There isn’t a better choice if you desire to make the shift to consuming locally grown, grass-fed meats than Moink.
Lucinda entered the Shark Tank, full of energy and positivity. She won the hearts of her fellow Sharks and their stomach, too. But was she able to win their faith in her company? She proposed and explained her business strategy. The sharks were pleased, however, will they take the risk?
Read the article and learn about the owner, the company, and the bidding procedure.
Quick Facts
| Founders name: | Lucinda Cramsey |
| Business details: | Meat |
| Founded in: | 2017 |
| Location : | USA |
| Asking of Company: | $250,000 for 10% equity |
| Accepted Deals: | $400,000 for 20% equity |
| Shark on board (Investors): | Jamie Siminoff |
| Shark Tank Episode: | Season 10 Episode 15 |
| Net Worth | $7.4 million |
| Business Status: | Active |
| Last Updated: | Mar 08, 2024 |
| Social Media | Facebook |
About the Founder
Lucinda belonged to a family of farming. Cramsey’s family has undoubtedly experienced several turbulent times. However, it is difficult for a family farm to stay competitive with major agricultural conglomerates today; they occasionally face no alternative but to leave tonight starving.
Lucinda established Moink to modernize small-scale farms and connect them with their customers because she was not willing to let the heritage continue.
Founding the Moink
Family-owned farms can earn profit from Moink since they are not dependent on industrial agriculture. It is a grain-based, farm-to-fork, caught from natural resources and pasture-raised completely personalized meat membership package.
Salmon, chicken, lamb, hog, and beef are all included in these packs. Two typical packets can be purchased. Each one costs $159. Each box can be customized to the preferences and requirements of the client.
Shark Tank Appearance
Lucinda proposed to the Sharks $250k for 10% equity. The pitch and tasters were especially well-liked by the Sharks. Lori Greiner inquired Lucinda about her business earnings, to which she said, it made $85,000 in sales in 2017 and $730,000 in 2018. Kevin O’Leary was amazed by Lucinda when she mentioned about 71% subscriber retention figure for Moink.
As mentioned earlier, each box costs $159. The cost drops to $4.50 for each dish. Each of the crates charged Lucinda $127. Prices associated with loans, combat sports, transportation, advertising, and livestock are all part of pricing. These figures caused the Sharks to start shedding enthusiasm.
Daymond John recognized Lucinda’s defensiveness but decided there was no hope for them and thus quit the negotiations. Since Greiner consumed largely seafood and vegetables, the Moink was not suitable for eating habits, therefore she also ended the conversations. Mark Cuban left the Moink as well because he didn’t think the situation was beneficial to him. O’Leary struggled with boundaries but adored the meat and the plot.
However, Jaime Siminoff decided to invest. He offered $400000 in exchange for 20% ownership after recognizing the enthusiasm and worth of the business. This worried Lucinda because it might indicate rapid expansion.
Siminoff reassured her that the amount would be sufficient to maintain her ongoing expansion. Siminoff chose to trust Lucinda and her meat packages since he thought she did not ask for much. Lucinda exited the Tank bouncing after accepting the agreement with joy.
After Shark Tank
Moink became well-known on Shark Tank after signing a contract with Jaime Siminoff. Since then Moink’s fame and subscription count have skyrocketed.
After the show, Moink gained approximately $1 million within 90 days. However, the company is now on the line of $7.4 million in sales in June 2021.