Simply Good Jars Shark Tank Net Worth

Simply Good Jars is a Philadelphia-based company that offers high-quality, chef-made, ready-to-eat salads packed in recyclable jars.

Simply Good Jars offers fresh, healthy, and conveniently packaged meals. The jars contain a variety of salads, including Cobb Salad, Smoked Salmon Salad, Chicken Quinoa, and Greek Salad, made with healthy and high-quality ingredients.

Simply Good Jars’ sustainable and eco-friendly business model is one of its unique selling points. Upon re-ordering, customers are encouraged to return the jars, which are washed and re-utilized.

The company’s concern for the environment extends beyond its packaging, as they are also known to donate meals to different local organizations. Simply Good Jars stands out as a good choice for several reasons.

Its health-focused product line is perfect for those looking for quick, nutritious meal options that don’t compromise on taste. Furthermore, the company’s commitment to sustainability through its innovative jar return system allows consumers to contribute to reducing waste.

Company NameSimply Good Jars
EntrepreneurJared Cannon
Product / BusinessReady-to-eat salads in a jar, made by chefs
Investment Asking For$500,000 for 7% equity in Simply Good Jars
Final Deal$500,000 for 10% equity in Simply Good Jars
SharkMark Cuban and Lori Greiner
Episode Season 12, Episode 16
Business StatusIn Business
WebsiteSimply Good Jars Website
Net Worth$6 Million

What Is Simply Good Jars?

Simply Good Jars is a food service company that aims to make eating healthy easier and more convenient. The company provides fresh, locally sourced, chef-prepared meals in reusable glass jars, promoting sustainability, convenience, and health.

Simply Good Jars offers means that are well-balanced, nutritiously dense, and full of flavor, making them a popular choice for people with busy lifestyles who still want to maintain a healthy diet.

The company also has a unique “Jar Return” program that encourages customers to return their used jars for discounts on future purchases, further supporting their commitment to sustainability.

Simply Good Jars Shark Tank Update | Simply Good Jars Net Worth

Simply Good Jars was started with a vision to provide a solution for busy individuals who struggle to maintain a healthy diet due to a lack of time or accessible options. The company aims to create a convenient, healthy, sustainable food service.

Simply Good Jars includes a variety of salads, breakfast options, and snacks, all prepared using fresh, local, and organic ingredients when possible. The meals are free from artificial ingredients and are designed to stay fresh for up to five days in the refrigerator.

Simply Good Jars meals are delivered in reusable glass jars, which customers are encouraged to return in exchange for a discount on their next purchase.

In addition to individual meal orders, Simply Good Jars also offers catering services for corporate events, meetings, and parties, offering a healthy and eco-friendly alternative for group meals.

Who Is The Founder Of Simply Good Jars?

Simply Good Jars was founded by Jared Cannon, an experienced chef based in Philadelphia. Before starting this venture, he had spent 15 years in the culinary industry, honing his skills and gaining a deep understanding of food, nutrition, and consumer needs. 

Jared Cannon was also pursuing a master’s degree alongside his job. This made him realize the struggle to maintain a balanced diet amid a busy schedule inspired him to devise a solution. Thus, the idea of Simply Good Jars was conceived.

Simply Good Jars was envisioned to provide healthy, ready-to-eat meals in convenient packaging for people with hectic lifestyles.

Jared wanted to eliminate the difficulty of choosing between quick and nutritious meals, and his solution was to create salad jars that are healthy, fulfilling, and easy to consume on the go. 

Before its appearance on Shark Tank, Simply Good Jars primarily operated online and in select physical locations in Philadelphia. The product, salad jars, was offered in various flavors to meet diverse palate preferences.

Despite the early stage of its business, the company had already introduced an innovative three-layered patent-pending packaging to preserve the freshness of salads.

Additionally, they developed an environmentally responsible initiative where they would donate a meal for every jar that was returned for reuse, recycled, or repurposed.

Jared Cannon’s appearance on Shark Tank boosted the visibility of Simply Good Jars, helping to attract new customers and potential investors.

The company’s mission to provide a convenient solution to healthy eating was well-received, and its innovative business model drew significant attention. The initiative to contribute to the environment and society also contributed to their positive image.

How Was The Shark Tank Pitch Of Simply Good Jars?

Jared Cannon presented the Shark Tank pitch by Simply Good Jars in Season 12, Episode 16. Cannon introduced his unique business of ‘salads in a jar,’ aiming to provide healthy and convenient food for those on the go.

He was seeking an investment of $500,000 in exchange for 7% equity in the company, valuing Simply Good Jars at $7.14 million. Cannon’s venture, Simply Good Jars, showcased an array of tasty salads packed into jars.

