Where Is Rumi Spice From Shark Tank Today?
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In 2017, Rumi Spice took its business of sourcing Afghan saffron into the Shark Tank, during Season 8, Episode 23. These military vets employed 300 women to sustainably harvest saffron, per Chicago's Business Journal.
Saffron is a crucial ingredient for many cuisines and iconic dishes like paella and biryani. According to Business Journal, it takes 170,000 flowers to yield just one pound of saffron. Each flower offers a mere three strands of saffron that are best picked at a certain point of the day, by hand, for a few weeks each year. Considering all of that, the $5,000-per-pound price is justified. But that large price tag doesn't trickle down to the laborers. In Iran, where 90% of saffron is harvested, workers earn no more than five dollars a day.
According to Rumi Spice, it believes that Afghani farmers deserve a better share of the $15.7 million (per The World Bank) global saffron market. This new supply chain will have a huge impact on the country's developing economy. Plus, Rumi Spice hopes that by connecting consumers with the story of the region and its people, it may help reverse negative stigmas about the war-torn country.
Rumi's mission and background helped it gain an offer
Rumi's trio of founders, Emily Miller, Kim Jung, and Keith Alaniz, entered the show seeking $250,000 in exchange for 5% of their company. Their business began in 2015 with a Kickstarter that raised almost $33,000. At the time of the show, they had made $400,000 in revenue, and they expected to reach $750,000 by the end of the year. Each jar cost $8.30 to make and sold for $35.
Daymond John went out because he believed the product was too expensive. After tasting the saffron, Lori Greiner went out, too, citing not liking the flavor profile. Kevin O'Leary pushed back on the forecasted revenue, but he did not get an answer that satisfied him. As a result, he went out, as well.
Mark Cuban made Rumi Spice an offer of $250,000 for a 15% stake in the company. Cuban cited his desire to work with veterans and entrust them to empower the growers as his reason for the offer. Robert Herjavec was going to offer $250,000 for 25% but did not want to compete with Cuban. As a result, the group took Cuban's offer.
Rumi Spice today
Since its appearance on the show, Rumi Spice has made huge strides. Most notably, per its blog, it raised $2.5 million in Series A funding from InFrontier, allowing it to make significant investments in its business. According to Forbes, it's grown to employ more than 4,000 women to harvest saffron in spite of historic drought, political unrest, and a global pandemic. In fact, it actually experienced increased sales during the pandemic despite Covid-19-induced restaurant closures. C.E.O. Patti Doyle attributes those surprising sales to the appeal of the company's mission, explaining that "It's not just about a spice."
Rumi Spice's saffron can be had for $14.99 per gram on Amazon. One gram is a tiny weight, but that's about one tablespoon of threads (per La Paella), enough for six batches of something like this tomato and saffron fish soup recipe. Rumi Spice now offers a wide range of whole spices, spice blends, and seasoned salts on their website.