The Sharks Struggle With Plated's Business Plan | Shark Tank US | Shark Tank Global
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- Опубліковано 12 тра 2022
- Nick Taranto and Josh Hix are seeking $500,000 for a 4% stake in Plated
From Season 5 Episode 22
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The Sharks Struggle With Plated's Business Plan | Shark Tank US | Shark Tank Global
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im addicted to this show
Same here
You and me both brother
And they are addicted to your views.
Prove it
Same!!
2 things: 1 Mark backed out from deal and Kevin came in later on. Company got acquired for $340m by Albertson's in 2017 so it was considered a huge success at at time.
2 The service got cancelled in 2019 by Albertson's because there was nothing proprietary about the model and companies like HelloFresh outcompeted it. So technically the sharks were right thinking this business is risky. Even though the company was "successful" the ACTUAL concept lost Albertson's a ton of money so Plated was lucky to have such a huge exit before competitors came in
Thank you I thought I was losing my mind I was sure Kevin was the investor.
i think mainly it might be because HelloFresh and others deliver frozen meals right? If I understand correctly, Plated focused on ingredients so you still had to cook..
Basically, Albertsons got f'ed...what a bunch of idiots there
@@unitish97 Look at Blue Apron stock... I think that is what this stupid industry will end up at... Another groupon type nonsesne biz model that got caught up with the novelty bias in their analysis.
One more thing, Kevin recently said plated was his most successful deal ever.
I swear I binge watch these everyday to the point that I wanna start my own business 🤣
Ok :)
BRO IF THAT AINT ME RN 😭😭😭😭🤣 the last 2 weeks
Then i grab a pringles and coke and sit on the couch to watch some movies xD
whats stopping u?
Dude you guys need a lot of capital just sayin
Barbara - “This company is helping people but tomorrow is Saturday so for those reasons I’m out.”
🤣😭🤣😭
“I woke up this morning with a really upset stomach. Now, the thing is, with some time I really do believe I can start to feel better. And for that reason, I’m out.”
Lmao
Their responses are funny since this episode is 8 years old. This business plan absolutely took off a few years later. There has to be regrets from the sharks.
ALbertsons bought them out for 8 figures
Sharks have always said they have 0 regrets
300 or 400 million USD buy out
@@JazzyMarineVet you mean mid 9 figures 😂
Kevin bought some and then it was sold at 340 million to Albertsons
The problem with what Lori's comment that 'most people cook' is that so many of the younger generation do not know how to cook at all. Multiple companies now do things like this and it is allowing people a relatively simple way of learning to cook.
Hello Fresh is what got me back into cooking. I love cooking, but being a mom and working full time, my cooking dwindled to kraft mac and cheese and chicken nuggets pretty fast. I subscribed to Hello Fresh and it reminded me how much I love cooking and makes it so easy. It's such a great idea.
Yeah I knew how to cook but have always prepped meals. One ingredient dishes with some seasonings on the protein.
Could easily cook a gourmet meal without having to look for recipes, buy quality ingredients, cook it, and rinse and repeat till I find a similar quality.
I agree and I think the owners messed up by talking about targeting people who are in a rush instead of targeting people who want to learn to cook for themselves. All these competing brands that popped up since did well because of that market, but Lori was right in that their explanation didn’t make sense, they just talked about people who cook and people who get takeout
Yeah I literally can't cook so this would've been perfect for me lol I was literally thinking that when they pitched.
She’s a QVC bobblehead she doesn’t know how to run a business except for selling earrings
They had no idea what they missed out on. Yes there’s a lot of companies that do the same thing, I’ve tried it. I live in a high rise lots of nurses doctors some lawyers etc. SOOO many people in my building subscribe to these services. It’s extremely popular.
No spoilers!
Yep. I keep hearing sponsors from companies like theirs. This is def a rising industry.
@@dannyboy4142 ??
I had no idea wow.
there wasnt a lot of companies out there doing this when this aired too
Hello Fresh is doing this in Germany and it’s a hit. With this you can see that the Sharks really aren’t always right…
Same in sweden, the recipe card even look the same
Same thing in the Netherlands. Americans just don’t understand the hassle of having to find something different to cook and gathering the ingredients, because take out is such a big thing there.. Maybe the US just isn’t the right market for this particular product
same in australia
They would give them only 4% … yea no wonder they said no
Canada here! I use Hello Fresh too, literally cooked a meal with them like 2 hours ago. It's a great service and I actually cook waaaay more than if I go out an buy groceries and let them go bad in my fridge.
