Highlights
- Chris Johnson pitched Rapid Ramen Cooker on Shark Tank, seeking $300,000 for 10% equity.
- The cooker allows for faster, easier microwave cooking of Ramen noodles.
- Mark Cuban invested $300,000 for 15% equity, half as a loan.
- Rapid Ramen expanded into Rapid Brands, offering a variety of microwave cookers.
Overview
| Category | Details |
|---|---|
| Name | Rapid Ramen Cooker (Rapid Brands) |
| Founders | Chris Johnson |
| Industry | Kitchenware, Consumer Products |
| Product | Microwave cooker for Ramen noodles and other quick meals |
| Funding | Secured $300,000 investment from Mark Cuban for 15% equity, half as a loan |
| Investment Ask | $300,000 |
| Equity Offered | 10% |
| Valuation | $3 million (at the time of Shark Tank pitch) |
Chris Johnson is a UC Davis graduate and the inventor of the Rapid Ramen Cooker, a product that solves a problem for college students and budget challenged chefs everywhere. The cooker allows you to make a standard pack of Ramen noodles in the microwave in half the time and with less water. He started the business last year and he claims “it’s the world’s fastest and easiest way to cook Ramen noodles.” Johnson literally walked in to a local Walmart and convinced the manager to let him sell the Rapid Ramen in the store; he SOLD OUT! Since then, online sales have been brisk, at times reaching four units sold per minute. Johnson clearly wants to be the next BIG Shark Tank Success.
Rapid Ramen Cooker Shark Tank Recap
Chris entered the Tank pretending to be shy and sheepish, then BOOM, the real Chris came out. He asked $300K for 10% of his business. He has sales of over $160K and many orders to fill. He needs the Sharks to help build his inventory.
Kevin thinks the product is a fad, but he wants in and offers $300K with a $1.10 per unit royalty until his investment is paid off, with a $0.50 royalty in perpetuity. Robert then offers $300K for 40%. Chris steps into the hallway to phone a friend and while he’s gone, Kevin and Robert collude.
When Chris returns, Kevin and Robert offer $300K for 25% with a 75 cent royalty until their money is returned and 25 cents in perpetuity. Chris doesn’t like that offer and he says he won’t do anything more than 20%. Mark, who had gone out early, jumps back in and offers $300K for 20% with half of the investment treated as a loan. Chris counters with 15% and Cuban accepts. Chris is cooking with Cuban!
Rapid Ramen Cooker Shark Tank Update
Just two weeks after the show, Rapid Ramen is selling strong. The week following the show they were selling 25 per minute. Chris never finalized the deal with Mark Cuban, but Rapid Ramen is getting on store shelves rapidly. CVS, Walgreens, HEB, and Raleys will all carry Rapid Ramen nationwide very soon.
By 2014, Rapid Ramen was everywhere and Rapid Brands, the newly branded business name, created microwave cookers for macaroni and cheese, eggs, regular noodles, rice, brownies, pizza, oatmeal and steamed vegetables.
In 2016, Chris partnered with Nissin Foods, the creator of instant Ramen noodles and the maker of the Top Ramen brand. Rapid Ramen developed a Top Ramen branded cooker which will sell in EVERY STORE Top Ramen appears in world-wide. He also has licensing deals to put Disney and Nickelodeon characters on his original product. It looks like Chris is going to the top rapidly!
As of April, 2023, the company is still in business with annual revenue of $5 million and over $55 million in lifetime sales.
***Editor’s note: we own several of these and they work great!
Posts About Rapid Ramen Cooker on Shark Tank Blog
Chris Johnson Pre-Show Interview
Company Information
Ramen noodles are the most unhealthy food on the market place! Combine that with the fact that microwaves are very unhealthy and you get something that will put you in your grave early!
Think of all the time you save using this product..It evens out the loss of years of life.
You are wrong. There are hundreds of more unhealthy foods than ramen. In approved and tested containers microwave is completely safe.
Love my Rapid Ramen Cooker!!! As a noodles lover, it cooks the noodles to a perfect consistency. Better than on the stove!!!
All I can say is CONGRATULATIONS Chris!!!