Numilk Net Worth: $50 Million
Numilk net worth is around $50 million in 2023. Plant-based milk has become a trend in recent years, and one of its most popular sources is almond.
Numilk is a company that makes a specific style of milk packing. All the steps are followed free from any bacteria and are eco-friendly. Numilk is a machine that can produce fresh and prepared milk in front of your eyes. Users can fill bottles by themselves instantly after using the bottle and can recycle or throw them away. The company Numilk net worth is $55 million in revenue each year.
Numilk can help you produce fresh almond milk with simple ingredients. Numilk creators are Ari Tolwin and Joe Savino, who successfully pitched their business on Shark Tank.
Numilk Founders:
Ari Tolwin and Joe Savino are from New York, United States. Both the founders loved entrepreneurship growing up. Ari has an MBA from Duke University, and Joe has a BBA from the Lubin School of Business.
Both have strong experience working in the beverage industry. In 2013, Tolwin co-founded tree water provider Happy Tree Maple Water and became its CEO. In 2013 itself, Savino co-founded the beverage contract packer Harvest Beverage Group.
But, the two decided to leave their respective companies after roughly five years. They joined forces to launch a new business that aimed to produce plant-based milk.
Numilk Company
Joe was the one who came up with the Numilk machine. Essentially, the device could make on-demand fresh almond milk. It only needs two ingredients: almonds and purified water. For a sweeter cup, maple syrup is added.
Customers simply need to grab a bottle, insert it into the faucet, and choose between sweetened and unsweetened options. In less than a sixty seconds, their drink will be ready. Numilk machine’s retail price is $299.
When this company was launched in 2018, it raised $12 million from investors to build out the concept. They spent $2 million but only made $40,000. The following year, they made $320,000 but lost $3 million. In 2020, the business earned $400,000 but suffered a $2 million loss.
Numilk Founders and Shark Tank
Tolwin and Savino were finding it difficult to scale their business off the ground. So, the duo planned to get help from wealthy investors on Shark Tank. Founders made their pitch in 2021, offering 5% equity for $1 Million. Valuing their business at around $20 million was a bit expensive for some Sharks.
Apart from their original design, which was comparable to the size of two fridges. They also introduced the new and portable version, Numilk Home and was priced at $199. The richest Shark, Mark Cuban, who is also a vegetarian, saw great potential in this.
So, Cuban made a $2 million offer and proposed that $1 million would be cash in exchange for 7% equity. The other half of the deal is a loan with 3% interest, Joe and Ari happily agreed.
Numilk After Shark Tank
Numilk started DEALING with Whole Foods after their Shark Tank episode. During this time, they also launched a Kickstarter campaign and raised over $222,000 from 888 backers.
Their machines are now selling in 65 stores in US. On their website, the home version of their product is also available for pre-order. They’re also looking to build more partnerships with grocery stores and coffee shops.
Numilk isn’t growing as expected and has struggled with supply chain issues. Customers are getting impatient on Kickstarter as the comment section is full of people looking for a refund. In 2022, Numilk announced they agreed on a deal with Hamilton Beach for them to manufacture the Home and Pro machines.
The latest sales figures haven’t been released for 2022 but it’s approximated Numilk is still losing money and the company is currently valued at $55 million. But, they haven’t blown through all of Mark Cuban’s investment!