LOL first time I saw the sharks become little goldfish. Especially Robert. These guys answered all their questions perfectly. They simply didn’t believe and lost out on $$$$
Yeah, what happen is that Sharks putting themselves on the shoes of the customer, and judge that if they would try the product out for themselves. So when they dont think they would use it, they dont feel good about it and ultimately dont want to make an offer.
I don’t follow Plated but pretty sure they have exploded correct?
@@johnk4150 it sold to Albertsons for $300million
@@born2win262 terrible acquisition.
Kevin ended up investing with them before they sold to Albertsons.
I love how the Entrepreneur said at 8:00
"You don't need a lot of customers to make this a giant business"
I'm definitely using that in my upcoming pitch.
It's a stupid quote though
Kevin just did an interview this week with the Breakfast Club where he revealed that Plated is the highest valued company in Shark Tank history. The company was recently bought for like $400M
EDIT: HIghest valued company which the sharks made a DEAL with. Doorbot/Ring is the biggest company but it did not secure a deal with the sharks
$300m
Bought by Albertson's in 2017, shut down by 2019. The founders got paid but the service ultimately got outcompeted by Hello Fresh, Blue Apron, etc
@@TheGuyCalledX maybe because they weren't running it.
Door bot was way more and they passed on that.
Ring sold for way more than that
very old episode but I believe Mr Wonderful said this one was one of his biggest regrets due to how they were acquired down the line. This business model has flooded the market and now only a few are successful
I read that Mark cancelled and Mr Wonderful stepped in and invested. If that's the case he got a nice piece of the pie.
@@mariomaro7 that is what happened and it's his most successful one I believe
Mark backed out and Mr Wonderful stepped in and made big money, when Alberson bought it
Mister Wonderful did later invest in Plated. His investment return when the company exit occurred was 1,300 % return on his initial investment making it the most profitable deal made by Kevin O'Leary in the Tank.
@@thehorde4868 he didn’t say it was the most successful in general but it was Mr. Wonderfuls most successful.
I live in the Midwest and haven’t heard of this company. However, these entrepreneurs have an impressive pedigree and the COVID lockdown must of been amazingly beneficial to their business.
They sold for 200 million to albertsons in 2017
Yeah they sold the company but there are other services like blue apron and I think hello fresh is this model too
their company is worth 300 mill rn
@@drewramosgimenez6022 no, it was sold to Albertson’s in 2017 for $200m and was shut down later that year. Their deal with Cuban also fell through but O’Leary got involved and helped them build it up to the $200m sale.
They sold in 2017 for $300 million.
Dude I loved plated back when it was still around. Each recipe was amazing, and the ingredients were such a bargain.
We do Hello Fresh now, it’s great for the most part
Did they get bought out or go under?
@@garrett5214 They were bought out by Albertsons, and they discontinued the service a few years after
@@ElliotK2 oh well that is a good story to have rather than losing a bunch of money lol. Plated seems like they were really innovative because they were ahead of their time regarding the whole food subscription service thing. Now there are like two dozen of them
@@cooldawg2009 plated was a little better, but hello fresh is wayyyyyyyyy more convenient
I like when the investors get excited and start calculating in their head specially lory...
You better stop thinking about my woman pal
Who's Lory?
Here is what to remember for all the young entrepreneurs out there. It doesn't matter if there are similar products or businesses out there. If you can find a way to make it better or more useful, you'll be the one on top.
Even easier: blitzkrieg the market
Unless you’re first to market. Then it might not matter if the next thing is better.
@@snakeypuffs6154 maybe not always but depends on the business of course
@@juliuspreloznik7236 just like when a man with a silly moustache used that tactic to take over the majority of the european market back in 1939
Wasn’t plated the first of this?
Everytime I looked at Mark Cuban's eyes I kept on laughing. Thank you so much Sharks you are educating me on the business side
This ideea is actually really nice, because for those who wants to cook a specific recipe, they've never have all ingredients in fridge and they have to go to market and buy only few at a time.
With this model of business you get all ingredients precise in quantity already measured, so no more wasted ingredients forgotten in fridge and drop it in the bin after they rot.
So you’ll go to market and buy stuff for a week. This is for lazy ppl who can spend money on nothing.
@@Iloveyoursmilethat is very true but sometimes specific recipes require only a lil bit of a certain ingredient and sometimes that ingredient is only sold by the bunch. Definitely cheaper to buy yourself but then if you don’t use the rest of that ingredient then it’ll just go to waste. They do up charge the ingredients compared to supermarkets but that’s not who their competing with.
@@glennrodriguez9149 All I’m saying is if you just go grocery shopping and buy jar of herbs, bag of veg and everything you need, you can make receipts over and over again.
