Rumi Spice Shark Tank Net Worth 2023
Rumi Spice Shark Tank Net Worth
According to Geeks Around Globe, Rumi Spice’s founders Emily Miller, Kim Jung, and Keith Alaniz had a net worth of 13.5 Million USD as of 2022.
The company was valued at $5 million during the pitch, after an investment done by Mark Cuban the company was valued at $1.7 million.
Shark Tank Blog reported that in 2018, Rumi Spice secured $2.5 million in venture capital from two investors and expanded their spice line to include other Afghani products.
Shark Tank Success states that Rumi Spice makes an estimated $5 million in annual revenue and is available through a short list of retailers.
According to Shark Tank Recap, the deal with Mark Cuban did not close and Rumi Spice does not appear on his website.
Finally, according to the company’s own website, Rumi Spice has accomplished much since its appearance on Shark Tank in 2017, including securing a $2.5 million investment and expanding its product line.
As of February 23, 2023, the founders of Rumi Spice have a net worth of 13.5 Million USD and make an estimated $5 million in annual revenue.
What is Rumi Spice? Who is the founder of Rumi Spice?
Rumi Spice is a company that brings the flavors of Afghanistan to the world through a wide variety of Afghan spice products. One of their signature products is their saffron spice assortment.
Rumi Spice is committed to ethically sourcing its spices and supporting economic opportunities for Afghan farmers.
The company was founded in 2014 by Keith Alaniz, Kim Jung, and Emily Miller, all of whom served in the military in Afghanistan and discovered saffron while there.
Due to the hand-processing of saffron collected in Afghanistan, it is quite expensive in the United States.
The founders, all combat veterans, started Rumi Spice with the goal of helping rural Afghan farmers earn a living income by exporting Afghanistan’s most delicious export: saffron.
Their mission is to “cultivate peace in Afghanistan” by increasing global demand for agricultural goods. Afghanistan’s dry climate is ideal for saffron, and the country produces some of the world’s finest spices.
Rumi Spice sources its products from local farms and employs over 300 Afghan women to manually collect the saffron. In 2015, they launched the company through a successful Kickstarter campaign that raised over $32,000.
Saffron is the world’s most expensive spice, costing over $5,000 per pound, but farmers can earn six times more growing it than they would by growing opium.
Rumi Spice Shark Tank
The Rumi Spice team is seeking the help of a Shark to promote their products and expand their business. Emily, Kim, and Keith are requesting $250,000 for a 5% stake in their $5 million valued company.
In their presentation, they explained that Afghanistan produces the finest saffron, unlike the more common types from Spain or Iran. However, Afghani saffron is more expensive at $18 per gram due to the long hours it takes to prepare by hand.
Despite the high production cost, they manage to produce a jar of saffron at $8.30 and sell it for $35. While their investment in Afghanistan is essential, they also aim to succeed in the industry.
With sales worth $400,000 and an estimated $750,000 more, the saffron industry contributes $60 million to the $10 billion spice market.
During the pitch, Daymond opts out due to high costs, while Lori supports their goals but decides not to invest. Kevin seeks more information about their financials but receives conflicting answers, causing him to exit the deal.
Mark offers $250,000 for a 15% stake, and Robert offers the same amount for a 25% stake. The founders ultimately accept Mark’s offer after exchanging glances.
Although the deal with Mark fell through, the founders received $2.5 million in venture financing from two investors in 2018. They also expanded their product line to include various spice blends and saffron-infused teas and jams, in addition to Afghani cumin.
As of May 2021, the company has yearly sales worth $5 million and is still in operation. CEO Patti Doyle confirmed that the US military will continue to operate in Afghanistan, and they remain committed to their farmers despite challenges in exporting due to political upheaval and severe drought.
Additionally, they began sourcing Wild Black Cumin from the Hindu Kush Mountains in central and western Afghanistan, northwestern Pakistan, and far southeastern Tajikistan. The three founders have moved on to other endeavors, and a CEO now manages the company.
Competitors of Rumi Spice
The company competes with many companies in the market space. These are; Kondor, Bukalapak, Teysha, and Blue Ocean Office Supplies.
Net Worth of Rumi Spice
The company was valued at $5 million during the pitch, after an investment done by Mark Cuban the company was valued at $1.7 million.
Since then they have been selling with annual revenue of $5 million thus making the company’s net worth increase.
What is Rumi Spice?
Rumi Spice is a company that delivers a flavor of Afghanistan to the globe with a wide assortment of Afghan spice goods. The Company sells saffron, spices, and herbs.
Who founded Rumi Spice?
Three founders namely Keith Alaniz, Kim Jung, and Emily Miller founded Rumi Spice in 2014.
How much was asking on Shark Tank?
They were asking for $250,000 for 5% equity in the company which is valued at $5 million.
Rumi Spice Shark Tank Update
Rumi Spice is a company that sources spices, including saffron, from Afghanistan while providing sustainable livelihoods for Afghan farmers. The company appeared on Shark Tank in Season 8, Episode 23, seeking a $250,000 investment for 5% equity, but the deal with Mark Cuban did not close.
