The world is motivating new and young entrepreneurs to come forward and establish their brands. America began its reality TV show – Shark Tank in 2009 and today there are 14 seasons.
People from all walks of life have come forward, told their pitches, and improved their brands. The latest season was no different where many teams and individuals came to pitch their business.
They aim to raise funds from one of the leading entrepreneurs and improve their valuation. One of those businesses was “Jica Foods”.
What happened to them after Shark Tank, what are their products, and who are the founders? Let’s discuss everything in detail about the deal.
What Is Jica Foods?
Jica is a snack food company that has all the items made from Jicama vegetables. Jicama is a Mexican root or turnip vegetable that is loved by most natives of Mexico. It is low in calories, high in water and fiber, and is a nutrient-dense food item.
This root vegetable is usually consumed in the form of soups, salads, one-bowl meals, and starters. They contain Vitamin C and are ideal for digestion. That’s why the founders of Jica Foods decided to introduce the company.
Jica foods were started by Xin Wang and Colella Wang in 2015. The partners (husband and wife in real life) once went on a trip to Mexico and tasted the delicious Jicama meal. They instantly fell in love with food. Food is first cut into the sticks and mixed with lemon masala and chili to serve. It tastes delicious and that’s why the couple decided to start the business.
This is a snack business that has several options like Jica de Gallo, Jica Wraps, Jica Sticks, crispy nuggets, buffalo wings, and more. The flavors are similar to a mix of potatoes and apples. They are low in calories, carbs, and sugar while rich in potassium, fiber, and Vitamin C.
Jicama tortillas have 8 calories in total whereas a basic tortilla has 100 calories. All the wraps of this snack company are free from grains and gluten.
The official website of Jica Foods read that there is a fruit option available that is made from pineapple. It is inspired by Mexican flavors and is also used as a dip.
When discussing the pricing of the products, the owners of Jica Foods said that their manufacturing was for $1.85 and the retail price for the same was $2.99. The online price for the product is $4.99. They also told me that every box has 15 wraps and every wrap turns out to be for 30 cents.
Shark Tank Stint
When Jica Foods made their entry in the Shark Tank – Episode 10 of Season 14, the duo demanded an amount of $300,000 for a stake of 3% equity in the firm. The investment initiated a bidding war between Barbara Corcoran and Kevin O’Leary.
Finally, the couple went with the investor that wanted a lower percentage. Although the margin was extremely thin. It seemed like Kevin wasn’t impressed with the deal because he thought that the asking valuation was too high.
Where Can You Get Jica Foods Products?
Jica Foods are available on their official store online and on Amazon Prime. They are available at 78 Whole Foods, 234 Sprout Stores, and 177 Walmart Stores. Jica Foods would soon have a product launch at more offline stores because the vendors are requesting the same.
You can learn more about Jica Foods and how they scaled their business on the broadcast episode of Shark Tank.