Siblings and “snacktrepreneurs” Steve Atieh, Allison Lin and Kevin Atieh seek an investment in Like Air, their healthy popcorn puffs, in Shark Tank episode 1514. They started the company in 2020 to create healthy snacks. Unlike regular popcorn, their “puffcorn” has no kernels or hulls in it – just the puffy part.
The company has come a long way in just a few years. Like Air is available nationally at Kroger, Meijer, HEB, ShopRite, Stop & Shop, Giant, Wegmans and Amazon. All their snacks are gluten-free, nut-free, made with non-GMO corn and have no artificial ingredients. At 50 calories per cup, Like Air has half the calories of popcorn.
They come in three flavors: Butter and Salt, Cheddar and Pancake (yes pancake). 2 4 ounce bags will set you back $12.99 from the company website. They’re only $3.98 a bag at Kroger. Amazon has a 3 pack – 1 of each flavor – for $19.95. They likely want a Shark to take the business to the next level and get it ready for acquisition.
****edotor’s note: I tried the Cheddar flavor and it was yummy. I will buy again!
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Like Air Puffcorn: A Delightful Snacking Experience
Like Air Shark Tank Recap
Steve, Allison and Kevin enter seeking $300,000 for a 3.5% equity stake in their company. Allison says America is a snacking nation; we love snacks. If you are anywhere from 6 months to 100 years old, their snack is for you. Say you’re craaving a tasty snack, but you don’t want the guilt that comes with unhealthy options. That’s where Like Air Puffcorn comes in. It’s a delicious, light and airy snack that melts in your mouth.
Unlike popcorn, it contains no hard kernels, so it won’t get stuck in your teeth. There is nothing artificial in Like Air Puffcorn. It’s made from non GMO corn, it’s gluten free and free of allergens. The best part is, it’s only 50 calories per cup. Even though it’s light in calories, it’s not light when it comes to flavor. It comes in 4 varieties. 2 savory versions: Classic and White Cheddar. It comes in 2 sweet versions: Pancake and Cinamon Bun which have half the sugar as the leading kettle corn. They’ve created a delicious snack that’s better than popcorn. Allison asks “who’s ready to take a bite out of the snacking market and help take Like Air to new heights?”
Samples and Questions
The Sharks try their samples. Robert says “Oh wow, this is SO good!” All the other Sharks like theirs too. Kevin asks if they grind the corn up into a paste and then puff it. Steve says they add a little oil and water to the ground corn and it goes into the machine and puffs right out. Lori likes it better than movie popcorn. Kevin says it’s probably the best low calorie snack he’s seen on Shark Tank in 15 years.
They came up with the product after Allison had her first daughter. She was concerned about healthy snack options, so she went to her brother Steve and said “let’s start a company together.” She wanted to create a snack kids and adults could enjoy. There is a national brand similar to theirs, but it uses a lot of junk ingredients. Steve was an investment banker who’d just exited a pharmaceutical company and was looking for something new. Allison was a Fullbright Scholar who studied conflict resolution in Cypress and she worked in a financial technology. After having her first daughter, she was looking to start something. Kevin was also in investment banking and worked at a couple of high growth start-ups.
Let’s Talk Numbers
The pricing is similar to the other bagged snacks out there. A bag of Puffcorn retails for $3.99 and wholesales for $2.50. The cost to make a bag is 88 cents. They just invested in their own dedicated packing and production line. In 2019, they raised $800,000 and they recently raised another $3.5 million at a $23.5 million valuation. Lori wants to know what they need from a Shark. Allison says it’s a really competitive market and they need the partnership.
2020 sales were $100,000 and 2021 sales were $2.5 million; they broke even on that. In 2022 they did over $5 million in sales and lost $190,000 due to salaries, paying to get on the shelf and distribution. They sell in Kroger and they’re working on getting into Albertson’s. In 2023, they expect to do over $10 million. The plan is to burn $1 million in cash. Mark says if they’re willing to do that, they must have big ambitions; he wants to know what comes next. The siblings believe they can grow the business quickly. Mark says the sales speak for themselves and wants to know if this is just a commercial for them.
Who’s In?
Steve says they’ve been on the shelves at Kroger for 15 months and never gone off. Steve thinks they can do $30 million in 2024 and $50 million the next year and potentially $80 million the year after that. Kevin thinks they’re impressive, but he doesn’t get out of bed for 3.5%. The journey isn’t for Kevin; he’s out. Barbara says she invested in Pipcorn when they had 1 snack, now they have 68. They’re phenominally successful and just surpassed $70 million in sales. She invested $100,000 for 20%. Barbara says they’ll need a hell of a lot more money than they think they need. She doesn’t want to go on that long trip; she’s out.
Robert says he can’t fault them for anything. They have incredible growth and incredible sales, but that’s not why he’s on Shark Tank, he wants to add value. 3.5% doesn’t interest him; he’s out. Lori says she’ll take a flyer and she offers $300,000 for 7.5% if she’s non-dilutable. She pitches the value of a Shark’s cache. The siblings counter with 7.5% but dilutable. Lori counters with 10%. Lori says she and Mark would do the 10% deal together. They accept!
Like Air Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. As of the first re-run of this episode in June, 2024 (about 6 months after the original air date), there is no evidence the deal with Mark and Lori closed. However, the siblings told Bakery and Snacks, a trade website, “We were really excited about collaborating with them. Their standing in the industry is so important and our grocery buyers love to talk about it with our customers.” The week the episode originally aired, they doubled sales in their stores.
The company introduced a Sour Cream & Onion flavor, but it’s only available a BJ’s Wholesale Clubs. In addition to BJ’s they are in Shoprite, King’s Sooper, Balducci’s, Dearborn Markets, ACME, Albertson’s, Big Y, Kroger, Winn Dixie and just about any major supermarket chain you can think of. International expansion is next on the horizon. They did finish 2023 with sales of over $10 million and hope to reach their 2024 projection of $30 million.
The Shark Tank Blog will follow-up on Like Air & Steve Atieh, Allison Lin and Kevin Atieh as more details become available.
