Highlights
- Kaitlin Mogentalle pitches Pulp Pantry, seeking $500,000 for 10% equity, offering gluten-free, vegan chips made from upcycled vegetable and fruit pulp.
- With $500,000 in projected sales for 2022, Kaitlin impresses the Sharks with her passion, ultimately accepting Mark Cuban’s offer of $500,000 for 17% equity.
- Post-show, Pulp Pantry sold out of product following its air date, though it is unclear if the deal with Mark Cuban closed by mid-2022.
Overview
| Category | Details |
|---|---|
| Name | Pulp Pantry |
| Founder | Kaitlin Mogentalle |
| Industry | Healthy Snacks, Sustainable Food |
| Product | Chips made from upcycled fruit and vegetable pulp |
| Funding | $500,000 for 17% equity on Shark Tank (deal with Mark Cuban) |
| Investment Ask | $500,000 |
| Equity Offered | 10% |
| Valuation | $5 million |
Kaitlin Mogentalle hopes the Sharks bite on Pulp Pantry, her chips and snacks made from upcycled vegetable and fruit pulp, in Shark Tank episode 1323. She first got the idea for this product when she watched her friend juice a carrot. When she saw all the leftover pulp, she asked what would happen to it. Rather than let it go to waste, Kaitlin took the pulp home and made cookies. She began to explore how local “juiceries” disposed of their pulp and decided she wasn’t going to let it go to waste anymore. Thus Pulp Pantry was born.
Kaitlin sources her pulp from large food manufacturers and turns them into crispy chips. The chips are made from celery and Kale pulp. They are good for you too. In addition to the pulp, she adds cassava and chia seeds. Making the chips is good for the environment too as the food pulp doesn’t end up in a landfill creating methane gas. Kaitlin claims that since 2019, her efforts have saved over 17 million liters of water and over 500,000 square feet of crop lands. Those resources would have gone to growing more Kale and celery.
The chips come in four flavors: Salt and Vinegar, Sea Salt, Jalapeno Lime and Barbecue. A four pack of 5 ounce bags of chips costs $20; $18 if you subscribe for monthly delivery. They’re in quite a few stores too including GoPuff/Bevmo, Juicepress, dozens of mom and pop markets and even Urban Outfitters. Kaitlin claims she has other snack food ideas for pulp in the works. She likely wants a Shark’s help expanding distribution. The Sharks can help with that.
Company Information
Video
Posts about Pulp Pantry on Shark Tank Blog
Pulp Pantry Shark Tank Recap
Kaitlin enters the Shark Tank with a covered wheel barrow we find out is full of pulp. She’s seeking $500,000 for 10% of her company. In the USA, we waste 54 million tons of food annually. She says she takes “unloved” produce and turns it into snacks packed with flavor and fiber. The Sharks taste their samples and appear to like them. One bag has nearly a full day’s requirement of fiber.
Kevin likes the texture. The chips are gluten free and vegan. One bag costs $1.70 to produce, they wholesale for $3.24 and they cost $4.99-$5.99 retail. Next, Kaitlin talks about the inspiration for creating the product. She pitched the idea in a college class project and her professors said this product “needs to exist.” She gets her pulp from the two largest juice brands in the country.
Sales for last year(2021) were $250,000 and this year she’ll do $500,000. She’ll only make $20,000 on the $500K. Kevin questions the valuation. She spends less than 5% of her profits on marketing. Barbara likes her passion, but it’s a competitive space; she’s out. She wants the Shark money to do in store promotions.
Did Pulp Pantry Get A Deal?
Yes, it did.
Kevin loves the product and Kaitlin. He offers $500,000 for 25%. Emma says she doesn’t want to insult her with her offer; she’s out. Lori offers a $500,000 loan for 6% interest and she still wants 10%. After a break, Mark jumps in and gives a list of his successful food companies with a mission. He offers $500,000 for 20%. He asks her where can she get to? Emma urges Kaitlin to take Mark’s offer and Kaitlin counters with 15%. Mark meets her in the middle at 17% and she accepts.
Pulp Pantry Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The days following the original air date saw Kaitlin completely sell out of product. The first rerun of this episode in August, 2022, is just three months after the original air date. As of this time, there is no evidence the deal with Mark closed. The Shark Tank Blog will follow-up on Pulp Pantry & Kaitlin Mogentalle as more details become available.
More products from this episode! Check out other businesses that participated alongside Pulp Pantry.
