Plated Shark Tank Update

Plated Shark Tank Update

During the 2010s, the idea of pre-packaged prepped ingredients to make cooking convenient wasn’t that popular. Therefore, when Josh and Nick pitched this idea of a ready-to-cook meal subscription service on Shark Tank, at least two of the sharks were hooked. So what happened next? 

How about the latest Plated Shark Tank update? After the pitch, Plated grabbed a $500K deal with Mark Cuban for a 5.5% stake. Unfortunately, the deal wasn’t sealed because of some disagreements with the founders.  However, it eventually turned out to be one of the biggest success stories of Shark Tank later on. Albertsons acquired the company at $300 million.

Let’s get into the details and find out more about Plated and its Shark Tank journey.

Plated Shark Tank Profile

Plated Shark Tank Profile

To understand the success story of Plated, let’s take a look at their Shark Tank profile. 

Company NamePlated
FoundersNick Taranto and Josh Hix
Founded In2012
Business ItemMeal-kit subscription
Special FeaturesHealthy grocery ingredients with recipes
Asked For4% equity for about $500k
Final Deal5.6% equity for about $500k
SharkMark Cuban
Appeared InSeason 5, Episode 22
Plated Shark Tank Episode Aired InApril 4, 2014
Latest Sales DataOver $100 million in 2018
Business StatusAcquired by Albertsons
WebsitePlated.com
Warehouse Location511 Barry St, Bronx, NY 10474, United States
Net Worth$300 million
2023 UpdateSubscription not available
Lifetime Worth$360 million
Watch OnAmazon Prime Video

Plated and Its Founders on Shark Tank

In 2012, Nick Taranto and Josh Hix founded Plated to provide a convenient meal for everyone. Although they struggled a bit at the beginning, they managed to raise $1.4 million from TechStars and other investors. By July 2013, Plated had served 100,000 meals and was doing a generous business.

However, Josh and Nick needed more money to make it big, so they entered Shark Tank. They appeared in Shark Tank Episode 22 of Season 5 in 2014. With their innovative idea and yearly revenue, they impressed a couple of sharks. 

Plated and Its Founders on Shark Tank

However, the duo was seeking a 4% equity for about $500k investment. It made the sharks skeptical, yet Josh and Nick were able to convince Mark Cuban.

At last, the deal was sealed at $500K for a 5.5% stake along with advisory shares.

What Happened to Plated After Shark Tank?

Plated has become one of the most profitable deals of Shark Tank afterward. However, it wasn’t Mark Cuban who benefitted from Plated. In fact, the deal with Mark was never closed due to some differences in opinions.

What Happened to Plated After Shark Tank

Here’s what happened to plated after Shark Tank-

  • In 2014, Josh and Nick were able to get a hold of Kevin O’Leary and gave him more details about their vision. After weighing the business opportunity, Kevin agreed to invest in Plated. But the amount he invested wasn’t disclosed.
  • In 2015, Plated appeared in ‘Beyond the Shark’ with a fresh pitch for their marketing strategy. Thanks to the publicity they got from the show, the sales of Plated meal kits skyrocketed.
  • By the end of 2015, the revenue of Plated was about to reach $100 million. Within the year 2016, Plated raised Series B funding of $35 million and $20 million.
  • Albertsons acquired Plated for a whopping $300 million in 2017, which is among the highest for any business that appeared on Shark Tank.

What’s the Net Worth of Plated?

During its appearance on Shark Tank, the net worth of Plated was around $10 million to $12.5 million. When Albertsons acquired Plated in 2017, the net worth was estimated at $300 million. The company was earning $100 million from its yearly sales.

What's the Net Worth of Plated

After that, Plated was reported to see a 20% increase in its net worth. Hence, the company was evaluated at $360 million in 2019. As of 2023, Albertsons has incorporated Plated into their in-house brands. Therefore, its recent net worth is unknown.

Plated Sales Data

As Plated was a private company, most of its sales data weren’t disclosed. However, the founders provided some information regarding their yearly sales during their Shark Tank pitch. Here are the available sales data of Plated meal kits-

YearAmount from Sales 
2014$350,000
2015$100 million 
2016 75 million
2018Over $100 million 

Is Plated Profitable Now?

Unfortunately, Plated today is no longer an independent name. After its acquisition by Albertsons in 2017, the company was making slow progress. However, Albertsons announced in 2019 that Plated will no longer be a separate meal kit subscription. 

Is Plated Profitable Now

The company turned Plated into its in-house brand. As a result, Plated is now available only in a number of shops. So, we can conclude that Plated is no longer in the meal-kit subscription business. However, Plated was profitable until it was shut down in 2019.

Following Plated’s appearance on Shark Tank, many other innovative businesses have caught the attention of the sharks and the audience alike. One such noteworthy venture is Better Bedder, which has redefined bedsheet management, providing consumers with a more efficient way to manage their bedding. You can catch up with their journey post-Shark Tank in our Better Bedder Shark Tank update. On the other hand, if outdoor furnishings pique your interest, the Outer company’s unique approach to outdoor sofas is truly groundbreaking. Dive into their story and see where they are now in our Outer Shark Tank update.

Wrapping Up!

So, that was all about Plated Shark Tank update. As discussed, Plated has experienced remarkable growth within a year of appearing in Shark Tank. Although the company faced some ups and downs in the following years, it still made profits and raised significant funds.

Once evaluated at $10 million only, the company was sold at $300 million within only 7 years of its establishment. Although Plated is no longer in business today, we can say that it was a highly successful venture for its founders and related investors.

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