Where Is Numilk From Shark Tank Today?
Even if you're the most dedicated dairy drinker around, the odds are pretty good you've at least tasted almond milk before. After all, about 40% of households in the United States purchase plant-based milk, according to Sentient Media. That's a lot of non-dairy milk alternatives. In comparison to plant-based milk, cow's milk consumption has declined since 1975, as outlined by the USDA.
If you're a Whole Foods shopper, you might have seen the giant, white Numilk almond milk machines that allowed people to make their own batch fresh with a few presses of a touchscreen. Unlike some store-brand plant-based milk, Numilk products are free from preservatives and are made from organic ingredients, according to its website. In fact, Numilk at one time expanded its kiosk options, offering oat milk and flavors like chocolate.
Numilk was invented by Joe Savino and Ari Tolwin. Prior to jumping on board this project, both were already veteran entrepreneurs; Savino worked in aviation catering and also started a co-packing food company, while Tolwin started a company called Happy Tree Maple Water. The entrepreneurs entered "Shark Tank" with some business experience under their belt, hoping it would be enough to convince the Sharks to invest in their plant-based milk brand. Considering that one Shark sank their teeth in and the brand is still around, it appears that things at Numilk are going swimmingly.
Numilk milked a deal
Numilk appeared on Season 12, Episode 18 of "Shark Tank," asking for $1 million in return for 5% ownership of the company. With the help of the inventors, Mark Cuban demonstrated how to make almond milk from the Numilk machine. The Sharks were given samples of the milk, which they seemed pleased with. While that part of the pitch went exceptionally well, further discussion led to a number of hurdles that prompted some Sharks to drop out.
Kevin O'Leary immediately expressed concerns about the amount of maintenance required on the machines. Notably, Joe Savino and Ari Tolwin came prepared with numbers. Although the machines cost approximately $30,000 to make, they produced $50,000 in annual revenue. At the time of the pitch, Numilk had already raised $12 million, but the pandemic slowed the company's expansion plans. In fact, they also unveiled a prototype countertop device, allowing consumers to make plant-based milk in the comfort of their own kitchen. The machine cost $85 to make and was expected to sell for $199.
At the end of the day, all Sharks except O'Leary and Cuban dropped out. O'Leary offered a $1 million loan at a 9.5% interest rate for a 5% stake in the company. However, Cuban ultimately made the better proposal, offering $2 million — $1 million for 7% ownership in Numilk, plus an optional $1 million loan at a 3% interest for a 3% stake in advisory shares. In the end, the entrepreneurs accepted Cuban's deal.
People are nuts for Numilk
Since appearing on "Shark Tank," Numilk seems to be quite successful. The company is apparently valued at $55 million, according to Techie + Gamers. Although Numilk had humble beginnings in grocery stores, it has since moved beyond those boundaries. In June 2022, the company announced on Instagram that it was phasing out its kiosk machines in order to prioritize its other product lines, Numilk Home and Numilk Pro.
NuMilk Pro is a mini version of its kiosk machines tailored for cafes and restaurants that retails for $699. The NuMilk Pro uses pouches of ingredients to make the milk. Some pouches consist of flavors such as almond, oats, hemp, as well as latte and protein shake flavors. NuMilk can be found in cafes across the country such as Cartel Roasting Co. and Birch Coffee.
NuMilk Home is similar to NuMilk Pro, but it is designed to be used at home. In March 2021, Numilk launched a Kickstarter campaign to raise money for the production of this particular product that raised $222,352 from 888 people. The company had received working prototypes and was finalizing the design and details. However, a March 2023 press release notes that the company entered into an extended contract with Hamilton Beach to produce machines that use Numilk pouches, which should be ready to purchase in 2024. You can also add yourself to the Numilk Home waitlist (which currently lists the machine at $249) on the company website.