General

Numilk Net Worth 2024: Did The Company Secure A Deal On Shark Tank?

If you watch Shark Tank, you probably know about the brand Numilk which produces fresh almond milk in front of your eyes. All the steps are eco-friendly and bacteria-free.

Numilk is the brainchild of Joe Savino and Ari Tolwin. They pitched the product on Shark Tank season 12 and received a solid response.

For those who are curious to know, the estimated net worth of the company is $70 million.

Quick Facts

Business details: Fresh Almond Milk
Founders name: Joe Savino and Ari Tolwin
Founded in: 2017
Location (Country): New York, United States
Investment Asked by Company $10,00,000 for 5% equity
Sharks on board (Investors) Mark Cuban
Accepted Deals: $1 million for 7% stake + $ 1 million loan at 3% interest for a 3% stake in advisory shares.
Shark Tank Episode: Season 12 Episode 18
Net Worth $70 million
Business Status: Active
Social Media Instagram
Facebook
Twitter
Last Updated: Jun 01, 2024

About Numilk Founders

Numilk was started by the founder’s duo, Joe Savino and Ari Tolwin. Both of them are from New York and dreamt of becoming entrepreneurs growing up.

Based on their social media profiles, Joe is a BBA graduate from the Lubin School of Business and Ari has done his MBA from Duke University.

Both of them have very good experience in the beverage industry. Before founding Numilk, both of them had different businesses. Ari was the co-founder of Happy Tree Maple Water, a tree water provider company. Joe, on the other hand, was the co-founder of Harvest Beverage Group.

However, the two decided to quit their respective companies to start a new venture. They joined forces to establish Numilk, a company that specializes in plant-based milk.

Setting Up Numilk

Joe Savino is the one who came up with the idea of the Numilk machine. He wanted to build a device that would provide on-demand fresh almond milk. The impressive thing about Numilk is that it requires only two ingredients: purified water and almonds. For sweetness, it uses a cup of maple syrup.

Numilk provides fresh almond milk in less than a minute. All you have to do is insert a bottle into the faucet. The retail price of the machine is $299.

The company was launched in 2018. The same year, they raised $12 million from investors. The next year, they made $320,000 but lost $3 million. In 2020, the business suffered a loss of $2 million but gained $400,000.

Numilk On Shark Tank

Struggling to scale their business Savino and Tolwin decided to appear on Shark Tank. They proposed a deal of 5% equity for $1 million. Given the statistics of the business, the valuation was too high for the Sharks.

The original design of the Numilk machine was the size of two refrigerators. But they also made a portable version. Mark Cuban who is a vegetarian found the product very impressive. He offered them a counter deal of $2 million of which $1 million would be cash for 7% equity. The other $1 million would be a loan for 3% interest. Both founders agreed to the offer.

Numilk After Shark Tank

Appearing on Shark Tank changed the fate of Numilk for the better. They received massive publicity from the show. At present, Numilk devices are sold across 111 stores in the US.

As per sources, Numilk is also looking forward to partnering with more coffee shops and grocery stores. In 2022, they struck a partnership with Hamilton Beach.

As of 2024, the net worth of the company is $70 million.

NuMilk’s Growth

After their impressive stint on Shark Tank, NuMilk has been growing in both sales and net worth. Despite the initial challenges posed by the COVID-19 pandemic, the company introduced the NuMilk Pro – a compact machine designed for both commercial and home use. This proved to be a smart move as it helped the company reach a wider audience, boost its sales, and strengthen its market position.

As of 2024, NuMilk’s net worth stands at $70 million. The company keeps its customers engaged and informed through active presence on social media platforms like Facebook, Twitter, and Instagram, ensuring everyone is up-to-date with their latest products and promotions.

FAQs

1. Is Numilk successful?

Ever since their appearance on Shark Tank, Numilk has gained a lot of success. Their current valuation is at $55, which is impressive, to say the least.

2. Where is Numilk now?

With the consistent growth Numilk has acquired, the company has grown extensively. They are currently based out of New York and their factory and operations are in Raleigh, NC.

3. Who invested in Numilk?

Given that Mark Cuban is vegan, he didn’t hesitate before investing a whopping $2 million on the company’s pitch.

4. How does Numilk work?

Using Numilk is simple. All you have to do is choose the Numilk pouch and put it in the machine. Then you lower the handle and let the machine do the rest of the work.

Terence Marshall

I'm terence from India. Being an engineering professional, I stay tuned with laptops & gadgets, so know a lot about these stuff. Based on a saying, Sharing is Caring; I'm currently writing on tech & gadgets space for numerous publications.

Recent Posts

Sha Ek Net Worth – The Success Story Of The Bronx’s Rising Star

Chalim Sokmen Perry, popularly known as Sha Ek is a talented American rapper and music…

12 hours ago

Jim Backus Net Worth – A Look Into The Actor’s Career Journey

If you are into old American classics, you probably know who Jim Backus is. James…

12 hours ago

Soupergirl Net Worth – Shark Tank Update

Founded in 2008, Soupergirl is a soup company that was established by a mother-daughter duo…

12 hours ago

Katrina Brownlee Net Worth – How Much Is The NYPD Officer Worth?

Katrina Brownlee is a retired NYPD officer whose life story is both terrifying and inspiring.…

12 hours ago

Jack Klugman Net Worth – How Well Did The Actor Do Financially?

Jack Klugman was an American actor best known for his versatile performances on stage, television,…

12 hours ago

Let’s Bid Goodbye 2024 and Welcome 2025: Images, Quotes, Wishes, Status, Shayari & Greetings For Whatsapp DP

The year 2024 is about to come to an end and we are just a…

19 hours ago