Pan’s Mushroom Jerky Shark Tank Update: Shark Tank Deal, Net Worth, and New Flavors
The snack food aisle looks very different today than it did a few years ago. In 2026, shoppers are moving away from highly processed snack foods.
Instead, they want simple, healthy snacks made from real plants. At the front of this massive food trend is Pan’s Mushroom Jerky.
Made from organic shiitake mushrooms, this snack offers a salty, savory flavor that is very close to real beef jerky. But unlike beef jerky, it is entirely plant-based, vegan, and gluten-free. It became famous overnight after appearing on the hit TV show Shark Tank.
But what happens to a small food brand after the TV cameras stop rolling?
Over the last few years, the company has grown into a major national brand. It has faced the struggles of manufacturing, expanded its flavor list, and landed on the shelves of giant stores like Costco and Target.
Here is the complete update on Pan’s Mushroom Jerky, its founder, and where the business stands today.
What Is Pan’s Mushroom Jerky?
Pan’s Mushroom Jerky is a healthy snack made from dried shiitake mushrooms. The mushrooms are soaked in a mix of organic spices, oil, and coconut sugar before they are dried out. This special drying process gives the mushrooms a tough, chewy feel that is incredibly similar to real meat.
It is designed for people who want a satisfying snack without eating animal products. The jerky is certified vegan, paleo-friendly, soy-free, and gluten-free. It does not contain any of the artificial colors or chemical preservatives that you often find in cheap gas station snacks.
In the plant-based food world, this snack stands out because it is “authentic.” Right now, the top food trend is “Authentic Plant-Based” eating. This means people do not want fake meat made from highly processed powders. They want real, whole vegetables and fungi.
Because Pan’s is just a seasoned, whole mushroom, it perfectly matches what today’s health-conscious shoppers are looking for.
Who Founded the Pan’s Mushroom Jerky?
The business was created by Michael Pan. He went to college for electrical engineering and spent years working for major technology and car companies, including Motorola. He never planned to start a food company.
His journey into the snack business began during a family trip to Malaysia in 2008. Michael was visiting the village where his father was born. While there, he met extended family members who were Buddhist vegetarians.
During the visit, a cousin offered him a bowl of a dark, chewy snack. Michael started eating it and thought it was pork. He was shocked when his cousin told him it was actually an old family recipe for mushroom jerky.
Michael knew that vegetarian snacks in the United States were often bland and boring. He realized his family’s recipe could be a huge hit.
For the next ten years, Michael kept his day job as an engineer and treated the jerky as a side project. He spent hours in his home kitchen testing different marinades and drying methods.
After selling a technology startup company he had built in 2016, he finally had the time and money to focus on the food business full-time. He officially launched Pan’s Mushroom Jerky in Portland, Oregon, in 2018.
Pan’s Mushroom Jerky Shark Tank Pitch: Did They Get a Deal?
The brand’s biggest moment happened during Season 12, Episode 6 of Shark Tank, which aired in November 2020.
Michael walked into the pitch room asking the wealthy investors for $300,000. In exchange, he offered them a 10% share of his business. This meant he believed his young company was already worth $3 million.
He used a very clever trick during his presentation. He handed out samples of the jerky and let the investors eat it without telling them what it was.
After they praised the meaty taste and chewy texture, he revealed it was made completely from mushrooms. Shark Lori Greiner was amazed, saying she loved the taste of jerky but hated eating actual meat.
The investors loved the taste, the simple ingredients, and the early sales numbers. A bidding war broke out.
- Lori Greiner and guest Shark Blake Mycoskie (founder of TOMS Shoes) teamed up. They offered the $300,000 but wanted a massive 30% of the company.
- Mark Cuban, who is known for investing in successful vegan food brands, jumped in. He offered $300,000 for 20% of the company.
Michael did not want to give up that much of his family’s business. He confidently negotiated with Mark Cuban, asking him to lower his demand to 18%. Mark agreed, and they shook hands on the deal.
What Happened Right After Shark Tank?
Being on national television creates a massive spike in sales, often called the “Shark Tank Effect.” For Pan’s Mushroom Jerky, the reaction was overwhelming.
In the first 24 hours after the show aired, the company sold almost as much jerky as they had in the entire previous year.
After just four days, their online sales crossed the $1 million mark. At the busiest point, they were getting 375 orders every single minute.
This sudden rush of money was exciting, but it caused huge problems. The company completely ran out of product.
Their website and their Amazon store were sold out. The small team in Oregon had to work around the clock to try and catch up with shipping delays.
Thankfully, Mark Cuban’s team stepped in to help. They helped Michael grow his team from 10 employees to 30.
Cuban’s experts also took over the company’s email marketing, online ads, and helped set up important meetings with major grocery store buyers.
2026 Business Update: Revenues, Debt, and Growth
It is easy to get a burst of sales from being on TV, but building a lasting food brand is very difficult. By 2026, Pan’s Mushroom Jerky has matured into a serious manufacturing business.
Making mushroom jerky on a large scale was hard because shiitake mushrooms are delicate. To solve this, the company joined a business program called North Bank Innovations.
Through this program, they hired a mechanical engineer who designed a custom machine specifically to prepare and cut the shiitake mushrooms.
