What's The Story Behind the Painted Pretzel?
Raven Thomas, the founder of The Painted Pretzel, began manufacturing chocolate-coated pretzels in 2009 and has since expanded her business.
Raven, a stay-at-home parent, created her first delectable masterpieces in the comfort of her own home. She distributed her delectable treats through tiny retailers.
However, as her product rose in popularity, she found it increasingly difficult to keep up with the demand.
Raven understood she needed to expand her business beyond mom and pop shops if she wanted to be a financial success. She sought out larger retail players who were interested in her pretzels.
What were the results of the demand for the painted pretzel?
The Painted Pretzel had achieved $75,000 in sales the year before Raven made her appearance on Shark Tank, according to her website.
This is quite impressive for a one-(wo)man concert! However, despite great demand for her delectable confections, the creator lacked the financial wherewithal to expand her enterprise.
Sam's Wholesale Club, a well-known retailer, approached The Painted Pretzel Company with a $2 million offer. Raven was unable to accommodate their request.
When the luxury department store, Nieman Marcus, approached her about stocking their shelves with her chocolate-coated pretzels, she had to decline their offer to do so.
Why Did Raven Thomas Appear On Shark Tank?
So why would Raven Thomas participate on Shark Tank if The Painted Pretzel company's sales were soaring to dizzying heights?
Raven realized she required financial backing as well as a commercial kitchen to build her sweets business as the big companies expressed interest in her goods.
The Pitch for The Painted Pretzel
Raven Thomas went into the meeting with the expectation of receiving $100,000 in exchange for a 25 percent stake in her company.
In fact, she didn't show up empty-handed, as she handed out her chocolate-coated pretzels to the sharks for them to try.
She informed them of her sales figures from the previous year as well as the fact that she had a $140,000 order awaiting fulfillment.
She also had pending orders totaling $64 000 that she needed to fulfill, but she couldn't since she lacked the necessary funds.
What were the opinions of the sharks?
Shark Neither Kevin O' Leary nor Lori was sure that The Painted Pretzel was sufficiently unusual, and Raven's emotional pitch didn't impress either.
Raven's emotional appeal, on the other hand, caught the attention of Mark Cuban, who gave her $100,000 in exchange for a 25 percent stake in his company.
She agreed to sell pretzels at his sports arenas and movie theaters because he admired her pretzels and thought they were delicious.
Where is Painted Pretzel Now?
As you can see, having a billionaire partner who is as enthusiastic about your product as you are about its creation can only be a positive development and result in a huge success. Currently, Thomas operates out of a huge commercial kitchen, where she produces an astonishing array of Painted Pretzel goods.
Currently, Raven's works may be found in stores across the country, as well as online through her website. As for the little-known retailer, Sam's Club, I've heard that they are now available for purchase at their location.
My residence is within walking distance of one, and I want to visit there later today to see whether they are still available. Hmm, they really appear to be quite tasty, and I am looking forward to trying them.
Painted Pretzel Net Worth
Unfortunately, the company has not disclosed its net worth but we do know that in 2021, The Painted Pretzel recorded annual sales of over $1 million.