What made the concept even more appealing was the social cause associated with it – for each jar returned, Simply Good Jars promised to donate a meal to someone in need.

Before the COVID-19 pandemic, these jars were sold via vending machines in high-foot-traffic areas like airports, hotels, and universities.

However, pandemic restrictions necessitated a change in strategy, pushing the company to form partnerships with local grocery and convenience stores.

At the time of the pitch, it cost between $2.50 to $3.50 to produce each jar, which was then sold at a price range of $9 to $11.

Despite sales of $300,000 in 2019 and $475,000 in 2020 (until the time of the pitch), the business was operating at a loss of approximately $900,000 annually. Yet, Cannon expressed optimism about the potential profitability of the venture.

These factors sparked interest from Sharks Kevin O’Leary and Lori Greiner. Initially, they jointly offered a loan of $500,000 at 9.5% interest alongside 7% equity.

Mark Cuban later joined the discussion, and contrary to Cannon’s inclination to raise more funds from external investors, Cuban believed additional fundraising was unnecessary. He matched the offer from O’Leary and Greiner but reduced the interest to 3%.

However, Cuban eventually altered his proposition, offering $500,000 in exchange for a 10% equity stake. He invited Greiner to join him in this deal, and she agreed.

Consequently, Simply Good Jars walked away from the tank with an investment of $500,000 for 10% equity, given jointly by Mark Cuban and Lori Greiner.

After their Shark Tank appearance, Cannon, Cuban, and Greiner have focused on expanding Simply Good Jars’ online presence.

They have also collaborated with GoPuff to facilitate local delivery of the salad jars. With the pandemic subsiding, the team is optimistic about reverting to its initial business model while enhancing its online platform.

What Happened To Simply Good Jars After Shark Tank?

Following their appearance on Shark Tank and successful investment deals with Mark Cuban and Lori Greiner, Simply Good Jars has been working hard to expand its business and customer reach.

They tried to enhance their online presence, which is crucial in a world increasingly shifting towards e-commerce. Collaborating with their new investors, Jared Cannon has also made strategic partnerships to facilitate the delivery of the salad jars.

Customers can receive healthy meals delivered right to their door through a partnership with GoPuff, a delivery service platform.

While the COVID-19 pandemic initially necessitated a pivot in their business model – moving from vending machines in high foot traffic areas to local grocery and convenience stores – the easing of restrictions has allowed the company to resume its original business strategy.

This includes reestablishing their vending machine outlets in airports, hotels, and universities, which were significant sources of their pre-pandemic revenue.

With the support and expertise of Mark Cuban and Lori Greiner, Simply Good Jars has been navigating these challenges and continuing to grow.

Simply Good Jars Shark Tank Update

After their appearance on Shark Tank, Simply Good Jars, the brainchild of chef Jared Cannon, embarked on an impressive journey of growth and success. The company offers high-quality, ready-to-eat salads packaged in reusable jars to provide healthy meals for people on the go.

In their Shark Tank pitch, Cannon initially sought $500,000 for 7% equity but ultimately struck a deal with Mark Cuban and Lori Greiner for $500,000 at a valuation of $5 million in exchange for 10% equity.

The company faced challenges due to the COVID-19 pandemic, leading to a shift from cooler-based sales to jar sales. Despite the setbacks, Simply Good Jars experienced a remarkable surge in sales, with a 1500% increase post their Shark Tank appearance. By 2022, the company expanded its market presence to 28 states in the United States.

Simply Good Jars Shark Tank Update | Simply Good Jars Net Worth

The revenue for Simply Good Jars grew significantly, reaching $4 million in 2021. The salads are priced between $8.99 and $10.99, offering customers a healthy and convenient food option.

The product features recyclable jars with QR codes that can be repurposed, repurposed, or recycled, triggering a meal donation to those in need. The business’s sustainable and charitable aspect sets it apart.

Simply Good Jars continued to thrive amidst competitors in the market. Their efforts have led to an annual revenue exceeding $4.5 million by November 2022, an impressive feat considering their appearance on Shark Tank in 2021.

The company’s ambition for global growth remains unwavering, with an eye on acquisitions and international expansion.

The determination and innovation of the founder, combined with the support of their Shark Tank partners, Mark Cuban and Lori Greiner, have positioned Simply Good Jars as a significant player in the healthy, convenient food market.

Our research shows that Simply Good Jars is still in business. The company continues to operate and expand its presence in the market. After its appearance on Shark Tank, Simply Good Jars strategically expanded its operations.

What Is the Net Worth Of Simply Good Jars?

According to our research, the net worth of Simply Good Jars is estimated to be $6 million. The valuation of Simply Good Jars was $5 million when it secured an investment from Mark Cuban and Lori Greiner on Shark Tank.

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