Plant-based diets and vegetarianism have become more popular in recent years. Meat alternatives that are plant-based are therefore far more widespread. Because of this, when Pan’s Mushroom Jerky arrived on the market, customers were excited to taste a mushroom that looked and tasted like beef jerky.
|Company based on||Plant-based meat jerky alternative made from shiitake mushrooms|
|Founded by||Michael Pan|
|Proposed Deal by Owners||$300,000 for 10% equity|
|Owners’ Valuation||$3 Million|
|Shark who Secured Deal||Mark Cuban|
|Shark’s Offer||$300,000 for 18%|
|Official Amazon Store||Pan’s|
|Pan’s Mushroom Jerky Net Worth||$1.6 Million (Last updated 2022)|
Pan’s Mushroom Jerky Net Worth
Pan’s Mushroom Jerky has been valued at $1.6 million after Mark Cuban invested $300,000 for an 18% stake.
Pan’s Mushroom Jerky: How did it get started?
In order to learn more about his paternal ancestry, Michael Pan visited Malaysia and was introduced to this healthy snack. He was introduced to it by his vegetarian Buddhist cousin. Initially, he thought it was meat because of the dish’s texture, but upon tasting it, he realized it was vegetarian. He found out that it’s made from shiitake mushrooms.
Pan began to experiment with flavors after returning home to Oregon and believing that there might be a market for them. Through his company, Panco Foods, he introduced Pan’s Mushroom Jerky in 2018.
Pan’s Mushroom Jerky Shark Tank Deal
Michael Pan entered the Shark Tank for the sixth episode in Season 12 seeking $300,000 for 10% of his vegan mushroom jerky – a $3 million valuation. He accepted Mark Cuban’s $300,000 offer for a valuation of 18% – $1.66 million.
What Happened To Pan’s Mushroom Jerky After Shark Tank?
Since appearing on Shark Tank, Pan’s Mushroom Jerky has grown rapidly. It took the company just one week after its appearance on Shark Tank to sell out its tasty vegan mushroom jerky snack. The company has since grown from a team of 10 to 30 people in order to facilitate its growth and push inventory.
The company had made $750,000 in sales in the year before it appeared on Shark Tank, according to Michael. Just 24 hours after the episode aired, sales of mushroom jerky reached $650,000, and within the next four days, it reached $1 million.