Finneato Fysh Foods Founders Engaged In Discussion With Shark Tank Investors
Highlights
- Zoya Biglary and Alix Traeger present their delicious plant-based fish products on Shark Tank Season 16.
- Finneato Fysh Foods offers sushi, ceviche, poke, salmon, and lox.
- The Sharks are apprehensive about their business model and scaling.
Overview
| Category | Details |
| Name | Finneato Fysh Foods |
| Founder | Zoya Biglary and Alix Traeger |
| Industry | Vegan Food |
| Product | Plant-based fishes |
| Funding | Self-funded |
| Investment Ask | $150K |
| Equity Offered | 10% |
| Valuation | $1.5 million |
The entrepreneur couple of Zoya Biglary and Alix Traeger appear with the Finneato Fysh Foods Shark Tank pitch in the fourth episode. They start the pitch by discussing how restaurants across the country serve mercury, parasites, or microplastics in the name of raw fish. This is why the entrepreneurs have ‘taken the matter in their hands.’
Unlike others, Finneato Fysh Foods is a plant-based seafood company made in the kitchen by chefs, and not in labs by scientists. The couple elaborates that their plant-based raw fish is made from a unique blend of organic fruits, vegetables, sea algae, and ‘fermentation magic.’
This is how they make almost the real versions of tunas, salmons, and yellowtails. Plus, the food product by Finneato Fysh Foods is full of omega-3s, proteins, iron, and fiber. It can be cut just like real fish, making itself adaptable for chefs. The entrepreneurs offer sushi, ceviche, poke, salmon, and lox.
Zoya says that their fish are way cheaper and last longer than the real ones. Alix adds that it is safe to eat for people who immunocompromised, allergic, or pregnant.
Finneato Fysh Foods: What Happened On Shark Tank Season 16
The entrepreneur duo make their appearance on Shark Tank Season 16 seeking $150K for 10% equity. The Sharks love their enthusiastic pitch presentation and then go ahead to try their samples, such as spicy tuna crispy rice, smoked lox, and ceviche. They are amazed by their real-fish-like-taste.
Robert Herjavec thinks the ceviche is ‘incredible.’ Daniel Lubetzky wants to know about their backgrounds. Zoya has been working in the business development space for about ten years. As a private chef, she also has a food background.
Alix comes with a rich experience in the food space. She has been an active person behind ‘BuzzFeedTasty.’ Additionally, she bears a decade long history of content creation in the industry. Alix also reveals that by making cooking videos, both the entrepreneurs have collectively built around 3 million followers.
Lori Greiner wants to know about their package. The founders currently sell in a B2B model by providing frozen fillets to restaurants and caterers. There is no packaging per se.
Daniel wants to know the reason behind adopting the B2B model. Zoya replies that food service made the most sense as she wanted people to have it prepared the right way. Daniel is curious about them not targeting the retail option. The entrepreneur says they do not have enough funding.
Robert asks about their sales. Ever since they started selling to restaurants in 2023, Finneato Fysh Foods has sold $50K in wholesale only, and too, in Los Angeles only. Robert does not seem pleased with the answer.
They sell it for pounds. It costs $4 to produce the product, and the entrepreneurs sell it for $10-$13 in wholesale. Actual sashimi-grade fish wholesales between $20-$40.
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Did Shark Tank Season Invest In Finneato Fysh Foods?
Kevin O’Leary feels ‘something is missing’ as they have made a good customer base of 3 million but have not tapped them the correct way, i.e, D2C. He comments, ‘shame on you,’ and exits the deal. Lori feels they are ‘tapping them’ but ‘in a different way.’ Mark Cuban adds that they are not ‘converting’ the way the Sharks would want them to.
Robert feels their product is ‘really impressive,’ but their sales are not, which is why he does not invest. Lori is the next Shark who thinks it is not wrong of the entrepreneurs to go with the B2B approach as they are getting to learn a lot. But she does not make a deal as the business is in its early stages.
Mark is okay with the wholesale business but is apprehensive about scaling the business. So, he opts out of the Finneato Fysh Foods Shark Tank deal.
Daniel wants to know about their competitors. The entrepreneurs have two such vegan fish brand competitors. One uses food coloring. The other one is backed by a Silicon Valley company but does not have anyone from a food industry. The second company has managed to raise a $20 million valuation.
Robert wants to know why have they not opted for raising money through venture capital. Zoya reveals different reasons. First, only 2% of VC funding goes towards women. Second, the number reduces to 1% for women of color and even lower if you are a gay woman of color.
Kevin interrupts stating, he does not care if anyone is gay or woman of color. Instead, they care only if they can make money.
Daniel feels the product tastes great and solves a great purpose. Plus, frozen is a tough space and increases all the costs. He makes a ‘Sharky’ offer of $150K for 40% equity. Zoya says the maximum they can offer is 20% equity.
After a lot of discussion and comments from fellow investors like Kevin and Mark, the final deal is locked for $150K for 30% equity.
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More products from this episode! Check out other businesses that participated alongside Finneato Fysh Foods.
