Simply Good Jars appeared on Shark Tank Season 12 Episode 16 and landed a deal with Mark Cuban and Lori Greiner. After leaving the tank with two sharks on the team, you might be looking for a Simply Good Jars update. Here’s what we know about the healthy food jars.
Shark Tank Simply Good Jars Update
- Entrepreneur: Jared Cannon
- Business: Salads in a jar
- Ask: $500,000 for 7% equity
- Result: $500,000 for 10% equity
- Shark: Mark Cuban and Lori Greiner
Featured on Shark Tank Season 12 Episode 16, Simply Good Jars is a salad in a jar designed for those that like to eat on the go. Founded by chef Jared Cannon, he has created a variety of flavorful salads that can easily be taken on the go. Even better, if you return the jar, Simply Good Jars will donate a meal to someone in need.
Prior to the COVID-19 pandemic, Jared shared that Simply Good Jars was selling via vending machines in airports, hotels, college universities, and other places with a large amount of foot traffic. However, due to the majority of these places being shut down in the pandemic, Jared had to move his business local and is now partnering with a variety of grocery and convenience stores.
At the time of the pitch on Shark Tank, it cost around $2.50-$3.50 to make a salad jar, and they’re sold between $9-$11. Further, despite $300,000 in sales in 2019 and $475,000 in 2020 (up to the time of the pitch), Simply Good Jars is not profitable and is actually losing around $900,000 a year. Despite this, Jared is confident that they’ll eventually turn the corner and will be highly profitable.
All of this was enough to interest Kevin O’Leary and Lori Greiner who went in together on an offer of $500,000 as a loan at 9.5% interest and 7% equity. After some talk about wanting to raise more money from outside investors, Mark Cuban decided to jump in and shared that he didn’t think the company needed to raise any more money and matched Kevin and Lori’s offer and dropped the interest to 3%.
While discussing all of this, Mark changed his offer to $500,000 for 10% equity and offered Lori the chance to join him. After it was all said and done, Mark and Lori teamed up and Simply Good Jars left the tank with a deal of $500,000 for 10% equity.
In terms of a Simply Good Jars update after Shark Tank, it looks like Jared is working with Lori and Mark to expand Simply Good Jar’s online presence. Further, the company has partnered with GoPuff so that the jars can be delivered locally by a driver. As the world moves on from the COVID-19 pandemic, hopefully Simply Good Jars will be able to continue with its old business model and work on its online presence.
If we get more news on a Simply Good Jars update, we will be sure to let you know! If you’d like to order a jar, you can do so on the official website.
In the meantime, be sure to check out some of our other updates from the companies featured on Season 12 Episode 16.
For more on Shark Tank Season 12, be sure to check out our Season 12 Products page.