Numilk Net Worth: Shark Tank Update

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Are you one of the people who want to quit dairy-based products and turning vegan? Numilk is one of the best alternatives to dairy milk — it creates plant-based fresh milk without using gums, preservatives, fillers, bacteria, etc., while reducing waste by using reusable bottles. 

Launched in 2017, Numilk had been growing very steadily. Until Mark Cuban funded the company on the show Shark Tank. Since then, Numilk has been on a fast growth journey.

If you want to know Numilk net worth Shark Tank update, then you are at the right place. In this article, we will tell you everything about Numilk, from how it got into Shark Tank to what's happening in the company right now.

What is Numilk?

Numilk is a company that sells machines that make plant-based milk without the use of preservatives, fillers, and gums. And unlike other companies that sell plant-based milk, Numilk don't sell packaged milk. 

Numilk Net Worth: Shark Tank Update

Take a look at their other features:

  • Sustainability. True to their commitment to sustainable practices, Numilk encourages the use of bottles that can be recycled and refilled by the consumers.
  • Healthy. With a shelf life of 7-10 days without added preservatives or chemicals, there's no health issues that the consumer can face. 
  • Easy to buy. The best part is, you can have fresh almond, oat, or chocolate milk on the spot with the Numilk machine in just 60 seconds by tapping a few buttons! It is very easy to use and clean. All you need is a clean cloth which you can use to clean the whole machine. 

At first, Numilk was present only in Whole Foods grocery stores. But now, they have launched a small machine that can be placed on kitchen countertops to get fresh milk each time you want. 

Who founded Numilk? 

After working in the beverage industries separately, Ari Tolwin and Joe Savino founded the company Numilk in 2017. The former, cofounder of Happy Tree Maple Water, sold delicious and nutritious water from maple trees.

Meanwhile, Joe Savino worked as the Operations Manager at 121 Inflight Catering. He served there for five years before he co-founded Harvest Beverages Group. Another five years later, he met with Ari Tolwin to create the groundbreaking Numilk.

Two years later, they realized the need for a CFO and Engineering VP. Thus, came another partner Lennie Friedman in 2019. Although he left Numilk for VetOvation in 2022, Lennie definitely made invaluable contribution to the company's innovation. 

Numilk before Shark Tank

Ari Tolwin and Joe Savino had great plans for Numilk, once of which is to capitalize on an industry that's about to reach $123.1 billion by 2030. Before they raised any capital from Shark Tank or any other investor, their initial fund of  $12 million was their hard-earned savings.

Numilk Net Worth: Shark Tank Update

They used the first $2 million in the first year mainly doing R&D. They installed their first machine in a Whole Foods Grocery Store and did around $40,000 in revenue in their first year. In the second year, they spent around $3 million in more R&D and marketing, earning around $300K

In 2020, they had planned to install at least 100 machines and earn $6 million in revenue. Unfortunately, the COVID lockdown came and they could only do $400K. This didn't stop them, though. Running out of cash, they went to Shark Tank in hopes of launching smaller, family-friendly machines.

Numilk Shark Tank pitch 

Came 2021, the duo present Numilk in the Shark Tank Season 12. Determined to beat the COVID setbacks, Ari and Joe presented with perfect energy and easily grabbed all the sharks' attention. They had three motives in mind:

  • Raise extra money to make up for the COVID loss
  • Market their product
  • Sell the smaller Numilk Home machine

They initially asked a $1 million investment against 5% of their equity, revealing that they had already raised $12 million at a $40 million valuation.

Upon tasting the milk, the Sharks were also impressed. Mark Cuban, who has a fair share of plant-based milk company stake, particularly liked the almond milk. 

Numilk Net Worth: Shark Tank Update

Numilk financials on Shark Tank

Already liking the product, the Sharks went on to talk about money. And as expected, Numilk's sold like crazy! Just take a look at this:

  • First year: $40K 
  • Second year: $300K
  • Third year: $6 million (projected)

Although the third year projection seemed ambitious, the founders admitted they were unable to install new machines due to COVID. In the end, they only earned $400K in 2020. Now, let's talk about the vending machine cost.

A machine costs $30,000, which they were planning to bring down to $15,000. On to the next project, they want to launch a smaller machine, called Numilk Home. For only $249, families can have a Numilk machine at home, only needing regular pouch-refills for the ingredients.

Numilk: The Shark Tank deal

Unfortunately, Barbara Corcoran, Lori Greiner, and Daymond John thought that the founders' ask was too much based on the financials. They also thought that the business was very saturated and very risky.

Still, Kevin O'Leary offered a loan of $1 million against 5% equity at a rate of 9%. On the other hand, Mark Cuban offered $1 million for 7% equity in the company and an additional loan of $1 million, with 3% interest, for another 3% equity.

Knowing that Mark had already invested in other plant-based milk companies before, the founders ultimately accepted Mark’s offer

Numilk net worth Shark Tank update

With the budget on hand, it was time to work. Ari and Joe created a kickstarter campaign and raised around $222,000. And guess what? The smaller Numilk Home was finally available at $249, while the Numilk commercial machines was sold at $1,299. 

Numilk Net Worth: Shark Tank Update

Along with the machines, milk ingredients were sold in pouches separately. Post-Shark Tank, they introduced new flavors and partnered with cafes. As of 2024, Numilk machines are scattered in 200 locations.

However, their machines were still not available on online sites like Amazon or eBay, whereas their competitors are. The customers can only place orders directly on their website. Talking money, the company has not posted any financial updates since Shark Tank.

Numilk net worth: Shark Tank update and projections

With the industry set to swell to a whopping $120 billion by 2030, Numilk is basically the captain of the dairy-free ship. Despite being discreet, it's estimated that Numilk has a net worth of $70 million and a market valuation of around $55 million.

Numilk Net Worth: Shark Tank Update

FAQs on Numilk net worth: Shark Tank update

What happened to Numilk after Shark Tank?

Numilk got funding worth $2 million on Shark Tank and started working on expanding the company in different cities. They are currently available in more than 200 locations in the United States. Per latest reports, Numilk has a net worth of $70 million.

Are the founder of Numilk still working?

The founders of Numilk, Ari Tolwin and Joe Savino, are still running the company together. 

However, Lennie Friedman, who was the CFO and VP of Engineering, left the company in 2022 to work for another company. 

Where can I buy Numilk machines?

Numilk is not available on online e-commerce stores. To buy a Numilk machine, you have to go to their official website, where you'll find different Numilk machines and pouches.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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