Misfit Foods Founder Secures $300K on Shark Tank for Plant-Based Meats
Phil Wong, founder of Misfit Foods, entered the Shark Tank seeking $250,000 for a 5% stake in his company. Misfit Foods, an eco-friendly food company, aims to reduce meat waste by producing plant-based sausages and beef alternatives.
Wong started Misfit Foods as a juice business using misfit vegetables. However, he soon realised the lack of sustainable meat options and decided to create sausages and beef products using a mix of vegetables and beef. This provides meat-lovers with a sustainable alternative without compromising on taste.
Misfit Foods' products are low in sodium and have a shallow gross margin, with highly reduced marketing costs. The company's bestselling point is that it offers a better diet option for meat-lovers while reducing the problem of meat sustainability. Before appearing on Shark Tank, Misfit Foods was already available in Whole Foods and on its website, seeking investment for increased production and distribution.
Phil Wong left Shark Tank with a successful deal of $300,000 for 15% with Daniel and Mark. Misfit Foods' innovative approach to sustainable meat alternatives has impressed investors, and the company is well-positioned to grow in the market.
