Bringing bacon to Shark Tank is always a smart idea.
On Sunday's episode of the ABC show, entrepreneur Lucinda Cramsey fed the Sharks several products from her meat subscription service Moink, which delivers ethically sourced beef, pork, chicken, and salmon from family farms. Shark Kevin O'Leary didn't offer Cramsey a deal, but he did say Moink's bacon was the best he'd ever tasted. Founded in La Belle, Missouri, in 2017, the company had generated $730,000 in sales when the founder pitched the Sharks.
Cramsey came to the Tank seeking $250,000 for 10 percent of her company. Though she's a first-time startup founder, Cramsey is an eighth-generation farmer and knows firsthand the difficulties of competing with big farming companies. Since losing her father at the age of 11, she has worked full time helping to run the family farm.
"We put the food on your tables and we can't put the food on our tables," Cramsey said on the show. "Because of that, I felt like it was my life mission to help family farmers be independent outside of big agriculture."
Moink lets customers order a customized selection of up to 16 lbs. of grass-fed beef, wild-caught salmon, and pastured pork or chicken for $159. Each Moink box costs $127 to make, however, leaving only a small profit margin. Cramsey admitted she's only netting 10 percent of her sales, which the Sharks found troubling given her $2.5 million valuation.
"I didn't come here today to fight about my valuation," Cramsey told the Sharks. "I think it's worth more. I also think my husband is the most handsome man in the world, but it doesn't mean I'm willing to go to war to prove it."
Sharks Mark Cuban, Lori Greiner, and Daymond John didn't offer to invest, but fortunately for Cramsey, guest Shark Jamie Siminoff had experience facing harsh criticism over his valuation in the tank. Siminoff originally appeared on the show in 2013 to pitch his video doorbell startup DoorBot, now called Ring. Though he left without a deal, he later sold his company to Amazon for more than $1 billion. Siminoff liked Cramsey's product and passion, and wanted to help her scale.
"You're growing pretty fast and you're going to need some infrastructure in place to lower the margins and make this a real business for all of us," Siminoff said. "I think it's going to take some more money to get there."
He offered $400,000 for 20 percent of Moink, which she accepted without negotiating. "One small step for me, one large step for family farmers," Cramsey said after leaving the Tank. "From a town of 600 to standing here today. Wow."