Life Raft Treats Founders Present Their Pitch On Shark Tank
Highlights
- Cynthia and John David intrigue the Sharks with their innovative frozen product on Shark Tank Season 16.
- Life Raft Treats made $1.2 million in sales last year.
- The investors are impressed with the unique food offering but are apprehensive as well.
Overview
| Category | Details |
| Name | Life Raft Treats |
| Founder | Cynthia and John David |
| Industry | Food and Beverages |
| Product | Ice Creams |
| Funding | Self funded |
| Investment Ask | $250K |
| Equity Offered | 5% |
| Valuation | $5 million |
Cynthia and John David, a husband-wife entrepreneurial duo, pitch their innovative frozen product, which resembles fried chicken, on Shark Tank Season 16. They start the presentation with a smart revelation style through which they claim themselves as the ‘experts in fried chicken.’
Captivating the investors, they state that ‘Life Raft Treats’ offers the crispiest, crunchiest, and best-fried chicken in the world. But the most unique part of it all is that their fried chicken is actually an ice-ceam. Cynthia calls the treats ‘not fried chicken.’
The entrepreneurs then discuss the ice cream-making process. They use waffle ice creams, insert a chocolate pretzel bone, dip it in caramelized white chocolate, and roll it in cornflakes.
Some other offerings by Life Treats are dairy-free peach bombe, ‘Not Dogs,’ and a Father’s Day Dinner plate. The chicken is its hero product.
Talking about their beginnings, Cynthia reveals that she is an immigrant who was born in Charleston and faced tough times there. She tackled the problems and emerged as a pastry chef in top-tier restaurants. Cynthia also says that she was often nominated for the James Beard Award for each restaurant.
John is an MBA graduate from the University of Georgia and holds experience in retail.
Life Raft Treats: What Happened On Shark Tank Season 16
Cynthia and John appear before the judges on Shark Tank Season Episode 2, seeking $250K for 5% equity. They present samples of their signature nine-piece chicken bucket along with their retail packaging. The Sharks love the taste and shoot their questions one after the other.
The entrepreneurs then reveal that they sell the products in about 500 retail locations in the frozen goods section throughout the US. The buckets cost $109 and are shipped directly to the consumers.
Sales in 2023 were $1.2 million, with a 5% net operating income. The judges raise their eyebrows at this figure. By the time of their appearance on the show, they have generated $750K through sales this year. The couple is projecting $1.7 million in sales by the end of 2024.
Life Raft Treats is currently in Mariano’s in the west and Central Market in Texas. The business works through a third party and has not spent any money on marketing.
They want the help of Sharks with taking the DTC in-house and revamping their website.
Did Shark Tank Invest In Life Raft Treats?
Mark Cuban is the first to exit the deal because he feels he does not have an adequate understanding of the frozen business industry. Daymond John thinks the business is ‘innovative.’ But he, too, exits the deal by saying there are better-qualified members on the investors’ panel.
Lori Greiner says she has previously been associated with Frozen Farmer, which runs a similar business. So, citing competition, she declines to make an offer. Kevin O’Leary feels the idea is great, but the business has not blown up yet, so he does not propose a deal.
The only left Shark is guest Shark Todd Graves. He loves the entrepreneurs’ story and thinks it is similar to his personal experience. But he chooses not to make an offer as he does not like experimenting with his offering at Raising Cane’s.
Ultimately, Cynthia and John walk out without a deal on Shark Tank Season 16.
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