Sub Zero Ice Cream Shark Tank Net Worth 2023
SubZero Ice Cream appeared on Shark Tank in February 2013, where entrepreneurs Jerry and Naomi Hancock pitched their business idea to the Sharks.
Although they did not secure a deal, the company has experienced tremendous growth and success since then. As of May 2022, there are 35 franchises in operation, and annual revenue is more than $15 million.
According to geeksaroundglobe.com, SubZero Ice Cream has a net worth of around $20 million USD as of 2023.
The company has secured additional funding and partnerships since appearing on Shark Tank, leading to its estimated net worth. The founders of SubZero Ice Cream, Jerry Hancock, and Naomi Hancock have a net worth of $16.5 million USD as of 2023.
What Is Sub Zero Ice Cream?
Sub Zero Ice Cream is a unique store where customers have the opportunity to choose their preferred cream base, which is then flash frozen using liquid nitrogen. This process is quite remarkable because it prevents the formation of large ice crystals, resulting in a smoother and creamier texture than traditional ice cream.
Moreover, this approach is cost-effective since there is less waste, and no freezers are required. As a result, the ice cream produced is creamier than other desserts that use liquid nitrogen processing.
If you are an ice cream enthusiast, you can enjoy Sub Zero Ice Cream’s delicious treats at the original Utah location or one of the 16 franchised stores.
To promote new franchises, Hancock and franchisees showcase the liquid nitrogen process in local schools, providing an innovative marketing technique.
Sub Zero Ice Cream was founded in 2004 and began franchising in 2005, and it has been recognized as one of the top 500 franchises by Entrepreneur Magazine in 2013.
Who Are The Founders Of Sub Zero Ice Cream?
Sub Zero Ice Cream was founded by a married couple, Jerry and Naomi Hancock. Jerry holds a degree in chemistry from Brigham Young University, and has a background in sales and design. He brings a wealth of ideas, inventions, and expertise to the frozen dessert industry.
Naomi, on the other hand, worked as a teacher and park ranger, and holds a degree in English and secondary education. Her experience complements Jerry’s dedication to the business.
Jerry and Naomi were attracted to the idea of “customizable cuisine,” and they wanted to apply this concept to desserts. Jerry, with his chemical background, set out to develop a way to use liquid nitrogen to freeze ice cream.
After discovering a clever and successful technique to create delicious and personalized desserts, Jerry and Naomi opened their first Sub Zero Ice Cream shop in 2004.
What Happened To Sub Zero Ice Cream At The Shark Tank Pitch?
Jerry and Naomi Hancock made an appearance on season 4 episode 14 of Shark Tank to secure a $300,000 investment in their firm in exchange for a 12 percent stake, which would value their company at $2.5 million.
The Hancocks’ product, which involves making fresh ice cream in front of customers using various flavors, impressed the Sharks with its quality and presentation.
Additionally, the company is well-established with two corporate stores, eighteen franchisees, and eight more in development. The firm made $2 million in sales in the previous year, and $4 million is forecast for the following year.
The Hancocks have suffered a significant loss of $500,000 due to a bad partnership, which is why they are seeking the Sharks’ marketing abilities. However, Daymond was hesitant to commit a significant amount of time to help the company and left the discussion without much explanation.
Kevin O’Leary did not find the product compelling, stating that the ice cream industry is saturated, and he did not understand the company’s value, causing him to drop out of negotiations. Robert Herjavec did not believe that bringing in a new partner made sense.
Lori Greiner thought that the Hancocks could succeed on their own and did not see the need for additional support, so she was not involved in the discussion.
Finally, Mark Cuban did not want to enter the ice cream franchise business, and the Hancocks left the show without securing a deal with any of the Sharks.
What Happened to Sub Zero Ice Cream after the Shark Tank Pitch?
Despite the Sharks rejecting the proposal, Sub Zero Ice Cream seems to be making progress. The company’s franchisees are expanding both domestically and globally.
Currently, Sub Zero Ice Cream has over 50 retail locations across the United States, five years after appearing on Shark Tank.
In 2017, Forbes recognized Sub Zero as one of the top ten best franchises to invest in from Shark Tank, despite not securing a deal with any of the Sharks.
Despite not getting a deal, Sub Zero’s unique ice cream flavors continue to be a favorite among customers.
As of August 2021, there are more than 50 franchisees operating and generating an annual income of over $5 million.
What is the Net Worth of Sub Zero Ice Cream?
Jerry and Naomi Hancock appeared on Shark Tank in search of a $300,000 investment in exchange for a 12 percent stake in their firm. This translates to a $2.5 million valuation. Current valuation is evidently higher since the Company has grown.
Who are the Competitors of Sub Zero Ice Cream?
Sub Zero Ice Cream’s net worth is unavailable.
Sub Zero Ice Cream FAQS
What is Sub Zero Ice Cream?
Sub Zero Ice Cream is a Company where customers may pick a cream base and then have it flash frozen using liquid nitrogen.
Who founded Sub Zero Ice Cream?
Jerry and Naomi Hancock are the founders of Sub Zero Ice Cream.
How much were they seeking in the Shark Tank?
They were seeking $300,000 in exchange for a 12% stake in their firm. This translates to $2.5 million valuation.
Did they get the deal?
No, they walked away from the Sharks without a deal.
Is Sub Zero Ice Cream still in business?
Yes, there are more than 50 franchisees in operating as of August 2021, with an annual income of more than $5 million.
How much does it cost to open a Sub Zero Ice Cream franchise?
The franchise fee for Sub Zero Ice Cream is up to $35,000, with a total initial investment range of $219,450 to $475,500.
Where is Sub Zero Ice Cream located?
Sub Zero Ice Cream is headquartered in Provo, Utah.
What is website address of Sub Zero Ice Cream?
The website address of Sub Zero Ice Cream is www.subzeroicecream.com.
What is the estimated annual revenue of Sub Zero Ice Cream?
Estimated annual revenue of Sub Zero Ice Cream is $5 million.
When was Sub Zero Ice Cream established?
Sub Zero Ice Cream was established in 2004, and it began franchising in 2005.
Who is CEO OF Sub Zero Ice Cream?
Jerry Hancock is the CEO of Sub Zero Ice Cream.
What ice cream does Sub Zero use?
Sub Zero Ice Cream is a network of charming tiny ice cream shops where they not only produce their own ice cream, but it’s made by injecting liquid nitrogen.
What is the total number of Sub Zero Ice Cream locations?
Sub Zero established its first franchise store in 2008. Others quickly followed and their running franchise sites have now grown to over 50 outlets.
Is Sub Zero ice cream safe to eat?
The liquid nitrogen procedure utilized by Sub Zero is absolutely safe – the liquid nitrogen is completely evaporated when supplied to the client, and it never touches the customer’s container. The “smoke” they observe is actually water.
What is the net worth of Jerry Hancock?
Jerry Hancock’s net worth is unavailable.
What is the net worth of Naomi Hancock?
Naomi Hancock’s net worth is unavailable.