I've never seen anyone that went to Harvard that doesn't take every opportunity to remind everyone that they went to Harvard.
UGH YES
Here’s where they messed up in their pitch: say it’s for millennials
You’re pitching old rich people. Say it’s for millennials. Explain your target demographic. Cuban understands millennials so he understood customer base.
Plated was later acquired by Albertsons for $300,000,000
Actually the deal with Mark Cuban fell through, it was Mr Wonderful who later invested a million dollars.
@@adedaremayowa1347 Yes Mr. Wonderful ended up making a deal with plated without Cuban. There numbers were herendous and alot was lost Mr wonderful said it was well. it took them years to make money.
My last company (worked with mental illness adults) orders from these guys every Friday for all the adults to learn how to cook. Really easy and good meals.
It’s interesting that Barbara and Mark were the only people who understood who the customer base is
What the sharks didn't get was - it enables a non cook to start cooking.
I'm a non cook and will remain that way for the rest of my life.
@@noelr1010 Yeah so it's not for you. Must be a non-brain also.
I've never been a cook, but I ordered Hello Fresh for a while and love cooking now. It's relaxing and therapeutic. I've saved the recipes to reuse at my leisure.
Barbara's only continual challenge is to find an excuse to go out.
😂
"I love to eat healthy, but I would not order something I have to cook." Robert's entire "common man" angle just disintegrated.
Why? Maybe his wife does the cooking. That's pretty common in a lot of households. Don't think that makes you less of a common man.
The music is too loud, the sound mixing is off here
I was just thinking about this.
This was 8 years ago
And for that reason, I'm out.
It’s so funny to hear the objections and short sightedness of the sharks when it comes to this business model.
The shark’s were so wrong about this one. With their reasoning, companies like HelloFresh would fail inevitably. Nonetheless though, they were right about the business model not being proprietary.
Hello fresh will fail inevitably. They lose money on every meal and are only propped up by VC funding.
Dude video is from 8 years ago hello fresh wasnt even popular then
@@0zanog851 that's not even my point. The sharks disagreed with the business model. But it turns out they're wrong
That cause they don't cook
@@PHILLYMEDIC69 cuz they didnt see the appeal before it became proven that it could succeed
I would say this model was in between your traditional grocery shopping and take out.. Sure you still need to cook the meal, but it takes away the hassle of planning/mealprepping for the week, reduces waste and delivers a meal in a short amount of time.
Mark crushes the deal every time. If he wants it he gets it.
He’s the real shark
He didn't get it though lol Mr Wonderful got it after the show and sold it for a massive profit.
Robert- "Personally I'd never order something I'd have to cook". Kevin - "I'm money hungry and this won't feed me so for that reason I'm out". Lori - people are too busy to cook their own meals, so for that reason I'm out" Barbra - "I'd rather spend an hour on waiting for food than make it my self in the same amount of time, and for that reason, I'm out" Mark - "I'm not a dumb a$$ and I'm glad we can work together ".
What does it means when u say "I'm out "
Is that mean that they will invest or help them or like they didn't like the project pls answer ????
@@sabrintal3540 it's means they are not investing in it if they are out
@@sabrintal3540 means they are out of the deal, so they dont want to help or buy
Thnx
6:05 I'm glad they said this because the argument gets so old: if people were able to compete they would have done it already. Implementing this business model takes expertise.
Barb straight up triggered Robert and demasculinized him 😂😂😂 hurt his feelers so bad he went out haha
They should pitch that experience to cook by yourself and or eating something your family cooking for you is another experience than just have some food to eat. And this help anyone who want to cook save alot of time and effort.
Crazy watching these after their success and to see the sharks speculations
this would be appealing to working people who lives alone..
those who would cook for a single meal since we usually cook more than enough and end up wasting it.. this is actually a good concept if we want to reduce food waste..
A decade ago this may have been a okay idea but nowadays this is just phenomenal and definitely worth it.
Yep, hello fresh is slowly running away with the market. Blue chef and blue apron kind of stagnated with their ideas
320,000,000 is what Kevin made from this deal
@@Xstxcywrong
I’m addicted to the clips with Kevin in them, he’s hilarious
the way Barbara looks at them lmao 🤣
Plated was acquired by Boise, Idaho-based national grocery store chain Albertsons Companies for $300 million. Mark probably 20 x'd his money if he didn't sell too early.
@@HansPeter-ft9hx thanks for sharing wow
I’m way to addicted to this show.
Fast forward today, it’s one of the biggest deals ever made on shark tank. Hindsight is always 2020 but man, it just goes to show that you have to believe in yourself!
