$2 Million Shark Tank Investment For 'Incredible' Oat Milk Machine
Numilk becomes the latest vegan company to land a major investment from billionaire Mark Cuban, with its environmentally-friendly machine that makes fresh, plant-based milk at home.
A new company selling plant-based milk machines for use in the home has landed a $2 million investment on the latest episode of ‘Shark Tank’.
It is the biggest investment made by billionaire Mark Cuban during his 10 years starring on the popular ABC show.
Entrepreneurs Ari Tolwin and Joe Savino founded Numilk in 2018, having noticed the growing consumer demand for healthy, plant-based milk. They started by selling kiosk machines to select grocery stores, where customers could make oat or almond milk at the push of a button.
Using fresh oats or almonds and purified water, the kiosk’s milk has a shelf-life of between 7 to 10 days. It costs $3.99 each time, with Numilk selling a reusable bottle for $2.
With the kiosk machine generating $50,000 in revenue a year, the entrepreneurs decided to develop the product, so that milk can now be made in the home.
“We took our grocery machine and we shrunk it down so it works on your countertops”, said Tolwin.
A stainless steel countertop machine has since been made, which is used by baristas in coffee houses, while a new, smaller machine specifically for in-home use will be launched next summer.
The entrepreneurs say the machines are environmentally friendly, since they can replace pre-packaged milks, which often contain preservatives and additives.
Having tasted the kiosk almond milk during their pitch, Cuban described it as “incredible … you can tell it’s fresh almonds”.
Cuban saw huge potential in the company, and said that Numilk could sell a million units of the in-home machines “easily”.
The stainless steel machines currently sell for $699 each, while the newest machine will cost $199.
A vegetarian since 2019, Cuban has invested well over a million dollars into multiple vegan companies during his time on ‘Shark Tank’. His portfolio includes Snacklins, a brand selling vegan pork rinds, and most recently, Everything Legendary, a Black-owned vegan meat brand, into which he invested $300,000.
His latest move into plant-based milk follows a general uptick in this particular sector. Oat milk is proving especially popular, with Oprah Winfrey and Jay-Z among the high-profile investors recently backing the leading oat milk brand, Oatly, while Starbucks recently made Oatly available in U.S. stores nationwide. Oatly’s popularity among consumers is soaring thanks to its creamy taste and low-carbon footprint, with the company recently valued at around $2 billion.
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