Kevin O’Leary On Shark Tank Season 16
Highlights
- Finneato Fysh Foods is a plant-based fish brand presented by a female gay couple on Shark Tank.
- The company appeared in the fourth episode of the sixteenth season.
- Kevin O’Leary made a blunt and debatable statement regarding the entrepreneurs’ identity.
The viewers of Shark Tank wait for every new season to learn not just about new products and entrepreneurs but also about the Sharks’ reactions to them. Some of the investors’ statements are so impactful that people remember a season because of them. Kevin O’Leary’s comment on Finneato Fysh Foods is the latest example of this.
Brought to the panelists by a gay female entrepreneur couple, the company offers a range of plant-based fish products. However, the pitch caught the maximum attention of the audience due to Kevin’s comments regarding the entrepreneurs’ identity.
Before learning about his comment in detail, have a look at Finneato Fysh Foods’ pitch, negotiations, and final deal, as seen in the latest Shark Tank season.
Finneato Fysh Foods: Shark Tank Pitch
Zoya Biglary and Alix Traeger approached the panelists on Shark Tank Season 16 with Finneato Fysh Foods, their plant-based seafood company. Seeking $150K for 10% equity, the entrepreneur duo started their pitch by claiming that their products were better than the raw fish provided by restaurants in the country.
They said that while the restaurants sell unhealthy fish products, their plant-based raw fish is made from a unique mix of organic fruits, vegetables, sea algae, and ‘fermentation magic.’ All of these are prepared by chefs in kitchens, not scientists in labs. Doing so helps them prepare almost the real versions of tunas, salmons, and yellowtails.
After this, the entrepreneurs listed the many healthy ingredients of their food product, including omega-3s, proteins, iron, and fiber. They also added that the delicacies can be cut just like real fish, making them adaptable for chefs. Finneato Fysh Foods offers sushi, ceviche, poke, salmon, and lox.
Zoya then went ahead to discuss the benefits they had in store for their customers, including their affordability and long shelf-life. Alix added to the list, saying that it is safe for different groups of people to eat, such as those who are immunocompromised, allergic, or pregnant.
How Did The Shark Investors React?
After presenting an enthusiastic pitch, Zoya and Alix offered the Shark investors their samples. These included spicy tuna crispy rice, smoked lox, and ceviche. The judges were impressed with how the vegan fish products tasted like real fish. Robert Herjavec liked the taste of the ceviche the most.
While answering about their backgrounds, the entrepreneurs revealed that they had earned nearly 3 million social media followers through their cooking videos.
The entrepreneur couple had been selling through a B2B model because they did not have enough funds to enter the retail space. Their frozen products were sold mainly to caterers and restaurants. Adopting this approach, they have generated $50K in wholesale sales since 2023, and this was in Los Angeles only.
The price of making the products is $4 and they are then sold for $10-$13 in wholesale. The sashimi-grade fish, in particular, is sold wholesale for $20-$40.
Kevin O’Leary’s Controversial Comment On Finneato Fysh Food Founders
Kevin has been a constant member of the Shark Tank panel since its first episode aired. Through many seasons, he has emerged as one of the most honest Sharks, and he does not think twice before stating his true opinions. While doing so, his raw comments often get much of the attention of the viewers.
The Shark Tank viewers got to witness another such moment with Kevin’s latest statements in the fourth episode of Shark Tank Season 16. Once the Finneato Fysh Food founders were done with their pitch presentation and answered the questions of the Sharks, he made a strong comment regarding their identity.
Here is how it happened:
After the entrepreneurs talked about their B2B-focused approach, Kevin O’Leary felt it was not enough. He said that ‘something is missing’ because even though the brand had earned a substantial social media following, it was not targeting them the right way. He added that they should go D2C, so he exited the deal.
Robert, Mark, and Lori were the next investors to opt out of the deal. They felt that although their product was impressive, their sales were not convincing enough.
After that, Daniel Lubetzky asked about their competitors. Robert was curious about why they had not raised funds using venture capital.
Zoya listed three reasons for Robert’s question. First, women receive only 2% of funding through VC. Second, this percentage reduces to 1% for women of color. Third, if you are a gay woman of color, the number further goes down.
Hearing this, Kevin interrupted, saying that the investors of Shark Tank ‘do not care’ if an entrepreneur is gay or a woman of color. Instead, the Sharks ‘care’ only about the fact that they can make money or not. This is how, according to Kevin, everything is about money, not identity for the Sharks.
Final Deal Status For Finneato Fysh Foods
Once the questions regarding the company’s funding were done, Daniel was the only judge interested in making an offer. This was because of the taste and usefulness of the plant-based fish products. However, as the frozen industry is quite competitive, Daniel proposed a ‘Sharky’ offer.’
Learning about his deal of $150K for 40% equity, the entrepreneurs countered it with 20% equity. After many discussions, the final deal was finalized for $150K at 30% equity.
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Conclusion
Kevin O’Leary’s controversial comment during Finneato Fysh Foods’ pitch on Shark Tank showed the divide between entrepreneurs’ stories and investors’ practical mindsets. While the founders’ journey had been full of struggles due to their identity, they bagged a Shark Tank deal due to their potential.
So, although Kevin’s comment is debatable, it highlighted how Shark Tank investors focus only on the bottom line, i.e., whether the business is profitable or not.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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