Only two $1 million investments were made by Mark Cuban, who made his money by founding and selling digital firms, on ABC’s “Shark Tank” in 2022.
However, they weren’t in the software, cryptocurrency, or sports industries. The Dallas Mavericks’ owner, however, gave his greatest investments of the year to two culinary businesses. He offered $1 million to the seaweed protein company Umaro in exchange for 7% of the business, as well as $1 million to the Korean barbecue chain CupBop in exchange for 5% stock.
Additionally, Cuban and visiting Shark Peter Jones shared a $1 million investment offer: $300,000 with a $700,000 line of credit for 10% of dress shirt manufacturer Collars & Co.
Since their debuts, both businesses look to be doing well. Umaro CEO Beth Zotter says she and her co-founder “parted ways amicably” from Cuban a few months after getting the “Shark Tank” contract because of a different closed funding round. Their invention, which was only a prototype when the program was produced and broadcast, will be in 60 different restaurants by the end of January even though they didn’t receive the $1 million from Cuban.
A “Shark Tank” investor and firm revising or terminating their collaboration is not uncommon. When 237 companies that had appeared on the show between seasons one and seven were questioned by Forbes in 2016, it was shown that 43% of the deals negotiated on the program fail, and another 30% are altered after filming.
Cupp informed CNBC Make It in May that it had 36 stores spread across six states in the United States and more than 100 sites in Indonesia. In response to a recent request for comment from CNBC Make It, the corporation took some time to respond.
Cuban, who switched to vegetarianism in 2019, has spent millions of dollars in recent years on “Shark Tank” in various food businesses. He has shown a particular interest in plant-based culinary entrepreneurs, including Pan’s Mushroom Jerky, Vegan Cold Cuts Company, Unreal Deli, and Vegan Pork Rib Company, to name a few.
The way of life and investing approach seem to be advantageous to Cubans as well: He disclosed to Habits & Hustle podcast host Jennifer Cohen in August that he gave up meat in order to lessen inflammation following the replacement of both of his hips. In the episode, he commented, “It’s like night and day.”
His investments have also resulted in a method of gift-giving off-air. Following his investment in Alyssa’s Cookies in 2012, when its co-founder Doug Saraci brought him a batch of cookies and a note asking for $50,000 for 25% of the company, Sarai told CNBC Make It in 2019 that the billionaire intended to give loved ones healthful treats like those in 2019 and 2021.
People need something tasty, low-calorie, and nutritious because they eat so much junk food around the holidays, he said to CNBC Make It in 2019.
The sole off-network cable rights to “Shark Tank” are owned by CNBC.