Almond milk is one of the most common plant-based milk options in recent years. A device called Numilk can assist you in making fresh almond milk from basic components. Ari Tolwin and Joe Savino created it after effectively pitching their company on Shark Tank. In 2023, Numilk is valued $55 million.
Who are the Founders?
Ari Tolwin and Joe Savino are Americans.Growing up, they were both interested in business. Joe has a BS from the Lubin School of Management, and Ari has an MBA from Duke University.
They both have extensive expertise in the beverage business. Tolwin co-founded and became CEO of tree water provider Happy Tree Maple Water in 2013. Savino co-founded the beverage contract packer Harvest Beverage Company the same year.
However, after about five years, the two chose to quit their respective companies. They collaborated to start a new company that would make plant-based milk.
Creating the Business
Joe was the one who invented the Numilk dispenser. Essentially, the gadget could produce fresh almond milk on command. Almonds and filtered water are the only two components required. Maple syrup is added to make the cup tastier.
Customers merely take a container, put it into the faucet, and select from sweetened or unsweetened choices. Their refreshment will be served in less than a minute. The Numilk maker costs $299 at stores.
When the company debuted in 2018, it raised $12 million from investors to carry out the idea. They expended $200,000 but only earned $40,000. The following year, they earned $320,000 but lost $3 million. In 2020, the company made $400,000 but lost $2 million.
Shark Tank Debut
Tolwin and Savino were having difficulty getting their company off the ground. As a result, they intended to seek assistance from rich donors on Shark Tank. They made their proposal in 2021, giving 5% equity for $1 million. Some Sharks thought that valuing their company at $20 million was a touch excessive.
Aside from their initial form, which was roughly the size of two refrigerators. They also released Numilk Home, a new compact variant that costs $199. Mark Cuban, the wealthiest Shark and a vegetarian, saw tremendous promise in this.
As a result, Cuban made a $2 million deal, proposing that $1 million be in cash in return for 7% equity. The other part of the agreement is a loan with 3% interest, Joe and Ari gladly agreed.
Following Shark Tank
Following their appearance on Shark Tank, Numilk began bargaining with Whole Foods. They also started a Kickstarter effort during this period, raising over $222,000 from 888 supporters.
Their devices are now sold in 65 shops across the US. The residential edition of their product is also available for pre-order on their website. They’re also seeking to expand their relationships with grocery stores and coffee shops.
Numilk is not advancing as anticipated due to supply chain issues. Customers are growing impatient on Kickstarter, as the remark area is flooded with individuals requesting refunds. In September 2022, Numilk revealed they agreed on a contract with Hamilton Beach for them to make the Home and Pro machines.
The most recent sales figures for 2022 have not been published, but it is believed that Numilk is still losing money, and the business is presently valued at $55 million. Surely, they haven’t spent all of Mark Cuban’s money!