Rumi Spice
Next up are veterans Emily Miller, Kim Jung and Keith Alaniz of Rumi Spice, seeking $250,000 for five percent equity.
Rumi Spice offers “the world’s finest saffron,” which adds a burst of flavor to any dish. Rumi Spice also partners with Afghan farmers “to bring top-quality, sustainably farmed saffron to customers around the world,” according to their website. Employing and empowering more than 300 women, they not only strengthen the country’s economy, but also reinvest back into the infrastructure. “We are laying a foundation for peace, one saffron flower at a time.” Prices range from $5.99 for saffron gems to $169 for a saffron bulk.
The sharks worry about the cost to produce and Daymond John points out that that could result in a limited market. They have done $400,000 in sales so far and are projected to do more than $750,000 this year. They want to ultimately turn it into a brand.
They want to go to retail and expand to other markets, such as tea. Mark Cuban wonders about potential political risk. Daymond John loves the concept and how the company gives back, but finds it too expensive for the everyday person. He goes out, followed by foodie Lori Greiner. The remaining sharks are also concerned that they don’t know all of their numbers. Kevin O’Leary doesn’t think they are worth $5 million and goes out, as does Robert Herjavec. Mark Cuban likes their mission and offers $250,000 for 15 percent, which they accept.
Social Media Reacts to Rumi Spice’s Appearance on “Shark Tank”
Do people not realize that saffron is one of the most expensive spice in the world? This is a smart idea. Get it from the source #SharkTank
— Mia (@mep757) May 6, 2017
#SharkTank @Rumi_Spice… I love Saffron, excellent spice and I live your back story of how you created your business.
— GGRM-Geegee"s Junk (@Geegeesjunk) May 6, 2017
Damn, these @Rumi_Spice were terrible. Not sure what @mcuban saw that we didn"t see. #SharkTank
— Rob McGahen (@rmcgahen) May 6, 2017
@Rumi_Spice thank you for your service #SharkTank
— Christopher Robinson (@chrisrobco2003) May 6, 2017
I’m intrigued-the product’s interesting & some of my best investments have been Veteran founded companies! @BottleBreacher @teamruckpack
— Kevin O"Leary (@kevinolearytv) May 6, 2017
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Would you try Rumi Spice? Sound off in the comments section below!
Source: B2C
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