Toast-It Arepas Update | Shark Tank Season 15
Mafe Cabezas and Coco Viete pitched Toat-it on Shark Tank 15 to onboard experienced sharks who help expand this business. It is a Latin American food brand that offers ready-to-eat Venezuelan Arepas in different flavors.
Mafe And Coco demanded $100,000 in exchange for 5% equity in their business. The sharks tasted and found them delicious, but some of them were concerned about the profit margin in this category.
However, after a few minutes of negotiations, the founders were able to put Daniel Lubetzky on board.
As of now, Toast-It is still in business and has also expanded into the Florida retail market. It’s been a few months since the episode aired, and we have an update about what happened to Toast-It after Shark Tank.
| Company Name | Toast-It |
|---|---|
| Founders | Mafe Cabezas, Coco Viete |
| Founded | 2019 |
| Product | Venezuelan traditional food products |
| Ask | $100,000 for 5% equity |
| Deal | $150,000 for 20% equity |
| Sharks | Daniel Lubetzky |
If you’re short on time, here’s a brief overview of what happened to Toast-it after Shark Tank!
Toast-It secured a deal worth $150,000 for 20% equity from guest shark Daniel Lubetzky. The agreement was completed off the camera, and Daniel advised them to increase their profit margin.
After the Shark Tank, Toast-It was featured in various food blogs and business news portals. This helped in free marketing and business growth. Recently, the brand extended its physical reach and entered the retail market in Florida.
About the Company
Mafe Cabezas and Coco Viete started Toast-It in 2019 from their kitchen.
After they moved to the United States from Venezuela 8 years ago, they could not find authentic and convenient options for South American food in the market.
That’s why they created Toast-It, a Miami-based food brand of ready-to-eat Latin American staples.
The food brand mainly focuses on Arepas, a South American classic cornmeal bread, and offers different flavors like Chia Flaxseed Arepas, Yuca or Cassava Arepas, and the original Arepas.
All the Arepas are free from added sugars, trans fats, nuts, gluten, or preservatives and contain 3-4 grams of protein per serving.
The Arepas can be fried in a toaster, air fryer, or an oven within 10 minutes. Once ready, they can be stuffed, topped, or spread with any form of fillings.
The products are currently available in about 900 retail stores nationwide, including Publix and Walmart.
Additionally, they have distribution at Whole Foods markets, Winn-Dixie, and Central Market in Texas. The Arepas is available on the company’s official website, and it includes a special Shark Tank Bundle.
The Yuca Arepas retail for $6.49, while the Corn Arepas and Chia Flaxseed Arepas retail for $5.99 per unit.
Toast-It Shark Tank Pitch Recap
Venezuelan sisters Mafe Cabezas and Coco Viete appeared on Shark Tank to pitch their authentic Latin American food brand, Toast-It.
The co-founders demanded a $100,000 investment in exchange for a 5% stake in their business.
During their pitch, they handed out samples of their products to the Sharks and received many compliments for the taste of their Arepas.
When Kevin O’Leary asked, “What’s the revenue?” Coco said our last year’s sales were $200,000.
In the current year of filming, within the first 5 months, they have done $190,000 and are aiming for $500,000 by the end of the year.
The Arepas retailed for $3.23 and cost $2.30 to manufacture. Furthermore, after selling and distribution costs, their margins were reduced to only 20%, which concerned some of the Sharks.
Kevin O’Leary wanted to know how they would fix this issue, and the sisters said they were already discussing cutting costs down on packaging and ingredients.
Kevin shared that he monitors his glucose. However, he’s not a diabetic. That said, when he ate the Yuca Arepas Toast-It, it did not spike his glucose.
He was thrilled to finally have found a bread product that he could eat while maintaining his diet, and he believed that many people would like the product for the same reason. Then, he offered them $100,000 for 20% equity.
Mark Cuban applauded the sisters for their accomplishments and thought the product was great; however, the business did not excite him. For that reason, he was out.
Daymond John said that he would definitely purchase the product, but it was not a business that he wanted to invest in. He was the next Shark to go out.
Lori Greiner absolutely loved the product and showed her appreciation to the sisters, but she said it’s not the right business for her either. She was also out.
Guest Shark Daniel Lubetzky matched Kevin’s offer of $100,000 for a 20% stake in Toast-It.
The sisters ultimately countered the two remaining Sharks with $150,000 for 15% equity.
While Kevin declined their offer, Daniel countered back with $150,000 for 20% equity, and the sisters accepted the deal.
Company update
The show’s popularity gave immense recognition in the country, and Toast-it was featured in many popular food blogs and business news portals.
After just a few days of airing the episode on TV, Toast-It made about thousands of dollars in sales.
The Hispanic community is the fastest-growing minority in the United States, and the love for Hispanic food is mainstream all across the US. Therefore, the possibility of Toast-It becoming the go-to brand for Hispanic food is enormous.
As of March 2024, Toast-It is still in business and signed an agreement with Daniel Lubetzky. The sisters are using this money to optimize the making cost and increase the profit margin.
Daniel Lubetzky is happy to partner with these Venezuelan sisters and give them business advice to grow the Toast-It food business. The brand has extended its physical reach and entered the retail market in Florida.
Our team is following up with this company, and we’ll inform you if we get some fresh updates!
Meanwhile, you can check other company updates from Shark Tank S15E02:
Conclusion
Mafe Cabezas and Coco Viete started Toast-It to promote their Venezuelan food culture and tradition while keeping the busy American lifestyle in mind. With their convincing pitch, they were able to onboard Daniel Lubetzky. The show gave them immense recognition, and they’re slowly expanding their business nationwide.
