FryAway Shark Tank Update | FryAway Net Worth

FryAway is a plant-based product that appeared in episode 13 of season 14 of Shark Tank. It is a non-toxic powder that converts frying cooking oil from liquid to solid, providing a convenient and eco-friendly solution for disposing of used oil.

The product is made from plant-based natural oils and nontoxic materials, ensuring it is completely safe to use. FryAway is easy to use and effective. After frying, you add the powder to the cooking oil and let it cool.

Over time, the oil solidifies into a jelly-like substance that can be easily removed and disposed of without causing any damage to your pans or clogging drains. Alternatively, the solidified oil can be composted.

FryAway offers three varieties: pan fry, deep fry, and super fry, catering to different cooking needs. The pan fry variety requires 2 cups of powder for 0.5 liters of oil, while the deep fry variety recommends using up to 8 cups of powder for 2 liters of oil.

This product stands out for its numerous features. Firstly, it effectively solidifies cooking oil, making it easier to handle and dispose of. Secondly, it is made from plant-based ingredients, ensuring it is environmentally friendly.

Additionally, FryAway eliminates the need for improper disposal methods like pouring oil down the drain or throwing it in landfills.

FryAway is a great choice for those who enjoy fried foods but want a clean and hassle-free cooking experience. By converting oil into solid form, this plant-based product not only solves the problem of oil disposal but also benefits the environment.

With its convenience and eco-friendly nature, FryAway offers a practical solution for anyone who loves fried foods.

What Is FryAway?

FryAway is a product that aims to make frying food easier and cleaner. It is a 100% plant-based, non-toxic powder that can transform used cooking oils into solid organic waste.

By sprinkling FryAway directly into hot oil and stirring to dissolve it, the oil will eventually cool and solidify, trapping any debris in the process. Once the oil has hardened, it can simply be scooped and tossed directly into the household trash.

FryAway offers different bundle options for both pan frying and deep frying, allowing users to choose the best solution based on their needs.

FryAway is a product that offers a solution for safely disposing of used cooking oil. When cooking oil is poured down the drain, it can cause clogged pipes and sewer overflows, contaminating water resources. On the other hand, discarding oil in plastic containers can take hundreds of years to decompose in landfills.

FryAway provides a plant-based, non-toxic powder that solidifies used cooking oil, making it easy to dispose of in household trash. The oil solidified with FryAway can be thrown away with organic waste or composted. It eliminates the need for messy spills, containers, or clogged pipes.

The founder of FryAway is Laura Lady, who developed the product after researching safe ways to dispose of cooking oil. FryAway is available in different variants and can be purchased from the brand’s website, Amazon, or local retailers like Krogers.

The cost varies depending on the variant chosen. FryAway aims to create a planet-friendly frying culture and donates 1% of its revenues to nonprofits focused on water conservation.

Who Is The Founder Of FryAway?

The founder of FryAway is Laura Lady. She has a diverse background in product branding, packaging, and marketing, having worked on children’s toys for nearly 20 years.

Laura’s educational journey includes an MBA in International Economics and Management from SDA Bocconi School of Management in Italy, an MBA exchange program at the International University of Japan, and a BS in International Trade and Finance from Louisiana State University.

Laura Lady came up with the idea of creating FryAway after learning about the environmental impact of fatbergs in sewer systems. Being a lover of fried food and passionate about the environment, she wanted to find a solution to the problem of disposing of used cooking oil.

Through relentless research and drawing on her chemistry knowledge, Laura discovered that hydrogenation could solidify oil. This process involves combining fat with hydrogen to convert unsaturated fat into saturated fat, resulting in a solid state.

Before appearing on Shark Tank, Laura Lady applied her expertise in branding, packaging, and marketing to develop FryAway.

Leveraging her experience working with major toy companies like Mattel and LEGO Group, Laura was able to create a solid formula for transforming used cooking oil into a plant-based, non-toxic powder. Her goal was to reduce waste and promote a planet-friendly frying culture.

Laura Lady’s background in product branding and her passion for both fried food and the environment led her to conceive the idea of FryAway. Her innovative solution caught the attention of investors on Shark Tank, resulting in a successful partnership that aims to reduce waste and contribute to water conservation efforts through donations to nonprofits as part of their mission.

How Was The Shark Tank Pitch Of FryAway?

The founder of FryAway, Laura Lady, appeared on Shark Tank Season 14 seeking a $250,000 investment in exchange for 10% equity in their business. They pitched their non-toxic, plant-based powder that transforms cooking oil into organic waste, addressing the problem of oil blockages and water source contamination.

The Sharks, Lori Greiner and Mark Cuban were intrigued by the product’s potential to solve both kitchen and environmental issues.

Laura explained that collecting hot oil in jars is not a great solution as it takes over 400 years for the container to break down.

FryAway had achieved impressive results within just one year of being in business, earning over $700,000 and being cash-flow positive. Despite these achievements, the Sharks wanted to learn more about future projections and plans before committing their funds.

The selling price of each FryAway product ranged from $9.99 to $15.99, with a landed cost between $0.96 and $1.96. While the company had successful marketing on Amazon, it was eating up a significant portion of the net profit margin.

Laura shared her plans to launch FryAway in 1,100 Kroger Stores by the end of 2022, which was seen as a positive development.

