FishWife Shark Tank Update – Shark Tank Season 15
Becca Millstein appeared on Shark Tank with her product, FishWife, aimed at revolutionizing the tinned seafood market. But will the sharks be lured by this fish?
Becca Millstein hoped the Sharks would feast on FishWife, her high-end, sustainably sourced tinned seafood company, in Shark Tank Season 15 Episode 10.
Check out other Shark Tank Season 15 Episodes.
About FishWife
Category | Details |
---|---|
Business Name | FishWife |
Founders | Becca Millstein, Caroline Goldfarb |
Industry | Food and Beverage |
Product | High-end, sustainably sourced tinned seafood |
Funding (Pre-Shark Tank) | Self-funded, Kickstarter, and IndieGoGo campaigns |
Deal Status | Deal secured with Candace Nelson and Lori Greiner |
Investment Asked | $350,000 for 4% equity |
Deal Outcome | $350,000 for 6% equity + 2% advisory shares |
Valuation | $8.75 million (at the time of the pitch) |
Becca, along with her business partner, Caroline Goldfarb (not appearing on the show), founded the company in 2020 during the COVID-19 pandemic.
Tinned fish became popular during the lockdowns as people ventured out for food shopping less and began scouring their pantries for canned goods, like tuna. The term”fish wife” dates back to the 16th century and refers to women who sell fish.
In addition to the ubiquitous albacore, FishWife offers smoked salmon, trout, and they’re going to introduce mackerel.
The fish is sustainably caught or farm-raised, and the contents of each tin are brined and smoked in small batches over hardwood. Each tin is hand-packed at small, family-owned canneries in Washington state and British Columbia.
The tins are sold in 3 packs for $27-$39 ($9-$13 per 8 to 10 ounce tin). While it’s a tad pricier than “Chicken of the Sea,” the tins are all the rage as a gourmet delicacy.
The company has experienced exponential growth since its inception. They likely want a Shark to help them get on more store shelves.
FishWife Shark Tank Recap
Becca entered the Shark Tank seeking $350,000 in exchange for 4% equity in her company. She explained that back in the 16th century, the term “fishwife” referred to fishermen’s wives who sold their catch in the market. Because fish spoiled quickly, these women gained a reputation for being loud, bossy, and foul-mouthed.
Becca said she was reclaiming that spirit and turning the seafood industry on its head in a bold, beautiful, and brazen way.
FishWife was a tinned seafood company that made eating delicious, nutritious, and responsibly sourced seafood as easy as popping open a tin.
Becca said they partnered with the best fisheries, farms, and canneries around the world to deliver incredible seafood. She asked Candace if she, like many people, had grown up with dusty cans of tuna used only for sandwiches with mayonnaise and white bread.
Then Becca explained that they ate smoked salmon over steaming rice bowls, stirred smoked rainbow trout into fresh pasta, and served smoked anchovies on good bread with melted butter.
Their smoked mackerel paired perfectly with fresh salads. According to her, FishWife was tinned fish like no one had ever tasted before.
Samples and Questions
The Sharks had smoked salmon with creme fresh on a potato chip, smoked rainbow trout dip on a pita chip, and smoked mackerel on a gyro. Lori liked the salmon, and Candace calls it a “flavor bomb.”
Kevin wanted to know the difference between her fish and all the other canned fish. She asked the Sharks to try the fish straight out of the can. Kevin tried the smoked salmon and said, “It doesn’t suck,” whereas Lori and Daymond like it a lot.
The tins retailed at $7.99, and the cost was $2.09 on average. In the canned fish space, premium brands were growing three times faster than conventional, commodity brands.
There was a TikTok trend that had “hot girls” eating tinned fish. It was good for you, delicious, and people were using the fish on elegant charcuterie boards while high-end restaurants were serving tinned fish.
There were even tinned fish champagne bars, and it was a huge trend. Becca studied abroad in southern Spain, and it was there that she was exposed to high-quality tinned fish.
What Made FishWife Unique?
FashWife banked on making you judge its book by the cover because of its eye-catching design. The ethical sourcing and health benefits of the product added further to the appeal.
Did FishWife Get a Deal on Shark Tank?
Kevin said it was a total commodity, so the whole deal came down to execution. He said he would never do this as an equity deal because it was all about a commodity that needed cash.
Kevin offered $250,000 as debt on a three-year term at an 11% rate for 5% of the company. He told Becca, “The whole deal is you, you screw this up and you sleep with the fishes.”
Daymond asked if she would sell 1.5 million units, and when Becca said yes, he offered $350,000 for a royalty of 15 cents per can in perpetuity. Mark cleared the deck and went out.
Candace said she loved the brand and wanted to make an offer with Lori. Lori talked about her deal with Boarderie and said that the company would hit over $20 million in sales for the year, and she could see FishWife fitting perfectly on their trays.
Candace and Lori offered $350,000 for 10%. Kevin summed up the three offers on the table and asked which one Becca wanted to choose.
Becca countered with 6% equity and 1% in advisory shares each for Lori and Candace. They accepted her counteroffer.
FishWife Shark Tank Update
As of the first re-run of this episode in June 2024, about six months after the original air date, there is no evidence that the deal with Lori and Candace closed.
On the other hand, FishWife did close its deal with Whole Foods and is now in over 3200 stores nationwide.
Shortly after the original episode aired, it was revealed that Becca sued co-founder Caroline Goldfarb for refusing to hand over access to the company’s online accounts, including its website and email.
There was also a dispute about Goldfarb’s percentage of ownership in the company. The suit, which was filed in July 2023, was settled about a month later, and the details of the settlement were not made public. 2023 revenue came in at $6 million.
In 2024, the revenue increased to approximately 7.6 million. Though it is not disclosed, the estimated net worth of FishWife is ranging between $6 million and $15 million.
Posts about FishWife on Shark Tank Blog
Fish Wife: Transforming Tinned Seafood into a Culinary Delight
Where Can You Buy It?
FishWife products are available for purchase on their official website and on Amazon
Fishwife Gift Set (5-Pack Variety with Cantabrian Anchovies, Sardines with Hot Pepper, Albacore Tuna in Spicy Olive Oil, Smoked Mackerel & Smoked Rainbow Trout) | High Protein, Gluten Free
They are also available on Whole Foods across the country, select Fresh Markets, hundreds of mom and pop restaurants, shops, fish markets, and with many more retailers like Smoked Salmon, Albacore Tuna, Mackerel, Rainbow Trout, and Anchovies.
For more recent updates, check their social media pages like Facebook and Instagram.
Quick Summary
- Becca Millstein pitched FishWife, a high-end, sustainably sourced tinned seafood company, to the Sharks, seeking $350,000 for 4% equity.
- FishWife offers premium tinned seafood, including smoked salmon, trout, and soon mackerel, sourced from family-owned canneries in Washington and British Columbia, with retail prices ranging from $27 to $39 per 3-pack.
- Despite initial skepticism, Becca secured a deal with Lori and Candace for $350,000 in exchange for 6% equity and 1% advisory shares each, capitalizing on the trend of premium, responsibly sourced tinned seafood.
Curious about other businesses that appeared on Shark Tank Season 15 Episode 10? Check out their business updates!