Palmini was founded by Alfonso Tejada, of Miami, Florida, in 2012 to honor his Bolivian ancestors. He and his family were intrigued by the growing demand for healthy, organic foods and the growing interest in ancient grains, so he decided to consider importing organic Quinoa from Bolivia.
Quinoa is a robust plant with low soil nutrient content at high altitudes, and Quinoa flourishes even in dry conditions. Plant foods do not contain all ten essential amino acids for human nutrition. Still, they have a high proportion of protein (14-18%), are excellent phosphorus, calcium, iron, and vitamin E sources, and do not contain gluten. The “golden grain” of the Andes has been dubbed a “superfood.”
Quinoa has been a staple food for subsistence farmers on the South American Altiplano for generations. However, it has received little attention from the larger culture, as it is viewed as food consumed primarily by the poor because of the lack of alternatives. Shortly after visiting Bolivia, King Juan Carlos I of Spain began eating Quinoa in 1987.
OA Foods’ website boasts lovely pictures of quinoa recipes, illustrating that it is now popular worldwide! The company has been marketing Quinoa successfully for the past few years, and in 2013, it added Chia to its product line. In 2017, they added Palmini, a pasta substitute made from hearts of palm.
Quinoa comes in two distinct kinds and colors. While the nutritional benefits are comparable, the texture differs slightly and is largely a question of personal opinion. Tejada managed to build and run a profitable business even as he remained committed to Bolivia’s farmers and believed that “the more we can contribute, the more we prosper.” The company donates 20% of sales to several projects that benefit Bolivian children and efforts to assist Syrian refugees in Lebanon and Dubai.
What Is Palmini?
Palmini is a gluten-free, low-carb pasta substitute composed entirely of Hearts of Palm — an asparagus-like vegetable from the Heart of responsibly grown palm trees. Palmini is naturally kosher, gluten-free, and non-GMO; each serving has 20 calories and 4 grams of carbs.
Palmini is a palm heart-based pasta substitute. Palm hearts are edible and are found only in palm trees. It is chemical-free, all-natural, and a good source of fiber.
There are ready-to-eat cans or pouches of plant-based pasta substitutes. You can rinse and cook it with your preferred spaghetti sauce. This pasta alternative is ideal for those who want a neutral taste and a similar texture to pasta.
Palmini is gluten-free, GMO-free, and low in calories. Additionally, it is keto-friendly, sugar-free, and composed of 90% water.
|Product||Phytosterol-Rich Hearts of Palm Pasta Substitute|
|Investment Asking For||$300,000 for 10% equity in Palmini|
|Final Deal||$300,000 for 25% equity in Palmini|
|Shark||Lori Greiner and Mark Cuban|
|Episode||Season 9, Episode 24|
|Business Status||In Business|
Who Is The Founder Of Palmini?
Alfonso Tejada founded Palmini in 2016. He continues to serve as CEO of OA Foods, the parent business of Palmini. Palmini was born in 2016 due to founder Alfonso Tejada’s observation of the expanding health food trend for zucchini noodles.
Tejada knew about Heart of palm since he owned a company that imported Bolivian-native foods and had a relative who owned and managed a factory in Bolivia. The cousin of Tejada discussed the feasibility of developing a noodle entirely made of palm hearts, which had never been done before.
With the help of his family, Tejada spent the next two years fabricating unique, patented equipment for processing palm hearts into pasta-like noodles. Alfonso soon began selling Palmini. Alfonso’s first batch of Hearts of Palm pasta was only a few cans a day, but he was confident it would be the next big health food craze, similar to Quinoa, indigenous to Bolivia.
He was well aware that he would want assistance to reach his destination. After auditioning for the show, Alfonso showed his pitch on Shark Tank in the summer of 201w.
Palmini Before Shark Tank
The Shark Tank welcomes a new entrepreneur who promises to provide healthier versions of our guilty pleasures. Meet Bolivian Alfonso Tejada. He lives in Miami, Florida, and has applied for a $300,000 loan from the Shark Tank for a 10% stake in his food company, OA Foods.
Palmini was created and manufactured by OA Foods. It has revolutionized the pasta industry forever. Pasta is a universal pleasure. However, regardless of how much people adore it, they avoid it since they know its negative health effects.
Pasta congregates with undesirables such as gluten, carbohydrates, calories, and sugar. Alfonso has brought several character cutouts that depict the negative aspects of pasta. He believes the moment has come to bid farewell pasta and welcome hello to Palmini. A man dressed in a Palmini box exits, getting a chuckle from the Sharks.