Mark goes from sweet listener to big boss real quick aha love it
literally all the sharks except for mark: I don’t cook because i’m rich so this service wouldn’t appeal to america. I’m out
After watching this show for many years now, you either bring good product with good numbers ( a bidding war will occur ) you will a deal you didn't except, or you bring a meduim product with notable numbers and you will definitely be a prey to one of the sharks.
Couldn't agree more 👏
When Marks face looks like angry at the start when he sees a pitcher from start then it's a no deal
It makes perfect sense for a grocery chain like Albertson's to buy into this they have stores all over the country to supply the ingredients. Just that the trend for a long time is for stores like Albertson's and Publix and others to provide more cooked foods you can take right home and eat so Robert was right.
I agreed with both Robert and Lori. I would probably not use a service that just gives me the ingredients then I have to cook them. And Lori was right in that people who like to cook tend to not need that help and would find their own recipes and do their own shopping.
Mark is such a savage. He never says a single word until he closes a deal.
But he backed out lol
Omg who was doing the sound mixing. The music is way too loud. Amateur hour.
This was 8 years ago
i see ads for these sort of services all the time. These guys were innovators and they got the reward in the end that they deserve.
While the deal fell through, grocery chain Albertsons acquired Plated for $300 million, giving the service access to over 2,000 physical stores and 35 million weekly customers
The sharks couldn't be more wrong in this... i love ordering food that i can cook
Is it just me, or is the music for this particular pitch overly aggressive? I could barely hear them talking at some points!
It's not you
Yeah, someone screwed up the audio levels when they transferred it over to UA-cam.
This business was sold to Albertsons for 320 million dollars, what a victory 🔥
What a brilliant idea
Eventually they backed out afterwards and Mark didn't invest
Kevin ended up investing and earning some good money while the company had the largest Tank exit after it was sold for 300m$
stop making things up
That is not TRUE
@@isatou504 what are you talking about? It is true! Look it up
@@isatou504 😂😂😂 Look it up
@@isatou504 They literally said that happened on their Shark Tank Update...and Kevin mentions plated several times since their acquisition...
"Plated appeared on episode 22 of the fifth season of Shark Tank, which aired on April 4, 2014;[6] on the show, Plated struck a deal with Mark Cuban of $500,000 for 6% of the company. However, the deal never closed because Taranto and Hix, who had initially asked for a $500,000/4% deal on the show, wanted to renegotiate the deal based on growth after the show. Four months after the deal with Cuban fell through, the Plated founders made a deal with Shark Tank's Kevin O'Leary for an undisclosed sum.[1"
I love how mark says so many good things and then he goes “for those reasons I’m out.”
Mark didn’t go out tho?
The best one! I miss them!😢
So it seems like the Sharks underestimated the future popularity of the concept; but were correct about the risk factor (nothing proprietary; limited barriers to entry).
Yeah exactly let’s say blue apron starts portioning their food… these two guys business is done without a patent
So basically “HelloFresh”
This video is from 2013, so this would have been right around the time Hello Fresh was getting going in the US.
Dont know how old this is but "Hello Fresh" been crushing this concept in europe for years
It is indeed a lot of mental energy to decide what you eat, find recipes, find the ingredients in usually more than one grocery store, keeping track what leftover raw ingredients to use before they spoil, portion sizes etc. There is a limited number of decisions we can make per day.
I am out and for that reason I'm Barbara
The reason the sharks don’t understand is because they can make split decisions with the snap of their fingers
Whereas I know people that will take almost an hour to decide what to eat
Barbara hella happy when she found a reason to say no lmao
So this is how blue apron and hello fresh started
Albertsons bought this company for 300 million. Marks deal fell through because plated wanted more. And Kevin ended up investing in it instead.
Most of the sharks couldn’t have been more wrong about this. It sold for $300mm
340 million
This was a hit I see ads for this rebranded
Mark killed it.
I’ve noticed that the businesses with 2 partners always come in with really low equity, while the single owned businesses usually are offering equity in the 20% range.
If they each have 50% then they probably want to give away less.
@@EGarrett01 lol I think that was the point of the comment
@@kingmichaeln1 The comment didn't say why they're offering low equity.
Crazy Kevin was the 2nd one out, fast forward a few years and it was his most successful investment.
