Last into the tank are husband and wife duo Abe and Lisa Fetterman of Nomiku, seeking $250,000 for five percent equity.

Key Takeaways: Nomiku on Shark Tank

  • Innovative Cooking: Nomiku brings gourmet sous vide cooking to home kitchens, offering affordable, user-friendly products.
  • Mixed Reactions: Sharks appreciated the product’s taste but had concerns about sales momentum and market understanding.
  • Investment Secured: Chris Sacca invested $250,000 for 10% equity, contingent on investor agreement, while Kevin O’Leary withdrew his offer.
  • Strong Sales: Achieved $3 million in sales over four years, indicating potential for growth.
  • Valuation Concerns: Initial valuation deemed too high by some Sharks, leading to negotiation challenges.
  • Community Focus: Nomiku emphasizes a community-driven approach to enhance the cooking experience.

Nomiku: A Quick Company Overview

Nomiku is a gourmet home-cooking product that allows people to cook sous vide at home.

According to their website, they have “developed an easy to use and affordable product that lets anyone cook like a professional chef and experience a new way of cooking alongside a community that makes cooking better together.”

Their WiFi Nomiku product costs $249.99 allows for easier sous vide cooking, while other products include a home cookbook and classic Nomiku, which costs $199.

Nomiku’s Performance on Shark Tank

The sharks love the taste of the food, but Kevin O’Leary immediately points out the concern in valuation.

In four years, they’ve done $3 million in sales.

Mark Cuban doesn’t see enough momentum and feels as though he doesn’t know the industry enough so goes out, followed by Lori Greiner. Robert Herjavec doesn’t understand the concept either and goes out.

O’Leary likes the idea of investing in their business based on his previous investments and offers $250,000 for 10 percent. While attempting to negotiate a deal with guest shark Chris Sacca, O’Leary then decides to withdraw his offer.

Sacca ultimately offers $250,000 for 10 percent, contingent on getting their other investors to allow them to retain 40 percent of the company.

They accept, despite trying to counter with a lower equity stake.

Final Thoughts

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009.

To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.

Social Media Reacts to Nomiku’s Appearance on “Shark Tank”

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