Alfonso continues – Palmini look and tastes like pasta. Additionally, it bears no resemblance to any criminals. A calorie is punched in the face by Palmini while Alfonso’s model kicks through the cutouts, scattering sauce everywhere.
However, there is more! Palmini kicks carbohydrates in the stomach, and his model kicks the cutout, launching pasta into the air again.
Sugar, pasta, and gluten rehearse Muay Thai while sugar flies out of the jar and embraces gluten again. Mark says that Palmini is a beast. Alfonso begins his day with a cup of Palmini, which contains only 15 calories and 3 grams of carbohydrates, and is sugar-free and gluten-free.
Palmini tastes amazing, most importantly. It is made of palm hearts, making it a natural, high-fiber, and chemical-free product that you may consume without worrying about side effects.
Palmini is also simpler to prepare since it is already cooked. You can have a delicious low-calorie supper in minutes by opening the can, rinsing it, heating it, and adding your favorite sauce. The Palmini brand is here to stay, even if you like regular noodles. Which Shark is prepared to plunge into a dish of Palmini?
How Was The Shark Tank Pitch Of Palmini?
Alfonso Tejada, the owner of OA Foods and founder of Palmini, approached the Sharks with a $300,000 offer in exchange for 10% equity in Palmini. Tejada began his energizing presentation by showing Palmini defeating the ‘bad guys’ in pasta.
Palmini was also included in three different recipes the Sharks sampled. Lori Greiner, a shark, said she enjoyed it and regularly consumes palm hearts. Shark Guest Bethenny Frankel also praised the texture and reduced carbohydrate content.
Mark Cuban, Robert Herjavec, and Daymond John didn’t enjoy the flavor. Herjavec voiced dissatisfaction with Palmini’s lack of pasta flavor.
Greiner and Cuban responded that the plant-based spaghetti substitute is a vegetable and offers a variety of health benefits. The Sharks were taken aback by Tejada’s enthusiasm for the goods and his business.
The claim by Tejada is that OA Foods sold Quinoa for $400,000. Despite this, Palmini only sold 2,000 units in three months, generating a $50,000 profit. This caused consternation among the Sharks.
Tejada was concerned that competitors were imitating Tejada’s patented machine since vegetables are essentially shredded. That was the last of her. John followed suit, claiming that the company’s worth was excessive.
Tejada clarified that his offer encompassed the OA Foods quinoa brand, not only the Palmini product. Herjavec acknowledged that he believed a vegetable could not be used in place of pasta, so he was eliminated as well.
During the meeting, Greiner and Cuban expressed interest in Palmini, stating that the product is brilliant, but the packaging could be improved. Due to two Sharks being present, both wanted to get in and offered $300,000 in exchange for 30% equity in the venture.
Greiner and Cuban could close a deal with Palmini’s founder on Season 9 of Shark Tank. With three Sharks having withdrawn from any potential deal with Palmini, two Sharks remaining volunteered to team up to make an offer. Greiner and Cuban’s offer halved Tejada’s market value.
Tejada countered a $300,000 offer for 18 percent equity, which he eventually increased to 20%. Greiner suggested a 25 percent equity cap.
Palmini’s founders accepted Greiner and Cuban’s offer for $300,000 in exchange for 25% stock in the company after some thought. This includes not only Palmini but also the quinoa brand from OA Foods.
What Happened To Palmini After Shark Tank?
You can purchase Palmini on the OA-Foods website store and Amazon.com here! Currently, these are among the most popular pasta items on Amazon.com. Palmini products are available in Whole Foods, Albertsons, and Kroger stores four months after their initial release.
The Palmmini Facebook page is regularly updated and has an active social media presence.
However, there are over 35,000 followers, even though there are 35 reviews with an average rating of 4.5 stars on the product page. Palmini followers appear unable to convert to traditional pasta after embracing their way of life. Palmini is quite popular among vegans and Keto dieters.
Palmini Shark Tank Update
Palmini experienced a series of miracles within a single day. Four months later, their products sold out at Amazon, their largest distributor, and sales increased at retail locations such as Whole Foods, Albertsons, and Kroger.
They also received calls from Walmart and Wegmans following their appearance on the show Shark Tank.
The business began with quinoa products and was valued at 1.2 million following the shark tank acquisition.
Additionally, revenue increased from $10,000 to $100,000 over two years.
Is Palmini Still In Business?
Mark and Lori’s agreement with Palmini was never completed.
As of 2022, Palmini is still in business and generates a revenue of $1 million per year. It is Amazon’s best-selling pasta substitute.
What Is the Net Worth Of Palmini?
The valuation of Palmini was $3 million when it appeared on Shark Tank. The net worth of Palmini is $5 million as of 2022.