Foddies Net Worth 2022 – What Happened After Shark Tank
Luke Lucas and Chrissy Glentis, the cofounders of Foddies, made their way onto Shark Tank Australia to ask the Sharks for an investment of $100 000 for a 10% equity share.
The pitch and negotiation were lively and the couple almost walked away with nothing. Right before they gave up, Janine Allis came to their rescue with a counter offer.
Since the show the company has gone on to easily repay the invest and develop a net worth in excess of $1 Million AUD.
What Is Foddies?
Foddies is a specialty café and product line that is targeted to a Low FODMAP (fermentable, oligosaccharides, disaccharides, monosaccharides, and polyols) for people with food allergies or intolerances.
Foddies produces ready-to-eat food that is sold in supermarkets and wholesale from their café in Melbourne.
The food is designed to be safe and healthy for people with intolerances which makes up 20% to 30% of the population.
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Overall Score: 96/100
Who Are The Owners?
Partners in life and business, Luke Lucas, and Chrissy Glentis cofounded Foddies.
Chrissy had untreated fructose malabsorption and gluten intolerance which led her to create foods that benefitted her dietary health and overall lifestyle. Chrissy is a healthcare practitioner and understood how to change her diet effectively.
Chrissy is the brains behind the food and recipes while Luke is the business boff.
The pair use the café location to test products on customers and decide whether they should then scale up or cancel a product.
What Happened During The Pitch?
Chrissy and Luke asked the Sharks for $100 000 for a 10% stake which valued the company at $1 million. The deal was for the Foddies line of ready-made supermarket food and the café in Melbourne.
Watch it all unfold here.
The pair had been in business 14 months before appearing in the tank. In the first 9 months, they had made $210 000 and projected the following year at $400,000.
The café turned over $130 000, which was 80% of the total earnings. The ready-made food contributed to 10% and the other 10% came from wholesale from the café.
They couple also sensationally got engaged on the show!
The Investment
Steve Baxter was not a believer in the specialty market and jumped ship almost immediately.
The rest of the Sharks commended their thought process, business strategy, and food. However, they could not see a way they would invest.
With the rest of the Sharks out and just Janine Allis left the conversation boiled down to numbers and Chrissy and Luke almost left without an investment.
However, Janine came back with an offer of $100,000 for 40% and the couple agreed and Foddies got the cash injection it needed.
Conclusion
After a tumultuous pitch and investment discussion, the couple left with an investment and an engagement. Foddies has continued to grow and become a popular dietary option in Australia.
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Overall Score: 96/100