However, since then, Rumi Spice has made significant progress. In 2018, the company secured a $2.5 million venture capital investment from two investors and has expanded its product line to include other Afghan products.
Rumi Spice employs over 1,900 Afghan women farmers, providing them with opportunities they might not otherwise have. The company’s mission is to provide reliable wages and economic stability to Afghan farmers by partnering with women and farmers in the Middle East.
Rumi Spice’s efforts to source spices ethically and sustainably have been recognized by various media outlets.
The company’s success demonstrates the potential for businesses to create positive social and economic impacts while also generating profits. Rumi Spice’s saffron can be purchased for $14.99 per gram on Amazon.
Summary Table: Rumi Spice Shark Tank Net Worth
|Founders||Keith Alaniz, Kim Jung, and Emily Miller|
|Company valuation||$5 million during the pitch, $1.7 million after investment|
|Revenue||$5 million annually|
|The net worth of founders||$13.5 million as of 2022|
|Investment secured||$2.5 million in 2018 from two investors|
|Products||Afghan spice products, including saffron, cumin, blends|
|Competitors||Kondor, Bukalapak, Teysha, and Blue Ocean Office Supplies|
|Mission statement||“Cultivate peace in Afghanistan”|
|Unique selling proposition||Ethically sourced and hand-collected Afghan spices|
What Was The Outcome Of Rumi Spice’s Pitch On Shark Tank?
Rumi Spice, a company seeking to empower Afghan women farmers, was featured on Season 8, Episode 23 of Shark Tank. During the show, they asked for a $250,000 investment in exchange for 5% equity in the company.
Mark Cuban offered a $250,000 investment for a 15% stake in the company, citing his desire to work with veterans and support growers. Since then, Rumi Spice has made significant strides, including sourcing saffron from Afghanistan and offering wages five times higher than those for opium poppy harvesting.
The company employs over 1,900 Afghan women farmers and aims to provide them with economic stability and reliable wages through partnerships in the Middle East. Rumi Spice has grown impressively since its appearance on Shark Tank.
How Has Rumi Spice Grown Since Appearing On Shark Tank?
Rumi Spice is a company that sources Afghan saffron and employs Afghan women farmers. They appeared on Shark Tank in 2017. Mark Cuban offered the company $250,000 for a 15% stake in the company.
Since then, Rumi Spice has grown significantly, now employing over 4,000 women to harvest saffron, despite political unrest, drought, and the COVID-19 pandemic. The company has also expanded its product line to include other spices, such as black cumin and turmeric.
Rumi Spice’s mission to support Afghan farmers and women through responsible business and ethically sourced spices remains as important as ever.
The company has continued to work towards this mission by partnering with organizations such as the Afghan Women’s Business Federation and the US-Afghan Women’s Council.
In addition, Rumi Spice has expanded its distribution to include well-known retailers such as Whole Foods and Williams Sonoma.
In a recent interview, Rumi Spice’s founders reflected on their Shark Tank appearance and how the company has evolved since then. They emphasized the importance of Rumi Spice’s mission and the company’s commitment to responsible business practices.
If they were appearing on Shark Tank today, they would thank the Sharks for giving them the opportunity to tell their story to the world and helping them think through the business.
What Are Rumi Spice’s Mission And Values?
Rumi Spice is a company that aims to support Afghan women and boost the country’s economy. They do this by sourcing flavorful and ethically produced spices from Afghanistan and providing jobs to Afghan farmers and women involved in the spice production process.
The founders of Rumi Spice are military veterans who served in Afghanistan, which gave them insight into how business is conducted in the country. Rumi Spice is a certified B Corporation and has employed over 4,000 women in rural regions of Afghanistan.
The company is committed to promoting the culture and cuisine of the Middle East while challenging negative perceptions of the region. Rumi Spice reinvests in agricultural and manufacturing infrastructure and ensures that best practices are used during spice cultivation.
Did they get the Rumi Spice deal?
Rumi Spice was featured on Shark Tank in May 2017, where they sought a $250,000 investment for 5% equity in the company. Mark Cuban offered $250,000 for 15% equity, which Rumi Spice accepted.
However, the deal with Mark ultimately did not go through. After the episode aired, Rumi Spice raised an additional $32,000 through Kickstarter and received a $2.5 million investment from InFrontier in 2018. This investment allowed them to expand their product line to include other Afghan products.
In summary, Rumi Spice did not secure a deal with Mark Cuban, but they did receive a significant investment that enabled them to grow their business.
How Much Was The Rumi Spice Deal?
Rumi Spice appeared on Shark Tank in order to secure an investment of $250,000 for 5% equity in the company.
Mark Cuban offered to invest $250,000 in exchange for 15% of the company. Following the show, Rumi Spice raised an additional $32,000 through Kickstarter and received a $2.5 million investment from InFrontier.