Living alone with reduced storage space , I would love to have such service where I live. I always end up buying more than I need. Today I cooked pumpkin soup. I had to get a 2kg at the supermarket because small pumpkins or portioned simply don’t exist. So before it spoils I will have to be living on pumpkin the whole week LOL. Soup, boiled? Any suggestions 😂
And if I search for recipes using pumpkins… I’ll probably need other products that I won’t need for my next recipe 😢
Love the dramic music
This is a gold mine, sharks have no idea, except for Cuban.
Mark never invest apparently and Kevin invested in the future
@@SuperPlayz they made a deal together
@@krazytubetv1322 yeah the dudes want more and mark didn’t sign after the set
@@SuperPlayz should have taken it. Mark would have gotten the company a larger evaluation
The sharks were wrong... however... we use Hello Fresh and it is absolutely wonderful and it keeps the monotony of same thing over and over from dominating your life. Food is fun, exciting, and the Hello Fresh box arriving is like Christmas every week.
So we tried another company doing the same thing.... and... IT IS NOT THE SAME! Recipes suck, food is not always fresh or properly packaged. Nothing ruins the experience more than opening a box coated in unidentifiable goo.
We haven't tried Plated, but there is no guarantee the Sharks made a bad decision. The concept is good, but the devil is in the details and quality of the company. Since I haven't tried Plated, I don't have an option.
But Hello Fresh is very impressive.
Plated was later acquired by Albertsons for $300,000,00 and it was Mr wonderful who invested 1mil Mark deal fell off
I didn't know this was 5 years ago but still they weren't the only ones.
its so fresh it comes delivered to your front door from a warehouse
I see Mark making a lot of offers and closing deals on TV, but what happens behind the scenes? I wonder how many of those deals fall through?
I dont think he fell through with this one either, pretty sure he backed out
he has the best closing rate by far , he closes like 92% of the deals he made on tv , I'm not sure if he went ahead with this one though
They talked about that in an interview even showed a graph.
@@TeaOryOfficial I need to find that interview.
"this is for people who are too busy to cook." No Lorie. This is for people who are broke who want to learn how to cook so they can save money down the line.
the 1% throwout due to spoilage is unreal for that kind of business. That's extreme efficiency and foresight.
Exactly !! What was there to talk about ?!? Take the offer ... IMMEDIATELY !!
Wonder how the sharks felt about this idea once hellofresh was evaluated at 2.9 billion.
Mark invested at a 9 mill evaluation. The company got bought for 200 million. He x22 his 500k . What a way to make 11 million dollars out of 500k for not doing anything
The deal with Mark fell through, and they later made a deal with Kevin. Kevin is the one who made a crap ton of money from Plated.
How loud do you want the background music?
YES
I thought Plated was Kevin's deal -- which he talked about it in other pitch! His offer was loan at 9.5% and the guys initially choked on it but later made a lot of money when they sold the company to one of the giant distributors!
What am I missing?
“I don’t cook cause I’m a rich spoiled brat so no one else in America will”
i bet they were all out because they felt intimidated by their intelligence and sharpness.. to be a shark u need a partner who is not 100% sure about his capacities
Exactly their attitude got all the sharks out
5:54 Mr. Wonderful called it
Another pitch where the entitled sharks dont get the product because they have everything in their lives done for them. But mark always understands these and ironically is the richest one out of all of them.
🙄😱What were they thinking? They almost lost Mark! He basically gave them what they asked for….what was the hesitation about taking his offer? 🤔😫
@cpw vuk - Probably 🤷🏻♀️
Publix, Kroger, and all of the major groceries all have ready to cook meals. Mark is right. It's extremely competitive.
I would definitely prefer this formula over a cookbook...lol and going to the grocery Is getting outdated can't wait for the day drones deliver my groceries.
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This company went defunct over 2 years ago. Too many competitors with greater marketing strategies.
It was bought out by Independent in 2017 and then Albertsons in 2019 (who then killed it)
@@nicholasbagnato2497 lol it was independent before being bought by Albertson's 🤦🤦🤦🤦🤦🤦
@@Apriliars the wiki page literally refers to it in the past tense. Try ordering a meal kit from then today-- the company doesn't exist
@@Apriliars The company literally doesn't exist today.
Why can't I stop watching this 😰
I’ve tried this service, the meals come out to be $11 per person so it doesn’t save you money and it doesn’t save you time because you still have to cook the food and make a mess in your kitchen
Anyone here after listening to impaulsive? Lol
Listen, Man United might not thank me but get the contract out, put it on the table. Let him sign it, let him write whatever numbers he wants to put on there, given what he's done since he's come in. RANGNICK'S (Ole 3.0) at the wheel, man. He's doing it. He's doing his thing. MAN UNITED ARE BACK!!!!!!
Wrong video 😂😂
Tf are you talking about