Raven Thomas, the owner of The Painted Pretzel, started making chocolate-covered pretzels in 2009 and has since grown her company.
Raven, a stay-at-home mom, made her first delightful creations in the privacy of her own house. She sold her delectable treats through a network of small businesses.
However, as the demand for her goods grew, she found it increasingly impossible to meet it.
Raven realized that if she wanted to be financially successful, she needed to expand her business beyond mom and pop businesses. She went out in search of larger retailers who were interested in her pretzels.
What Were the Outcomes of the Painted Pretzel Demand?
According to Raven’s website, The Painted Pretzel had grossed $75,000 in sales the year before she appeared on Shark Tank.
For a one-woman show, this is rather spectacular! Despite the high demand for her scrumptious confections, however, the designer lacked the financial means to expand her business.
A well-known store, Sam’s Wholesale Club, approached The Painted Pretzel Company with a $2 million offer. Raven was unable to meet their requirements.
She had to say no when the luxury department store Nieman Marcus approached her about filling their stores with her chocolate-coated pretzels.
Raven Thomas Appeared On Shark Tank For What Reason?
So, if The Painted Pretzel Company’s sales were climbing to dizzying heights, why would Raven Thomas participate on Shark Tank?
As big firms expressed interest in Raven’s sweets, she recognized she needed financial backing as well as a commercial kitchen to grow her business.
The Painted Pretzel’s Sales Pitch
Raven Thomas expected to receive $100,000 in exchange for a 25% ownership in her company when she went into the meeting.
She didn’t show there empty-handed, either, as she offered the sharks her chocolate-coated pretzels to try.
She informed them of her previous year’s sales figures as well as the fact that she had a $140,000 order ready to be fulfilled.
She also had $64 000 in pending orders that she needed to fulfill but couldn’t since she didn’t have the finances.
Net worth of Painted Pretzel
Unfortunately, the company’s net worth has not been reported, but we do know that in 2021, The Painted Pretzel had annual sales of more than $1 million.
What Were the Sharks’ Thoughts on the Situation?
Shark Kevin O’ Leary and Lori weren’t convinced that The Painted Pretzel was unique enough, and Raven’s emotional pitch didn’t win them over either.
Raven’s emotional plea, on the other hand, drew Mark Cuban’s attention, who offered her $100,000 in exchange for a 25% interest in his company.
He admired her pretzels and thought they were excellent, so she decided to sell them at his sports arenas and movie theatres.
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What Has Happened to Painted Pretzel?
As you can see, having a billionaire partner who is as passionate about your product as you are about its creation can only be a good thing and lead to massive success. Thomas now works out of a large commercial kitchen, where she creates an incredible variety of Painted Pretzel products.
Raven’s work is currently available in stores across the country as well as on her website. Sam’s Club, a lesser-known retailer, has announced that they are now available for purchase at their location.
My house is within walking distance of one, and I plan to go check it out later today to see if they’re still available. Hmm, these appear to be extremely tasty, and I’m excited to give them a go.