Overview
Umaro is a plant-based meat product that aims to satisfy the taste of pork for vegan consumers.
The company was founded by Amanda Stiles and Beth Zotter, who combined their expertise in plant molecular biology and renewable energy to create a seaweed-based alternative to bacon.
After appearing on Shark Tank, Umaro secured a deal with Mark Cuban and received a $3 million investment from Clear Current Capital in early 2022.
As of 2024, Umaro is valued at $15 million and is available in over 50 restaurants and cafes across the United States.
Shark Tank Appearance
After creating their first 500 bacon slices, Amanda and Beth appeared on season 13 of Shark Tank, asking for $500,000 in exchange for a 2% stake.
Mark Cuban ultimately won the deal by accepting their counteroffer of $1 million for 7% equity.
Umaro is planning to introduce more seaweed-based meat products in the future.
After Shark Tank
Umaro’s deal with Mark Cuban was one of the biggest in recent Shark Tank history, and the company received a $3 million investment from Clear Current Capital in early 2022.
Umaro is currently available in over 50 restaurants and cafes across the United States, with plans to improve the taste of the product and start mass production.
The company is valued at $15 million as of 2024 and has five full-time employees.
About the Founders
Amanda Stiles is a research scientist from Berkeley, California, with a Ph.D. in plant molecular biology from Virginia Tech. She has worked for companies like Ripple Foods, Activate, and American Journal Experts.
Beth Zotter, on the other hand, studied public policy and environmental science at Harvard University and has a master’s degree in energy and resources from the University of California, Berkeley. She has worked in various roles at firms like Energetics, Inc., Bio Architecture Lab, and Cyclotron Road.
Founding Umaro
Beth Zotter received a $5 million grant from the Department of Energy to create seaweed farms for alternative fuel, where she discovered that seaweed was a great source of protein.
This led her to develop a plant-based version of bacon, and she sought out Amanda Stiles to help her. The two worked together to create Umaro, which launched in 2018.
Lessons From Umaro’s Success
Based on the Shark Tank episode about Umaro, here are three practical tips for aspiring young entrepreneurs:
1. Innovate with unique solutions
The founders of Umaro focused on using seaweed as a protein source, which is not only sustainable but also unique in the plant-based meat market.
Entrepreneurs should look for innovative and unique solutions that differentiate their products from existing options and solve real-world problems.
2. Be prepared for rigorous financial discussions
During the pitch, the valuation of Umaro was heavily scrutinized.
Entrepreneurs must be prepared to justify their company’s valuation and financial projections. Understanding the financials and being able to articulate the value proposition clearly can significantly influence investor interest.
3. Flexibility and negotiation
The founders of Umaro showed flexibility in their negotiations with the Sharks.
Being open to different deal structures and willing to negotiate terms can help in securing the necessary funding while still protecting the vision and control of the company.
These tips emphasize the importance of innovation, financial preparedness, and negotiation skills in the entrepreneurial journey.
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