Amanda Stiles is a research scientist from Berkeley, California. She graduated from Virginia Tech with a bachelor’s degree in biology. She obtained her Ph.D. in plant molecular biology from the same university.
Beth Zotter is a native of the San Francisco Bay Area who attended Harvard University to study environmental science and public policy. Amanda completed her postdoctoral research at the University of California, Berkeley, where Beth earned her master’s degree in energy and resources.
More individuals are eating plant-based cuisine these days, and veganism is growing in popularity. This indicates that there is a significant market for plant-based meals, such as bacon, that can replace meat. Amanda Stiles and Beth Zotter created Umaro Bacon after noticing this trend.
Umaro Net Worth
Umaro Shark Tank’s estimated net worth as of 2024 is $75 million. The business is profitable, bringing in roughly $7 million annually. It’s crucial to remember that Umaro is currently losing $410,000 since it is spending more money than it is bringing in.
This loss is primarily because they are pouring a lot of money into generating new products and upgrading what they offer. When Umaro’s yearly earnings reach $12 million, its founders think they will begin to make more money than they spend. Within the next ten months, they want to accomplish this aim.
Shark Tank Journey
Umaro requested $500,000 in exchange for a 2% stake in their business when they made an appearance on Shark Tank. Robert wasn’t interested in the product and didn’t make a bid, but Kevin offered $500,000 for an 8% share.
Ultimately, after realizing Umaro’s potential, Mark Cuban chose to put in $1 million for a 7% stake. The three-month review process culminated in the deal’s finalization.
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Growth and Expansion
With the help of Mark Cuban’s investment, Umaro was able to expand and get better. After appearing on Shark Tank, Umaro partnered with over 110 restaurants and expanded to 20 states in just one year. Additionally, the founders raised additional funds via AgFunder and NBA player Chris Paul.
Future Plans and Challenges
We currently have Umaro Bacon available in more than 150 restaurants, and the company is in discussions with Walmart to sell their product in Walmart stores. Umaro wants to make it easy for more people to purchase its product by getting it into more than 400 Walmart stores nationwide with Mark Cuban’s backing.
The road hasn’t been without difficulties, though, such as disagreements with Mark Cuban on the product’s taste and cost. The creators of Umaro Bacon are committed to making it better and more widely accessible despite these problems.