Souper Cubes Net Worth
Souper Cubes is a company that makes food-safe silicone trays. The trays come in various sizes, and are useful for measuring portions of food. They are sold online, and are available in select retail stores, such as Walmart and Williams-Sonoma. In addition to a variety of other products, Souper Cubes also shares recipes and kitchen hacks on its website. Its products are BPA-free and are dishwasher safe.
The founders of Souper Cubes, Jake and Michelle Sendowski, have a background in engineering and cybersecurity. Jake is a graduate of the California Institute of Technology. He had prior experience working at a cybersecurity company. He founded Souper Cubes after he was frustrated with the lack of a good solution to store chicken stock in the freezer.
Before he and Michelle appeared on Shark Tank, Souper Cubes was already a popular product on the internet. But it was not until they appeared on the show that their company gained exposure, and sales started to pick up. As a result, their net worth has increased. Today, they are valued at $8 million.
The company has expanded its product line to include baking dishes, cookie trays, milk cube trays, and stoneware baking dish. The company has an active social media presence, with more than 32 thousand followers on Instagram and Facebook. On top of that, they have been able to sell to Walmart, Williams-Sonoma, and Bed Bath & Beyond. With their success, they are hoping to find an investor to help with their marketing.
In the first year after their appearance on Shark Tank, the Souper Cubes founders made nearly a million dollars in sales. The company’s valuation rose by three times as a result of the show. After the appearance, they were offered a $400,000 investment in exchange for 5% equity in the business. However, the offer was withdrawn.
After the episode, Souper Cubes had problems with inventory. Their inventory was gone within a day of airing. If the company had more inventory, they might have been able to keep selling. Unfortunately, they ran out of stock, and stopped taking orders. Despite this, they are still profitable in 2020, and have over $1.6 million in annual sales.
Souper Cubes continues to expand its products, and has added a new “sprinkles” drop of one-cup trays. Besides this, the company has a variety of different sizes, including two-cup and four-sector models. These models come in 250ml and 500ml sectors. Eventually, the company will add more products, and is looking for investors.
Since the appearance on Shark Tank, the founders have gotten some support from Lori Greiner. She initially provided them with a “Golden Ticket”, which gave them a 5% equity in the company. She then offered them a $400,000 investment in exchange for a 5% stake in the company. O’Leary also made a few offers, but none of them were accepted. Regardless, the Souper Cubes are continuing to sell extremely well. Although they did not have a formal agreement with Corcoran, Michelle and Jake have rejected her offer.