In the world of eco-conscious and health-conscious consumers, Numilk has emerged as a game-changer. This innovative company, founded by Joseph Savino and Ari Tolwin, has not only revolutionized the way we consume plant-based milk but has also made significant waves on the television show “Shark Tank.” In this article, we’ll delve into the fascinating journey of Numilk, from its inception to its net worth in 2023. We’ll also explore its products, Shark Tank’s appearance, and the aftermath of its deal with Mark Cuban.
About the Company
Numilk, established in 2018, is a company that specializes in creating fresh plant-based milk using a unique machine. The founders, Joseph Savino and Ari Tolwin, both have a strong entrepreneurial background, having previously co-founded successful ventures in the beverage industry. Their vision for Numilk was to provide a convenient and eco-friendly way for consumers to enjoy plant-based milk, specifically almond milk.
The Numilk machine operates with simplicity, using only three ingredients: almonds, purified water, and maple syrup. Customers can fill their bottles with fresh almond milk quickly and easily, and the process is designed to be bacteria-free. Numilk’s commitment to clean and straightforward ingredients has resonated with health-conscious consumers.
Numilk was brought to life by the dynamic duo of Joseph Savino and Ari Tolwin. Joseph, who serves as the CEO, holds a BBA from the Lubin School of Business, while Ari, with an MBA from Duke University, brings a wealth of business expertise to the table. Their shared passion for entrepreneurship led them to venture into the plant-based milk industry, a decision that would ultimately reshape the way people access and enjoy almond milk.
Products by Numilk
Numilk’s flagship product is its innovative milk-making machine, which produces fresh plant-based milk on demand. The process is impressively simple: almonds, purified water, and maple syrup are the key ingredients. Customers can choose between sweetened and unsweetened options, and their milk is ready in less than a minute. Numilk initially offered a larger vending machine but has since introduced a more compact version known as “NuMilk Pro,” designed for commercial use, and a smaller machine for home use, known as “NuMilk Home.”
Here’s an overview of Numilk’s products:
|NuMilk Machine||Commercial milk-making machine||Varies|
|NuMilk Pro||Compact commercial milk-making machine||Varies|
|NuMilk Home||Home-use milk-making machine||$249 (pre-order)|
Shark Tank Appearance
In 2021, Numilk appeared on the popular TV show “Shark Tank” seeking a $1 million investment in exchange for a 5% stake in their company. Their valuation of $20 million initially raised eyebrows among the Sharks, given the challenges they had faced in scaling their business.
Numilk, however, had an ace up its sleeve – a new and portable version of their machine, NuMilk Home, priced at $199. This innovation caught the eye of Mark Cuban, the wealthiest Shark on the show and a vegetarian himself. Cuban made a bold offer of $2 million, with half as cash in exchange for 7% equity and the other half as a loan with 3% interest. Joseph and Ari eagerly accepted this deal, marking a significant turning point for their company.
Shark Tank Aftermath
After their successful appearance on “Shark Tank,” Numilk began negotiating with Whole Foods to expand their reach. They also launched a Kickstarter campaign, raising over $222,000 from 888 backers. Their machines are now available in 133 stores across the United States, with a strong presence on the East Coast.
Numilk has not been without its challenges, including supply chain issues that have led to customer frustration. However, in September 2022, the company struck a deal with Hamilton Beach to manufacture both the NuMilk Home and NuMilk Pro machines.
While exact sales figures for 2023 are not available, Numilk is estimated to still be incurring losses but is currently valued at $70 million. According to LinkedIn, the company employs 10 full-time employees, indicating the need for growth and expansion.
As of 2023, Numilk boasts an impressive net worth of $70 million. This remarkable growth is a testament to the company’s dedication to providing consumers with fresh, clean, and eco-friendly plant-based milk alternatives. The investment from Mark Cuban on “Shark Tank” played a pivotal role in propelling Numilk to this net worth, allowing them to expand their reach and product offerings.
Numilk’s journey from a simple idea to a $70 million net worth is a testament to the power of innovation and entrepreneurship. Joseph Savino and Ari Tolwin’s commitment to providing consumers with a convenient and eco-friendly way to enjoy plant-based milk has not only transformed their own lives but also the lives of countless others seeking healthy and sustainable alternatives. With their remarkable growth and ongoing dedication to quality, Numilk is poised to continue making waves in the plant-based milk industry.
Is Numilk a success?
Yes, Numilk can be considered a success. With a valuation of $70 million and a significant investment from Mark Cuban after their “Shark Tank” appearance, the company has experienced substantial growth. Numilk has expanded its presence beyond grocery stores, offering its innovative milk-making machines in 133 stores across the United States. Their ability to adapt to challenges and their commitment to providing high-quality, eco-friendly plant-based milk alternatives have contributed to their success in a competitive market. Additionally, a successful Kickstarter campaign and positive customer response underline their accomplishments and potential for further growth.
Is Numilk successful after Shark Tank?
Yes, Numilk has continued to thrive and remain in business after its appearance on “Shark Tank.” As of 2023, the company’s success has not waned, and it has expanded its presence significantly. Numilk is available in more than 100 locations across the United States, including in rural states like Montana and North Dakota. Furthermore, the company’s plans to ship its product to Puerto Rico and Canada in the near future indicate its ongoing growth and expansion efforts. This sustained presence and expansion demonstrate Numilk’s ability to establish itself as a prominent player in the plant-based milk industry.
Who is the owner of Numilk?
Numilk was founded by two individuals: Joseph Savino and Ari Tolwin. Joseph Savino serves as the CEO of Numilk, while Ari Tolwin is a co-founder of the company. Together, they are the owners and driving forces behind Numilk, pioneering its innovative approach to providing fresh plant-based milk alternatives.
How much does it cost to make a Numilk machine?
The cost to manufacture a Numilk machine is approximately $30,000 per machine, as mentioned by Ari Tolwin, one of the co-founders of Numilk, during their appearance on “Shark Tank.” These kiosk-style machines are designed for stores and are capable of producing various plant-based milks, such as almond milk and oat milk. Each machine is reported to generate approximately $50,000 in revenue per year.
Who invested in NuMilk?
On the television show “Shark Tank,” Numilk secured an investment from billionaire entrepreneur Mark Cuban. Mark Cuban invested $2 million in Numilk in exchange for a 10% stake in the company. This investment played a crucial role in boosting Numilk’s growth and success, providing both capital and valuable expertise to help the company expand its presence in the plant-based milk market.
Featured Image Credits: @numilk/Instagram
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