Do you know about the update on Umaro foods? Here is an update!

Do you know about the update on Umaro foods? Here is an update!

Umaro food is a plant-based vegan bacon development company. It is located in Albany, California, in the United States. They use seaweed as their main food base. The company is using innovative new technologies in the food industry, such as seaweed farming. Beth Zotter and Amanda Stiles are the co-founders of Umaro Foods. Beth Zotter is the CEO of the company. She worked in the Bio Architecture Lab of a seaweed biofuels company. Amanda Stiles is a plant biochemist who worked in research before joining Umaro Foods. 

What happened at the Shark Tank?

Beth Zotter and Amanda Stiles appeared in Shark Tank Season 13, Episode 18. They were with the hope of $500,000 for 2% equity. Guest shark Emma Grede followed Robert and stepped out of the deal. Kevin O’Leary, on the other hand, interested in the product. He offered them $500,000 for an 8% share of the company. Beth and Amanda suggested a $1 million for 8% equity. Mark Cuban was happy with the deal; Lori Greiner offered $500,000 for 4% equity. The deal was finally closed after mark Cuban agreed to $1 million for 7% of shares. 

Beth and Amanda explained that seaweed products are the next innovative protein product in the world. They also explained as they are developing technologies for seaweed farming. They mentioned their planning on mass seaweed farming in the Gulf of Maine. The company plans to put products on the market by the end of 2022. 

The company received a $3 million fund from a few foundations, including Alexandria Venture Investment, Ahimsa foundation, and Impact science ventures. Umaro foods received huge popularity after the show officially aired. The company features its products on Instagram pages. The products will soon be on the market without any changes in the formula. The internet companies like Lightlife, Sweet Earth, and Tofurky produce similar products.

Jahnavi