Misfit Foods Shark Tank Net Worth

Misfit Foods, also known as Phil’s Finest, is a food company featured on Season 12 of Shark Tank. It was founded by Phil Wong, a visionary entrepreneur who originally started the venture as a juice business.

Misfit Foods’ core offering is a line of veggie-infused sausages and ground beef products, innovatively composed of humanely raised meat and vegetables.

The sausages are made with 50% vegetables and 50% humanely raised chicken, while the ground beef products contain 60% grass-fed beef and 40% vegetables.

Misfit Foods aims to reduce meat consumption and increase vegetable consumption through its delicious, quality offerings. Misfit Foods provides a palatable alternative for those accustomed to eating meat that is less harmful to the environment.

Misfit Foods stands out as a unique food business that combines the savory appeal of meat with the health and environmental benefits of vegetables.

Misfit Foods flavorful, and nutritionally balanced products offer a valuable solution for those seeking to enjoy their food while making more environmentally friendly choices.

Company NameMisfit Foods
EntrepreneurPhil Wong
ProductSausages infused with vegetables
Investment Asking For$250,000 for 5% Equity in Misfit Foods
Final Deal$300,000 for 15% Equity in Misfit Foods
SharkMark Cuban and Daniel Lubetzky
EpisodeSeason 12, Episode 17
Business StatusIn Business
WebsiteMisfit Foods Website
Net Worth$3 Million

What Is Misfit Foods?

Misfit Foods is a company that aims to combat food waste by incorporating imperfect and surplus produce into delicious food products. The company started as a juice business, using “ugly” fruits and vegetables that would otherwise go to waste due to their appearance.

Misfit Foods has expanded its product line to include other foods. Its products line of sausages blend vegetables and meats, offering a unique, sustainable, and flavorful option for conscious consumers.

Who Is The Founder Of Misfit Foods?

Phil Wong is the founder of Misfit Foods. Wong’s academic background was in Science, Technology, and International Affairs (STIA), which he studied at Georgetown University. Beyond his education, he was also a Scholar and GU Impacts Fellow at ThinkImpact for three months. 

Misfit Foods was conceived as Wong noticed the environmental impact of meat consumption. He initially began with a juice business but soon recognized the demand for sustainable, environmentally friendly food options.

Understanding the challenge of getting people to switch entirely to plant-based foods, Wong pivoted his business towards a product that would marry meat and vegetables. Hence, Misfit Foods was born.

Misfit Foods Net Worth | Misfit Foods Shark Tank Update

Before the company appeared on Shark Tank, it operated as a local business in Brooklyn. Despite not having a business background, Wong’s product quickly gained popularity due to its taste and unique concept.

The sausages and ground beef products were mixed with high proportions of veggies, offering a delicious yet healthier and more sustainable food choice. As it was known before the rebranding, Phil’s Finest required minimal marketing efforts to establish its reputation in the market.

Much of Wong’s pre-Shark Tank business strategy revolved around sustainable practices. Misfit Foods aims to create flavourful, nutritious, and kind products for the environment.

The company started creating sausages made of a 50-50 mix of veggies and humanely raised chicken, and their ground beef products had 60% grass-fed beef and 40% vegetables.

Before appearing on Shark Tank, Misfit Foods had already made significant strides. Their products were sold at Whole Foods Market and on their official website.

Their sales were encouraging, and their business model attracted interest from investors, eventually leading them to pitch their idea on Shark Tank Season 12.

How Was The Shark Tank Pitch Of Misfit Foods?

Phil Wong, the founder of Misfit Foods, pitched his innovative business concept on Season 12, Episode 17 of the television program Shark Tank. At the time, Misfit Foods was offering a unique product – a sausage made of half meat, half vegetable – to cater to those who wished to reduce their meat intake but were not ready to commit to a vegan lifestyle fully.

Phil Wong was seeking an investment of $250,000 for a 5% equity stake in Misfit Foods, valuing Misfit Foods at $5 million.

He showcased his product as a healthier and more environmentally friendly option for consumers, citing the successful sales he achieved with minimal advertising.

In less than a year, the company had already generated $800,000 in sales and was projected to sell $1.2 million worth of sausage by the end of the year.

The cost structure of the business was also discussed during the pitch. It was revealed that each sausage unit cost $2.91 to produce and sold at a retail price of $5.99 to $7.99 and a wholesale price of $4.13, leading to a profit margin of 29%. This allowed the company to break even in its first year.

