Cousins Maine Lobster Shark Tank Update
Cousins Maine Lobster is a popular seafood company co-founded by Sabin Lomac and Jim Tselikis and they’re cousins too. They initially started their lobster business in Los Angeles with one food truck where they served delicious Maine lobster dishes.
Cousins Maine lobster shark tank update reveals that Sabin and Jim appeared on Season 4, Episode 6 of “Shark Tank” and landed a deal with Barbara Corcoran. Since then, the business has greatly experienced significant growth and success.
Read on as we give you more updates on cousin Maine Lobster’s appearance on Shark Tank.
Cousins’ Maine Lobster Shark Tank Profile
Was cousin Maine lobster on shark tank? Of course, they appeared on Shark Tank in 2012. Below is a brief overview of shark tank updates on cousin Maine lobster.
| Name of the company | Cousins Maine lobster |
| Founded | In 2011 |
| Founder | Jim Tselikis and Sabin Lomaco |
| Product | Seafood made with lobster |
| Asked for | $55,000 for a 5% stake in the business |
| Final deal | $55,000 for 15% equity |
| Shark | Barbara Corcoran |
| Episode (shark tank USA) | Season 4 Episode 6 |
| Air date | Oct 19, 2012 |
| Business status | Active in business |
| Website | Cousinsmainelobster.com |
| Headquarters | 1120 S Grand Ave, Los Angeles, California |
| Annual sales | $54,757, 000.00 (in 2021) |
| Buy product | Cousinsmainelobster.com |
| Watch on | Youtube |
| Networth | $50 million |
| Watch on | Amazon Prime |
Cousins Maine Lobster Shark Tank Update
Cousins Maine Lobster is a franchise food truck business that was founded in Los Angeles, California, in 2012. It was started by cousins Jim Tselikis and Sabin Lomac, who grew up in Maine eating lobsters and wanted to bring high-quality Maine lobster to other parts of the country.
The business began in Los Angeles, with only one truck for delivering their lobster delicacies and their special lobster roll. Cousins Maine Lobster quickly gained popularity and attracted the attention of the TV show Shark Tank.
They secured a deal of $55,000 for 15% equity with Shark Tank investor Barbara Corcoran. She became a mentor and business partner for the company.
Since then, Cousins Maine Lobster has expanded its business across America. They have also established a loyal following and great demand for their lobster rolls. Today, they operate over 35 trucks and 9 restaurants across the United States.
Cousin Maine Lobster Update After Shark Tank
After their appearance on Shark Tank, the seafood company’s sales exploded from $150k to over $700k. Also, their sales increased by 37 percent from the previous year in 2021. In fact, in 2021, their annual sales were $54,747,000. In 10 years, they have widely grown with 40 trucks for food supplies.
Cousins Maine Lobster has launched a mobile app that offers a loyalty program, allowing customers to earn points for every visit and redeem rewards. This initiative aims to enhance customer engagement and reward their loyal following.
Furthermore, they’ve expanded their presence in Pennsylvania. Also, they opened extra food trucks in New Jersey, Trenton, northern New Jersey, and Philadelphia. This expansion allows them to expose more consumers to their brand and lobster rolls, further solidifying their presence in the market.
Accordingly, they have restaurants across Maine, Nevada, Massachusetts, and California. They boast of about 4,500 lobster fishermen in Maine who are licensed.
Cousins Maine Lobster Net Worth
Cousins Maine Lobster’s net worth is estimated to be around $50 million in 2023. Cousins Maine Lobster has expanded its operations and currently operates over 35 trucks and 9 restaurants across the United States.
Generally, the company has seen significant financial success and continues to thrive in the food industry.
Cousin Maine Lobster Sales Data
Here is a table with yearly sales data for Cousins Maine Lobster company:
| Year | Sales |
|---|---|
| 2018 | Generated revenue of 20.5 million USD |
| 2021 | Increased by 37 percent YOY |
| 2022 | Revenue increased to 29 million USD |
| 2023 | Gross of over 40 million USD |
| 2023 | The net worth is about 50 million USD |
Is Cousin Maine Lobster Profitable Now?
It is not explicitly stated whether Cousins Maine Lobster is currently profitable. Because presently, there’s no updated data on their revenue released to the public.
However, the company has experienced incredible growth after its appearance on Shark Tank. And those factors suggest that Cousins Maine Lobster is likely profitable, but without specific financial information, it is difficult to say for certain.
What Sets Cousins Maine Lobster Apart From Other Seafood Restaurants?
Cousins Maine Lobster has set itself apart from other seafood restaurants by serving high-quality Maine lobster. Their lobster is among the best in the world because of the sustained quality seafood they offer.
They also have several food trucks that distribute lobster to remote areas where seafood may not find its way to.
Final Words
The cousins’ participated in season 4 episode 6 of Shark Tank in 2012. There they presented their business to the panel of potential investors, known as Sharks. During their appearance on the show, Jim and Sabin impressed the Sharks with their authentic and high-quality seafood offerings.
They managed to strike a deal with real estate mogul Barbara Corcoran, who saw great potential in their business and became their partner. Also, they have expanded their operations to over 35 trucks and 9 restaurants across the United States.
This outstanding seafood company has built a loyal following and has a net worth of around 50 million USD. They have yearly increased revenue, which suggests positive sales performance.
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