This custom machine changed everything. In 2024, the company fully automated its production lines in Portland. Because machines were doing the heavy lifting, the factory could run 24 hours a day.
This increased their ability to make jerky by five times. More importantly, making the jerky became much cheaper, allowing the company to keep over 50% of the profit from every bag they sold.
However, growing a business takes a lot of cash. The company had to borrow money to buy enough mushrooms and packaging to supply national grocery stores.
In early 2025, the company shared its exact financial numbers when it launched a community bond offering on a platform called SMBX. They wanted to raise $500,000 from everyday investors to help pay off old debt and buy more ingredients.
Here is a look at the company’s real financial numbers leading into the 2025 bond offering:
| Business Metric | 2022 Total | 2023 Total | 2024 Total (Up to Nov) |
| Total Money Earned (Revenue) | $3,148,758 | $2,882,541 | $2,776,426 |
| Cost to Make the Jerky | $1,895,680 | $2,004,155 | $1,203,920 |
| Total Company Assets | $1,843,697 | $2,226,921 | $2,293,349 |
These numbers show that the business makes around $3 million a year. The automation in 2024 drastically lowered their costs, setting them up for a very profitable future.
Costco, Target, and Retail Expansion
Today, you do not have to buy the jerky online. The brand is now sold in over 3,500 retail stores across the United States.
You can find the familiar green and brown bags in the snack aisles of massive grocery chains, including:
- Whole Foods Market
- Target
- Meijer
- Kroger Family Stores
- H-E-B stores across Texas
- Natural Grocers
The biggest retail win for the company happened recently when they partnered with Costco. Costco shoppers buy in bulk, so the standard 2.2-ounce bags were too small.
The team designed massive 8-ounce bags specifically for Costco. These large bags hold almost four times as much jerky as the normal bags, making it a huge success for families and serious snackers.
The 2026 Flavor Lineup
Variety is key in the snack world. While they started with just a few options, the company now offers six permanent flavors to choose from :
- Original: The classic recipe from Malaysia. It is slightly sweet and very savory.
- Zesty Thai: The most popular flavor. It has a spicy kick from cayenne pepper, garlic, and coriander.
- Salt & Pepper: A simple, sharp, and clean flavor for people who do not like sweet snacks.
- Applewood BBQ: Sweet, smoky, and addictive. It tastes just like a summer cookout.
- Teriyaki: A sweet and tangy flavor that works perfectly with the meaty mushroom texture.
- Curry: A warm, spiced flavor inspired by global cooking.
The brand also likes to have fun with limited-time flavors. To celebrate Asian American and Pacific Islander (AAPI) Heritage Month, they released a Sichuan Málà flavor. It featured real Sichuan peppercorns, which give your mouth a unique, spicy, tingling feeling.
Mushroom Jerky vs. Beef Jerky: Is It Healthier?
If you are trying to choose between real beef jerky and mushroom jerky, it helps to know the health facts.
Real beef jerky is very high in protein. However, it is also high in cholesterol, high in sodium, and often uses chemical preservatives.
Mushroom jerky does not have as much protein, but it is much healthier in other ways. Shiitake mushrooms are a superfood. They are one of the only natural, plant-based ways to get Vitamin D, which keeps your bones strong.
The jerky is also packed with dietary fiber. Fiber is great for your stomach and helps you feel full, making it a perfect snack to hold you over until dinner.
Also, mushroom jerky is naturally cholesterol-free and uses healthy avocado oil instead of cheap vegetable oils.
If you look closely at a bag of Pan’s Mushroom Jerky, you might notice a “Prop 65” warning label on the back. This is a strict California law.
The label is there because mushrooms grow in soil, and they naturally absorb tiny, harmless amounts of earth minerals like cadmium and lead. The company tests all their ingredients to make sure they are completely safe to eat.
Customer Reviews: What Do People Really Think?
In the plant-based community, Pan’s Mushroom Jerky is widely considered the best option on the market.
Over the last few years, giant companies have tried to make fake jerky. Beyond Meat released a jerky that many customers complained tasted like plastic and had a terrible texture.
Other brands, like Noble Jerky, are often criticized by shoppers for being way too sticky and sweet.
When you read customer reviews on sites like Reddit in 2025 and 2026, people love Pan’s because of the texture. Because it is a real mushroom, it tears and chews just like real muscle fiber.
However, it is not for everyone. Customers note that you do have to enjoy the earthy taste of mushrooms to like this product.
Also, at around $7.99 for a small 2.2-ounce bag, many shoppers feel it is too expensive for an everyday snack, treating it more like a special reward.
Is Pan’s Mushroom Jerky Still in Business Today?
Yes, Pan’s Mushroom Jerky is highly successful and still in business in 2026.
Surviving in the food industry is tough, but Michael Pan and his team have made smart choices. They automated their factory, partnered with the right investors, and expanded into massive stores like Target and Costco.
The brand has also stayed relevant in pop culture. In addition to their Shark Tank fame, one of their team members, James Barfield, recently competed on Season 13 of the hit cooking show MasterChef, representing the West Coast and bringing even more attention to the company.
Mark Cuban also featured the jerky in his special “Vegan Collection Box” to celebrate his final year on Shark Tank.
By turning a simple family recipe into a national brand, Pan’s Mushroom Jerky proves that you do not need meat to make an incredible, satisfying snack.