Kevin O’Leary dropped out first, citing his beliefs about fried foods as a reason for not investing. Daymond John also dropped out without making an offer, feeling he couldn’t provide value. Robert Herjavec also decided not to invest as it wasn’t the right fit for him.

As the Sharks gradually dropped out, Mark Cuban suggested that Laura make him an offer he couldn’t refuse. Lori Greiner then made an offer of $250,000 for 20% equity. Mark decided to join Lori’s deal, and together, they countered Laura’s offer with $250,000 for 25% equity.

Laura wanted to stick with 20% equity, but the Sharks countered back at 22%. Ultimately, Laura accepted the offer of $250,000 for 22% equity from Lori Greiner and Mark Cuban.

Here is a summary table of the Shark Tank pitch for FryAway:

1. Lori Greiner: Lori was interested in the FryAway product and saw its potential. She made an initial offer of $250,000 for 20% equity.
2. Mark Cuban: Mark also recognized the value of FryAway and suggested that Laura make him an offer he couldn’t refuse. He joined Lori’s deal, and together, they countered Laura’s offer with $250,000 for 25% equity.
3. Kevin O’Leary: Kevin O’Leary did not share his specific views on the product, but he dropped out of the deal, citing his beliefs about fried foods as a reason for not investing.
4. Daymond John: Daymond John did not share his specific views on the product but dropped out without making an offer, feeling he couldn’t provide value.
5. Robert Herjavec: Robert Herjavec did not share his specific views on the product but decided not to invest as it wasn’t the right fit for him.

FryAway secured a deal on Shark Tank Season 14 with Lori Greiner and Mark Cuban investing $250,000 for 22% equity in the company. The founders’ pitch impressed the Sharks with their innovative solution to the problem of cooking oil disposal.

Did FryAway Get a Deal on Shark Tank?

Yes, FryAway successfully secured a deal on Shark Tank. Founder and CEO Laura Lady appeared on Season 14, Episode 13 of Shark Tank, where she pitched her product and asked for $250,000 for 10% equity at a $2.5 million valuation.

After negotiations, Mark Cuban and Lori Greiner agreed to invest $250,000 in FryAway for a 22% equity stake. The episode featuring FryAway aired on January 27, 2023.

The deal with Mark Cuban and Lori Greiner helped propel the growth of FryAway, and the company continues to be in business.

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What Happened To FryAway After Shark Tank?

After appearing on Shark Tank, FryAway, a product that turns unused cooking oil into a gelatin solid for easy disposal, received favorable media coverage for its innovation and positive environmental impact. It secured a deal with Mark Cuban and Lori Greiner for $250,000 in exchange for 22% of the company.

However, it seems that the deal may have fallen apart after the show. FryAway is not listed among Greiner’s successful Shark Tank products on her website, and it is also absent from Cuban’s comprehensive list of investments. This suggests that the deal may have unraveled during negotiations.

One possible reason could be that FryAway faced challenges in obtaining a patent or protecting its unique process, making it vulnerable to replication by larger companies.

Despite these setbacks, FryAway is still in business and available for purchase on Amazon and its website.

However, its long-term survival may be in jeopardy if a larger company decides to enter the market with a similar product.

Without securing patent protection or significant brand growth, FryAway may struggle to compete against established baking companies.

Looking ahead, Lady expressed her vision for FryAway to become a pantry staple in every kitchen. The company continues to raise awareness about proper cooking oil disposal and aims to grow its customer base.

Lady also attended the Shark Tank Reunion in July 2023, where she further honed her business skills and networked with other entrepreneurs.

FryAway experienced significant growth and success after appearing on Shark Tank. The exposure from the show led to increased sales and recognition in major publications.

While finalizing the deal with Mark Cuban and Lori Greiner took time, Lady remained focused on expanding her business and making FryAway a household name.

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FryAway Shark Tank Update

After appearing on Shark Tank in January 2023, FryAway, a plant-based and non-toxic powder that converts frying oil into solids, received a deal from investors Mark Cuban and Lori Greiner. The final deal was $250,000 for 22% equity in the company. This investment helped FryAway to further grow its business.

Following its appearance on Shark Tank, FryAway continued to expand its distribution channels. The product became available on Amazon and in over 1,180 independent stores, including major retail chains like Walmart and Kroger. This increased accessibility allowed more customers to purchase FryAway and benefit from its solution to the problem of cooking oil waste.

The company experienced positive feedback and gained a strong customer base. Many buyers praised the product’s effectiveness, resulting in a 4.3-star rating on Amazon.

FryAway’s commitment to sustainability and environmental friendliness resonated with consumers, leading to its continued success in the market. By converting cooking oil into solid form, FryAway enables easy disposal and even composting, reducing the negative impact of cooking oil waste on the environment.

FryAway is still in business, headquartered in Concord, New Hampshire, with a team of 2-10 employees. The estimated net worth of FryAway stands at $1.5 million, reflecting the company’s growth and market presence since its founding in 2020.

FryAway’s appearance on Shark Tank provided valuable investment and exposure, enabling the company to expand its distribution, increase sales, and solidify its position as a leader in addressing cooking oil waste.

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What Is the Net Worth Of FryAway?

According to our research, FryAway’s net worth is estimated to be $1.5 million. The valuation of FryAway was $1.1 million after securing an investment from Lori Greiner and Mark Cuban on season 14 of Shark Tank.