Proper Good Soup Shark Tank Net Worth 2023
The company valuation was initially set at $4 million during the pitch, and has since grown despite an annual revenue of only $2 million as of January 2022.
The recent seed round, closed in November 2022 for $3.5 million from YETI Capital and The Artisan Group, has given a much-needed boost to the company’s growth which is driven by consistent direct sales and retail partnerships.
Currently, this company is available in 2000 Wal Mart Super Centers with plans to expand to other retailers. Thus, the company’s net worth might have increased significantly since the pitch.
What Is Proper Good Soup? Who Is The founder Of Proper Good Soup?
Proper Good is a company that produces microwavable food pouches designed to be heated and eaten in just 90 seconds, offering better convenience and higher-quality ingredients than other microwavable options.
These food pouches are made of transparent plastic, which showcases their superior contents, and do not require refrigeration.
The founders and current owners of Proper Good are Chris and Jennifer Jane, who both have a background in business. Chris attended Stanford Business School, while Jennifer holds a marketing degree.
Before starting Proper Good, the siblings were involved in a previous venture that focused on producing “clean condiments,” which was eventually dissolved.
Chris and Jennifer Jane, who are siblings, established Proper Good with the aim of addressing a problem they encountered. Both of them lead busy lives and often lack the time to prepare nutritious meals. Consequently, they developed their own easy-to-prepare, healthy dinner alternative.
Their delectable soups are packaged in an environmentally responsible manner and are shelf-stable without the need for preservatives or additives. Instead, they contain only natural, pure ingredients.
Furthermore, Proper Good soups are available in a range of dietary alternatives, including keto, dairy-free, gluten-free, and plant-based.
Bone broth, which is thought to aid in boosting immunity, is a critical component in all of their soups except the plant-based ones. Additionally, bone broth may be purchased separately. Proper Good also offers four types of oats for breakfast, and their soups are available in a variety of flavors.
The most popular options include Red Pepper and Meat Ball, Broccoli Cheddar, Southwest Chili, Chicken Noodle, Meat Ball Minestrone, and Butternut Squash.
Their soups may be purchased in pre-packaged bundles, or customers may create their own soup box. By subscribing to their service, each soup packet costs approximately $7, which is 15% less than the regular price. While $7 may seem expensive for soup, these are complete meals that are all-natural and balanced.
Purchasing such meals would undoubtedly cost more. Proper Good now sells their products on their website and Amazon.
What Happened To Proper Good Soup At Shark Tank Pitch?
In the television show “Shark Tank” episode 1302, siblings Chris and Jennifer Jane present their home-delivered soup business, Proper Good, to the investors, known as Sharks. They hope to secure a deal with one of the Sharks to help them expand their business into food stores.
The siblings make a memorable entrance dressed in Victorian-style clothing and ask for a $400,000 investment in exchange for a 10% stake in their company, which they value at $4 million.
During the presentation, the siblings explain their business model, highlighting that their soups have an 8-month shelf life and are the only shelf-stable food delivery service available. The Sharks sample their soups and all express their approval.
Proper Good’s soups range in price from $7 to $8, and a carton of 12 soups costs $30 to manufacture and $72 to sell. Despite making $556,000 in sales during their first year of operation, the siblings reveal that they are currently losing money due to the high cost of acquiring new customers.
Although some Sharks, such as Daymond and Lori, decide not to invest, Mark expresses his belief in the company’s potential for growth and offers $400,000 for a 25% stake in the business. The siblings counter with a 20% stake, which Mark accepts, and they strike a deal.
Overall, Chris and Jennifer Jane successfully pitch their innovative and unique soup delivery service to the Sharks and secure an investment to help them take their business to the next level.
What Happened To Proper Good Soup After Shark Tank?
One month has passed since the scheduled air date, and the deal with Mark has not been finalized yet. However, it seems that the company may not be in urgent need of funds because they sold an impressive three and a half months’ supply of soup in just one week after their first appearance on Shark Tank.
Thanks to the show’s influence on their sales, the company generated a revenue of $2 million in 2021. As of January 2022, the business is still operating entirely through direct-to-consumer channels, but they have expressed interest in expanding into retail in the future.
Net Worth of Proper Good Soup
The company valuation was $4 million during the pitch, since then the company is still in business with annual revenue of $2 million as of January 2022 and hence the company net worth might have gone up.
Proper Good Soup FAQs
What is Proper Good Soup?
Proper Good Soup is a company that manufactures 90-second microwavable heat-and-eat food pouches that are designed to give greater convenience and higher quality ingredients than other microwavable goods.
Who is he founder?
The founders are Chris and Jennifer Jane, brother and sister.
How much were they seeking on Shark Tank?
They were seeking for $400,000 for 10% of the company, which was worth $4 million.
Did they have the deal?
Yes, but the deal from Mark Cuban.
How much was the deal?
Mark Cuban invested $400,000 for 20% equity shares, worth $2 million.
Is Proper Good Soup still in business?
Yes, they still in business as of January 2022.
Where is Proper Good Soup located?
Proper Good Soup is located in Pittsburgh, Pennsylvania.
Where did they source their product?
They source ingredients from all over the world such as Italy, Ukraine, Scotland and China.
What are the ingredients in their product?
The ingredients are 99% organic, sourced from all over the world. They use only 5% local produce and 11% British produce to comply with British regulations because of their presence on the UK market. The other ingredients for the products include: Pollock oil –oil extracted from ground up Pollock fish.
How much does Proper Good Soup cost?
The soups range from $7 to $8, with free shipping. A carton of 12 pouches costs $30 to manufacture and $72 to sell.
How to contact Proper Good Soup?
If customers want to contact Proper Good Soup by email, their contact information is the following: [email protected] or visit the website at http://eatpropergood.com/
Where can I buy Proper Good Soup?
Pouches of Proper Good soup are available to purchase online and in grocery retailers. They are ready-to-eat, 100% vegan, and manufactured without the use of additives or preservatives.
How can I prepare Proper Good Soup?
The pouches can be microwaved for one minute, and a complete meal is served in less than two minutes. In addition to soups, Proper Good produces bone broth and instant oats for customers who prefer single-serve convenience.
The business also offers subscription services to save customers money on their purchases, but this service isn’t available everywhere.
Is Proper Good Soup appropriate nutrition healthy?
Proper Good is a terrific place to get nutritious soups that are large enough to serve as a whole meal. Proper Good’s soups are all produced with nutritious ingredients, and with a variety of distinct tastes and alternatives to suit most dietary demands, you’ll never get tired of them.
Is Proper Good Soup Delicious?
They started looking for flaws to point out, but they’re hard to come by. These soups are delectable and made with high-quality ingredients.
The soups keep for a long time and are shelf-stable, making them ideal for a fast last-minute supper. Very favorable to the environment.
How long does nice Proper Good Soup keep?
Because all of their goods are meant to be single-serve amounts, customers won’t need much time to enjoy them!
If they open it and do not eat it in one sitting, please preserve it in the refrigerator for up to three days.
Anyone can store it without refrigeration before opening it, but please maintain it at room temperature.
What is the net worth of Chris Jane?
The net worth of Chris Jane is not available.
What is the net worth of Jennifer Jane?
The net worth of Jennifer Jane is estimated at $950,000.