Deviled Egg Co. Shark Tank Update — Shark Tank Season 16
Raechel Van Buskirk and Alexi Wellman entered Shark Tank Season 16’s last episode, introducing their one-of-a-kind brand, Deviled Eggs Company. This is the first company in the world offering gourmet-flavoured deviled eggs.
Two entrepreneurs from North Dallas, Texas, Raechel Van Buskirk and Alexi Wellman, plunged for an opportunity on “Shark Tank Season 16 Episode 20.” Their Deviled Egg Co. completely twisted the age-old appetizer into something “eggceptionally delicious,” as they say.
Raechel and Alexi flipped the most notorious appetizer upside down to create 20 signature flavors. The Deviled Egg Co. adds a classic touch to your events and gatherings with creamy eggs and vibrant veggies.
Would the Sharks take a bite of this incredible egg gourmet flavored company, or would the deal crack?
About Deviled Egg Co.
| Category | Details |
|---|---|
| Business Name | Deviled Eggs Co. |
| Founders | Raechel Van Buskirk, Alexi Wellman |
| Industry | Food & Beverages |
| Product | Twisted egg recipes |
| Investment Asked | $150,000 for 5% equity |
| Deal Status | Deal secured with Barbara Corcoran and Mark Cuban |
| Valuation | $3 million |
| Deal Outcome | $250,000 for 20% equity, divided equally between Barbara and Mark |
Founder of Deviled Egg, Raechel, who was born and raised in Omaha, NE, wanted to turn nostalgic comfort food into a gourmet joy and experience. This is the first company in the world specializing in gourmet-flavoured deviled eggs. These intriguing recipes have differently flavored yolks with a perfect amalgamation of creamy and crunchy.
Moreover, the food industry definitely missed the creation of the most imaginative gourmet egg. From Raechel’s personal favorite, Chicken Caesar salad, to a mouthwatering cheeseburger, waffles, and chicken, Deviled Eggs Co. has numerous flavorful options.
They cater to most dietary restrictions to maintain an exciting and fun image among their customers. Also, the menu of deviled eggs offers gluten-free, dairy-free, and vegetarian options.
Deviled Egg Co. first launched during the 2020 pandemic with a food truck, using it to test their gourmet deviled egg concept and build a loyal following.
Deviled Egg Company Shark Tank Pitch
Raechel Van Buskirk and Alexi Wellman appeared on Shark Tank and asked for $150,000 for 5% equity in their food brand.
Most Sharks were intrigued after hearing about their revenue for the past three years. However, as mentioned, they commenced with a food truck to check their proof-of-concept, test the market, and generate revenue through the spring and summer of 2021.
Later, Alexi explained this to the Sharks and then decided to open a store, although the restaurant model had very low margins. Thus, the grab-and-go models, which the founders rely on now, are more successful as customers can order deviled eggs, egg salads, and platters. The Deviled Egg Company also does shipping.
Barbara, interestingly, wanted to know the number of eggs an average customer purchases. Evidently, Raechel explained how they sell in packs. They sell in a 2-pack, 6-pack, and 12-pack.
Moreover, she also elaborated on the average cost of goods to make a 6-pack, which is $1.81, and they sell for $14.99 to $17.99, making it a meal instead of just an appetizer.
Lori Greiner further asked about the sales of Deviled Eggs over the years. Alexi Wellman spells out that in 2021, they earned $60,000. In the year 2022, the sales were $395,000, and in 2023, they were $492,000. In 2024, their sales already touched the mark of $705,000, and the founders mentioned that they will hit $1.3 million by the end of 2024.
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What Makes Deviled Eggs Company Unique?
There are various reasons why Deviled Eggs have become popular in such a short time and have reached a franchise model.
- A growing market: Capitalize and monetize on the ever-increasing demand of food enthusiasts for niche food experiences and specialties.
- Unique concept: A one-of-a-kind menu of yolk and gourmet deviled eggs, the first globally.
- Commitment to excellence: Dedication and commitment to maintaining the Deviled Egg Company’s unique offerings and high standards.
Did Deviled Egg Company Get A Deal On Shark Tank?
Kevin O’Leary checked the profit they will make by the end of 2024 out of 1.3 million. Alexi Wellman replied with a figure of $350,000 to $380,000 that they will make as revenue.
While Daymond John was very impressed by the taste and flavors of deviled eggs, he stayed out of the deal as it is not his expertise.
Barbara and Lori asked some relevant questions, such as whether the founders were interested in franchising it and how they would expand the company.
Later, Kevin explained that they needed to make at least $5 million in sales to get funding, but he offered $150,000 at 20%.
However, Barbara completely disagreed with Mr. Wonderful by giving the example of Crispy Cones, which she invested in two seasons ago, and how they sold 66 franchises in just six months. Thus, she agreed to take a bite of the deviled eggs by giving $150,000 for 15% equity in the company.
When asked about Mark Cuban, his response was positive, and he ensured he stuck with Barbara’s offer. They decided to give the founders more money in return for 20% equity, which was divided equally between the two Sharks.
So, the deal was closed at $250,000 at 20%, with 10% equity owned by Mark and 10% by Barbara.
Deviled Eggs Company Shark Tank Update
After the investment, Deviled Eggs Co. focuses on takeout, catering, and shipping its deviled egg salads. Moreover, it has moved away from dining in full-service restaurants and now operates three grab-and-go models in different locations.
Some sources also state that because of the rise in sales and positive customer feedback, they increased their product catalogue to 150 flavored items, though this is not corroborated on their official website and press releases.
The Omaha location will no longer bestow full-service dining and will operate in a take-out model only, as per their website. Their Denison location is fully open, and McKinney serves as a carry-out only.
Where Can You Buy It?
The Deviled Eggs Company sells unique egg gourmet recipes at its stores in Denison, McKinney, and Rockwall, TX.
Pickup, Delivery, and Nationwide shipping are available. You can also order it from their official website. After getting such an amazing response from Shark Tank and investment, they have already started their franchise model. You can also visit their Instagram page.
Check out other Shark Tank 16 Episodes.
Quick Summary
- Founders Alexi Wellman and Raechel Van Buskirk made an egg yolk and gourmet-based, unique, one-of-a-kind deviled eggs recipe. It began in 2017, but the first food truck opened in 2020.
- They came to Shark Tank hoping for a $150,000 deal at 5% equity in their company. Moreover, the founders forecasted the sale of $1.3 million by the end of 2024.
- Mark Cuban and Barbara Corcoran closed the deal for $250,000, which represented 20% of the company’s equity.
