offers competitive starting wages, free meals, tip sharing, and flexible scheduling.
Press Waffle Co. is also working with a franchise consultant to expand its business through franchising.
The company received an investment of $300,000 from Barbara Corcoran on the TV show “Shark Tank” and has since received hundreds of inquiries from people interested in franchising opportunities.
Press Waffle Co. hopes to open four company-owned stores this year and 10 franchised locations in the next several months.
Is Press Waffle Still In Business?
Yes. Press Waffle is still operating and expanding its business. The company was founded by brothers Bryan and Caleb Lewis who received a $300,000 investment from Barbara Corcoran for a 15% stake in the company after appearing on Shark Tank in March 2019.
Currently, Press Waffle has three locations in Texas, with a fourth opening soon, and has also expanded to Oklahoma, Arkansas, Missouri, and Colorado.
The company has been featured in Forbes, Eater Dallas, and the Franchise Times, and has added new menu items, including locally roasted coffee and seasonal waffles. Press Waffle offers authentic French/Belgian waffles with customization options.
The company has initiated its franchise program and has opened its first location outside of Texas in Oklahoma City. Additionally, Press Waffle is opening two or three more locations in Houston.
Does Press Waffle Ship?
Yes, Press Waffle Co. ships its products. Press Waffle Co. is a family-owned and operated franchise concept that serves authentic Belgian waffles, savory waffle creations, and locally roasted coffee.
Their menu includes sweet waffles with toppings such as Nutella, chocolate, and caramel, as well as savory options like chicken and waffles and waffles with melted cheese and bacon.
Press Waffle Co. uses dough instead of batter to make their waffles, which sets them apart from other types of waffles in the United States.
Press Waffle Co. has over 20 restaurants, various bars, and an onsite brewery, and they are quickly growing.
They announced their plan to establish a site in Denver, Colorado in the spring of 2022. Press Waffle Co. also ships its products. Customers can find a store, and order for in-store pickup, or delivery on their website.
What is the procedure for making waffle, Raffles?
A winner is chosen at random and will be contacted by the vendor. The money from the sale is sent to the seller after the transaction is confirmed.
Is it possible to get gluten-free Press waffles?
They are currently unable to provide gluten-free solutions.
How much capital is required to operate a Waffle House?
The franchise cost for Waffle House ranges from $200,000 to $300,000. The total cost can range between $600,000 and $1,000,000, depending on the place, restaurant size, and other beginning costs. Take our franchise questionnaire to see whether Waffle House is the best fit for them.
Is the waffle business profitable?
It is, indeed, lucrative. Their knowledge and experience will assist their generating money.
Is it legal to eat waffles on Facebook?
Unfortunately, Facebook does not provide a means to report them other than through the person’s or pages content. So is, if customers are blocked before they accomplish that, they will be unable to do anything. As a result, it’s preferable to just report them on Facebook.
What exactly is Belgian pearl sugar?
Pearl sugar, sometimes known as nib sugar, is a specialty sugar that is popular in Europe. Sugar crystals are crushed into bigger sugar particles that will not dissolve in baked products. Belgian pearl sugar is primarily used in the preparation of Belgian Liege Waffles.
What is the net worth of Caleb Lewis?
The net worth of Caleb Lewis is estimated at $1.5 million.
What is the net worth of Bryan Lewis?
The net worth of Bryan is estimated at $1.96 million.