Pan’s Mushroom Jerky Shark Tank Update – Shark Tank Season 12
Michael Pan Introduces Pan’s Mushroom Jerky, a Vegan Beef Jerky Alternative.
Who doesn’t love munching on yummy snacks? But the thing is, those snacks are not always healthy. Pan’s Mushroom Jerky is here with a healthy alternative.
Michael Pan gives the Sharks a taste of Pan’s Mushroom Jerky, his vegan beef jerky substitute, in Shark Tank episode 1206. Pan is an electrical engineer by profession. He got his degree from the University of Illinois in 2001 and worked as an engineer in the auto industry for a number of years. When he visited a family he had never met before in Malaysia, his life and livelihood changed forever.
He found a recipe and felt like he just had to introduce the world to it. 2018 was when he decided to start up the business. He’d like a Shark’s help remedying production and scaling challenges.
About Pan’s Mushroom Jerky
| Category | Details |
| Founder (Plural if multiple) | Michael Pan |
| Product Type | Vegan, organic, shiitake mushroom jerky, available in multiple flavors |
| Funding (Pre-Shark Tank) | Self Funded |
| Investment Asked | $300,000 |
| Equity Offered | 10% |
What Happened on the Shark Tank Episode?
Michael enters seeking $300,000 for 10% of his business. He tells his story and hands out samples. He talks about the goodness of fresh jerky and how satisfying it is to chew a tender piece of jerky—the taste, the texture.
Then, he talks about the qualities of the jerky they serve. It is soy-free, gluten-free, and much more. He explains the simplicity of the dish, as it only takes six simple ingredients to prepare. After saying all that, he asks the Sharks to take a bite of his Pan’s Mushroom Jerky.
Once all of the Sharks have tried the dish, Michael reveals that the jerky they are eating is actually mushrooms! The Sharks are surprised to learn that the chewy texture is, in fact, mushrooms.
The entrepreneur then shares the story of a trip he once took to Malaysia. On that trip, he met a family of vegetarian Buddhist monks. They fed him all kinds of wonderful food, but what really caught his attention was dried mushrooms—or mushroom jerky. Apparently, the recipe had been in their family for years. Mushrooms are a great replacement for meat and a rich source of vitamins, fiber, and antioxidants.
For several years after that trip, he experimented in his kitchen and perfected his mushroom jerky-making skills. Now, he’s looking for a Shark to help him become a leading brand in the veggie jerky space. Store sales make up the majority of his business, at 60%, with the remaining 40% online. This balanced approach helped in steady growth. He hit $755,000 in sales in 2019, and by the middle of 2020, he had accumulated $620,000.
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What Makes Pan’s Mushroom Jerky Unique?
It is not the first time a business has come on Shark Tank with a vegan alternative to non-vegetarian food that tastes just like meat. One of them was Meat the Mushroom by Marvin and Aleah Montague, who pitched “vegan bacon.” Another on the list is Mrs. Goldfarb’s Unreal Deli by Jenny Goldfarb, which serves vegan corned beef. Exciting, right?
But let’s dig into the one on the plate right now—a traditional recipe, Pan’s Mushroom Jerky. It’s made with shiitake mushrooms and is vegan, high in fiber and vitamin D, paleo-friendly, kosher, soy-free, gluten-free, and completely organic. There are no preservatives, either.
Pan’s Mushroom Jerky comes in four flavors: Original, Zesty Thai (the #1 seller), Applewood BBQ, and Salt & Pepper. A 2.2-ounce bag costs nine bucks, but if you buy the variety 4 pack on Amazon, it’s just $35. Pan has his jerky in over 500 stores nationwide, but no big-box chains yet.
If you are interested in finding out more about food businesses that appeared on Shark Tank, do read “10 Best Shark Tank Food Products of All Time.”
You can also find more information about Pan’s Shiitake Mushroom Jerky on the Shark Tank Blog.
Did Pan’s Mushroom Jerky Get a Deal on Shark Tank?
How often is it that we see Sharks fighting over a deal? Well, Pan’s Mushroom Jerky makes that happen. Although Daymond goes out of making a deal because he feels it is going to be a long road for him to get his money back and make a little something in addition, offers start coming in because the Sharks like the numbers.
Shark Lori says that the product is perfect for her because she likes the taste of jerky but does not like eating jerky, so this product by Pan’s Mushroom Jerky is a perfect replacement. Lori and Blake team up to offer $300,000 for 30%—15% each. They put the hard sell on Michael, touting relationships with Starbucks and other big chains.
Mark comes in and offers $300,000 for 20%, and the Sharks practically start fighting for a part in the business. Michael counters with 18%, and Mark agrees. So, he does the deal with Mark.
What Happened to Pan’s Mushroom Jerky After Shark Tank?
The Shark Tank Blog keeps track of the businesses that appear on Shark Tank. We provide updates and follow-ups about entrepreneurs and the company, as well as anything that happened after the show. In the week following the original air date, they did over $1 million in sales. The first re-run of this episode is just two months after the original air date. The company appears to still be very much in business, but they’re out of stock on the company website and on Amazon.
The deal with Mark did close. It appears Pan’s ran into some major shipping issues in the aftermath of Shark Tank – that’s why they were out of stock at the first re-run. They added more shifts and more employees to keep up with demand. Several large snowstorms – including one that shut Portland down for four days – also slowed their fulfillment.
Their business keeps seeing new victories. They have successfully tripled their team, quadrupled their output by moving to 24/7 production, and increased their store presence by over 2000 locations. They have also had very large successes with the addition to Costco, and the creation of a larger package.
The company gets an update segment in episode 1220. In the update, we get a look at the new production facility and learn about how sales have expanded. As of June 2021, the company has annual revenues of $3 million. By July 2022, the products were in over 3500 retail locations, including Krogers, Wal-Mart, H-E-B, and many others. As of January 2023, annual revenue is now closer to $5 million.
Where Can You Buy It?
Enjoy a flavorful and healthy snack with Pan’s Mushroom Jerky. Their yummy food product is available for purchase on their official website. Ditch the processed snacks and find a natural alternative by ordering Pan’s Mushroom Jerky on Amazon.
For more company information, visit the website or their social media. Stay updated on their latest offerings.
Quick Summary
- Michael Pan pitches Pan’s Mushroom Jerky, a vegan beef jerky substitute, seeking $300,000 for 10% equity on Shark Tank.
- After receiving multiple offers, Michael accepts a deal with Mark Cuban for $300,000 in exchange for 18% equity.
- The company experiences rapid growth, with annual revenue reaching $5 million by January 2023 and products now available in over 3,500 retail locations.