The pitch attracted interest from three sharks: Mark Cuban, Lori Greiner, and Daniel Lubetzky. Mark Cuban and Daniel Lubetzky offered $250,000 for 15% equity, while Lori Greiner offered $250,000 for 18% equity independently.

After a round of negotiation, Phil counteroffered Mark and Daniel’s proposition and managed to secure a deal of $300,000 for 15% equity, giving Misfit Foods a valuation of $2 million.

However, in an interesting turn of events, Phil later revealed that the deal did not go through in reality, though he expressed gratitude for the mentorship provided by the sharks.

Despite the deal falling, Misfit Foods, rebranded as Phil’s Finest, continued to do well, selling more than 2 million sausages and ground beef patties since its inception.

What Happened To Misfit Foods After Shark Tank?

According to the text you provided, after its appearance on Shark Tank, Misfit Foods continued to see success.

While the deal made on the show with Mark Cuban and Daniel Lubetzky for $300,000 in exchange for 15% equity did not materialize in real life, the company remained grateful for the mentorship it received.

Despite lacking a finalized deal, Misfit Foods’ exposure on the show positively affected its business.

Since the company’s launch, Misfit Foods has reportedly sold over 2 million sausages and ground beef patties. This indicates a considerable consumer interest and a potential market for the company’s unique half-meat, half-vegetable products.

Moreover, Misfit Foods underwent a rebranding and is now known as Phil’s Finest. The rebranding could be a part of the company’s growth strategy to better align its brand identity with its product offerings and consumer preferences.

Misfit Foods Shark Tank Update

After its appearance on Shark Tank Season 12, Misfit Foods underwent several notable developments that contributed to its growth and success.

Founder Phil Wong’s innovative concept of creating half-meat, half-vegetable sausages aimed at offering a more sustainable and environmentally friendly food option resonated well with the sharks and the market.

Despite not finalizing the deal on the show, Misfit Foods managed to thrive and make a significant impact in the food industry.

Post-Shark Tank, Misfit Foods rebranded itself as “Phil’s Finest” in 2022. This strategic move resolved a trademark issue and better highlighted the focus on meat-based products, which had become a key element of their offerings. This rebranding seems to have positively influenced the company’s trajectory.

The company’s journey since substantial achievements have marked Shark Tank. They managed to sell more than 2 million sausages and ground beef patties, attesting to the widespread consumer appeal of their unique product.

These sales figures indicate that their products struck a chord with customers seeking a compromise between their desire to reduce meat consumption and their enjoyment of traditional meat-based dishes.

Misfit Foods Net Worth | Misfit Foods Shark Tank Update

Misfit Foods, now Phil’s Finest, capitalized on its momentum by expanding its presence in the market. The company made its products available in numerous locations, including Whole Foods and online platforms.

This expansion strategy increased their visibility and enabled them to reach a wider audience eager for healthier and more sustainable food options.

In terms of revenue, Phil’s Finest demonstrated commendable growth. By August 2022, their annual revenue had reached $1.5 million. This financial success is a testament to their ability to execute their business model effectively and meet consumer demands.

While Misfit Foods’ journey has been impressive, it has also been met with challenges. The competitive nature of the food industry, especially in the meat-alternative segment, requires ongoing innovation and strategic decisions to stay ahead.

Misfit Foods’ transformation into Phil’s Finest after appearing on Shark Tank Season 12 showcases a story of adaptation, perseverance, and growth.

Their ability to pivot, refine their offerings, and capture a significant market share underscores their potential to remain a prominent player in the industry moving forward.

Is Misfit Foods Still In Business?

Yes, Misfit Foods is still in business. Although they have undergone a name change to Phil’s Finest in 2022, the company continues to thrive. Their products are available for purchase directly from their website, and have expanded their retail presence.

You can find their items in many stores, including Whole Foods Market in the mid-Atlantic region, Sprouts Farmers Markets across many states, and through various delivery services such as Misfit Markets, Imperfect Foods, Good Eggs, and FreshDirect.

What Is the Net Worth Of Misfit Foods?

According to our research, the net worth of Misfit Foods is estimated to be $3 million. The valuation of Misfit Foods was $2 million after securing an investment from Daniel Lubetzky and Mark Cuban on Shark Tank.