The $2.5 million investment was announced in December 2018. Today, Rumi Spice’s website sells a wide range of products, including spices like saffron, garam masala, and harissa, as well as seasoned salts.
Most of the spices sell for around $10 when purchased individually. On the higher end of the price range, Rumi Spice offers saffron in various weights, ranging from 0.5 grams for $8.99 to 1 ounce for $169.
What Are The Products Of Rumi Spice?
Rumi Spice is a company that sources high-quality spices from farmers in Afghanistan. The company offers a variety of products, including saffron, cumin, and spice blends.
Some of the spice blends available include Afghan curry braise, Ethiopian berbere, fennel seasoned salt, garam masala, and kofta spice mix. Rumi Spice also offers saffron spice blends that can be used in dishes such as paella, saffron rice, and St. Lucia buns.
In addition to its products, Rumi Spice is known for its mission to bring more business to the farmers of Afghanistan and provide them with a better way of life.
The company is a proud B Corporation and has won awards for its ethical sourcing practices. Rumi Spice has also appeared on Shark Tank and has received investments to help grow its business.
For those looking to try a variety of Rumi Spice’s products, the company offers a Spice Blend Collection that includes all 12 of its unique spice blends. This collection is designed for adventurous home cooks looking for bold, complex flavors.
What Are Rumi Spice Products?
Rumi Spice is a company that specializes in sourcing and producing high-quality saffron from Afghanistan. The company was founded by a group of military veterans who served in Afghanistan and wanted to help Afghan farmers by creating a market for their saffron.
Rumi Spice offers a range of saffron products, including whole saffron threads, ground saffron, and saffron-infused spice blends.
The company also sells other Afghan spices, such as coriander, cumin, and turmeric, as well as handcrafted artisanal products like saffron-infused honey and saffron-infused skincare products.
Rumi Spice’s saffron is grown in the Herat region of Afghanistan, which is known for producing some of the world’s finest saffron. The company works directly with Afghan farmers to ensure that they receive fair prices for their saffron and that the saffron is sustainably grown and harvested.
Rumi Spice’s saffron has won several awards for its quality, including a gold medal at the 2017 Golden Chef’s Hat Awards in Australia.
In addition to its focus on high-quality saffron and sustainable sourcing practices, Rumi Spice is also committed to supporting Afghan women. The company works with women-owned saffron farms and invests in programs that provide education and training for women in Afghanistan.
How Much Do They Charge Rumi Spice?
Rumi Spice offers saffron in two sizes: one gram for $18 and one ounce for $140. On Amazon, they sell 0.5 grams of saffron for $15.99. Saffron is known to be the most valuable spice in the world, costing over $5,000 per pound.
Where Is Rumi Spice?
Rumi Spice is a company that specializes in sourcing high-quality spices, such as saffron, from farmers in Afghanistan.
The company was founded in 2014 by three military veterans, and its primary goal is to create job opportunities for Afghan farmers and women who harvest and process their spices, thereby driving sustainable economic development.
Currently, Rumi Spice employs over 1,900 Afghan women farmers, empowering them in ways they may not have been otherwise.
In 2017, Rumi Spice appeared on Shark Tank seeking a $250,000 investment for 5% equity in the company.
Mark Cuban offered them $250k for 15% of the company, and since then, Rumi Spice has achieved many milestones, including being a proud B Corporation, an alumnus of the Chobani Incubator, and winner of B Lab’s Best For The World: Community award. Rumi Spice has also announced a $2.5 Million Series A Investment.
Despite the political changes in the region, Rumi Spice is committed to its mission and business. The company believes that Afghan farmers deserve a better share of the world saffron market, and its new supply chain will have a significant impact on the country’s developing economy.
Rumi Spice hopes that by sharing the story of the region and its people, they may help change negative perceptions about the war-torn country.
What is Afghan saffron?
Afghan Saffron offers delicate, unmistakably flowery tones that lend warmth and satisfaction to any meal. It is delicate and somewhat sweet, with a harsh aftertaste, but retains the creamy texture associated with Iranian saffron.
Is Afghanistan saffron good?
Herat Afghan saffron has been recognized as the world’s best saffron once again by the International Taste Institute in Brussels, which bestowed a three-star rating on it.
What Saffron is used for?
Saffron is used in recipes as a spice, a yellow food coloring ingredient, and a flavoring agent. Saffron extracts are used in manufacturing as a scent in fragrances and as a dye for fabric.
How do I buy Rumi Spice?
Anyone can visit their official website to buy their products at the following link; http://rumispice.com
What is the phone number?
One can call them on Phone Number: (312) 588-9148
Who will pick up my orders?
They will send their shipping label, inside which there are directions, regarding how they should ship their order back to them. They’ll arrange the rest from there.
What is the net worth of Keith Alaniz?
The net worth of Keith Alaniz is unknown.
What is the net worth of Kim Jung?
The net worth of Kim Jung is unknown.
What is the net worth of Emily Miller?
The net worth of Emily Miller is unknown.