What has happened to Pan's Mushroom Jerky after Shark Tank? All you need to know
Pan's Mushroom Jerky has become popular among Americans who are vegan. This comes after the founder, Michael Pan, successfully pitched his business idea to investors during the 12th season of the Shark Tank show. Lucky for him and his business, he caught the interest of an investor who markets and invests in plant-based nutrition.
Source: Twitter
Pan's Mushroom Jerky is a plant-based snack made of shiitake mushrooms. With a unique recipe developed by the founder's family, it has a satisfying umami taste and meaty texture. The product is certified vegan and is reportedly rich in vitamin D and fibre. It is also gluten and soy-free and contains high paleo and kosher.
How Michael Pan's Mushroom Jerky started
Michael Pan had spent almost all of his life in America, schooling and working to make ends meet there. However, his life changed when he visited his family in Malaysia and was introduced to some of his family's culture, traditions, and history.
The part of his learning process that significantly impacted Michael's life was the mushroom he was introduced to. First, some of his family members, vegan Buddhists and monks, asked him to try it out. Then, he discovered that it was rich in antioxidants, fibre, and vitamins that would fit the diet of most vegan families.
After he returned to his Vancouver, Washington residence in America, Michael turned his discovery into a business. He used the shiitake mushroom as his base ingredient and established Pan's Mushroom Jerky with four flavours in 2018.
In 2020, Michael Pan went to Shark Tank, an American business reality television series. First, he laid his business out to investors Lori Greiner, Mark Cuban, and Mycoskie, who became immediately interested after tasting the product. Then, he sought a $300,000 investment from any of them in exchange for 10% equity in his business.
Source: Twitter
What has happened to Pan's Mushroom Jerky?
After Michael settled to take Mark Cuban on his $300,000 investment for an 18% stake in his business, his product sales significantly increased. So, how much did Pan's Mushroom Jerky make? Within 24 hours of reaching an agreement, the company sold $650,000 worth of jerky and, in four days, hit $1 million in sales.
The masterful input of Mark Cuban, aside from the financial investment, helped the business to become more visible in America. As a result, it received wide patronage after the show to the extent that it did not meet the demands of the order placed by customers until around March 2021.
Interestingly, with the high demand for the product, other factors of production had to increase, such as employing more staff. As a result, Pan's Mushroom Jerky is presently available in over 3,000 stores across America. At the same time, the company now produces a variety of flavours to tingle and meet the preferences of customers' taste buds.
How much is Pan's Mushroom Jerky worth now?
According to Shark Tank Talks' website, Pan's Mushroom Jerky's net worth is now valued at about $1.66 million. This is more than a 400% increase from its valuation before the Shark Tank show.
Is Pan's Jerky still in business?
Yes, it is. It is now in over 3,500 stores across the United States of America. Pan's mushroom business has made gigantic financial leaps since appearing on Shark Tank. Nowadays, it is reportedly making annual sales of $5 million.
The business has signed retail contacts with big retail stores online and offline like Amazon, Krogers, Walmart, and Whole Foods.
Who owns Pan's Mushroom Jerky?
Pan's Mushroom Jerky owner is Michael Pan. He is of Malaysian descent but was born and raised in Vancouver, Washington, DC. He attended Starkville High School between 1993 and 1997 before studying Electronics Engineering at the University of Illinois Urbana-Champaign, where he obtained a bachelor's degree in 2001.
Michael worked with various organisations and with different job descriptions. He interned at Motorola before graduating from college and worked with a startup known as Raymond Professional Group for five months after graduation.
He eventually returned to Motorola and worked in the Design Team Leader and Electrical Engineer positions between 2001 and 2006. After that, he moved on to Continental and worked first as a design team lead and later as an engineering manager and technical project lead between 2006 and 2012.
Source: UGC
The CEO later worked as the Vice President of Products at Fancred for about three years and five months.
Pan's Mushroom Jerky review
Pan's mushroom has received various reviews from its customers, many of which have been positive. On the other hand, there have been complaints, especially regarding the price. But then, the product is one of the go-to products for vegans who desire to try something new, healthy, and nutritious.
Some of the Amazon reviews include,
I love this stuff. The taste is great and I love the chewy texture. I’d buy more of it if it was a little less expensive. - Suzanne Thompson
Just revieved a bag. They taste amazing and the texture if spot on. Main issue is for $8 I only get 1 serving which I ate in one sitting. - FunWithAJ
Pan's Mushroom Jerky is made from shiitake mushrooms, which are famous for their savoriness. The founder's family has used the recipe for many decades. This product does not consist of meat, but according to the company, the texture and flavour will leave you feeling satisfied.
Scrub Daddy is one of the third-biggest sponge providers in America. As published on Yen.com.gh, the company's owner and founder, Aaron Krause, created the product as a pad that auto mechanics could use to clean their hands.
After Krause appeared on the Shark Tank television show, his business significantly improved with more sales and income. So, what is Scrub Daddy's net worth? Find out from the post.
Source: YEN.com.gh
