Everything To Know About TOAST-IT From Shark Tank

Prepare to work up an appetite, "Shark Tank" fans. One of the businesses featured in Season 15, Episode 2 of the series is none other than Toast-It — a Latin food brand that is relatively fresh on the scene. Created by sisters Mafe and Coco Cabezas, Toast-It aims to replicate the authentic taste of Venezuelan cuisine with premium ingredients while simultaneously offering frozen dishes that are quick and easy to make. The brand offers a range of items such as arepas, pandebono bites, and plantain buñelos.

Mafe and Coco may be entering the Tank hoping to take their business to the next level with the help of a Shark, but Toast-It has actually already been doing pretty well as a business for more than three years without any Shark assistance. Here are a few interesting facts to know about the company, its origin and growth, and how to obtain its various products.

Viewers may be wondering how exactly Mafe and Coco were inspired to create Toast-It in the first place. According to their website, it's a pretty heartwarming story. Prior to starting the business together, the duo moved from their home in Venezuela to the United States. The pair soon ran into a classic case of homesickness, as they began to miss their mother's cooking from back in Venezuela. The sisters took their desire for the culinary comforts of home and sought to create a line of products that could replicate some of their favorite dishes. Thus, the concept for Toast-It was born.

Of course, getting Toast-It off the ground floor took quite a bit of work for Mafe and Coco. As the two recounted in a summation of their journey thus far on Instagram, Toast-It began with the sisters handcrafting the food products in their own kitchen and personally delivering the boxes to customers around Miami. All of this was done as the pair both worked separate full-time jobs. Fortunately, as Toast-It caught on, the duo was able to shift their focus to their new company full-time, in addition to adding some extra staff. Now, they're trying to continue their products' success on "Shark Tank."

"Shark Tank" actually isn't the first instance of Toast-It getting selected for special recognition against a number of other small businesses. Over the course of its existence, Toast-It has made several major strides that have assisted it in its growth. Back in 2022, Mafe and Coco secured a deal at Walmart's annual Open Call event, in which the department store chain makes investments in various entrepreneurial ventures.

Soon after the Walmart Open Call, Toast-It joined venture capital firm Andreessen Horowitz's Fall 2022 Talent x Opportunity cohort. The opportunity has allowed Toast-It, along with a number of other small companies, access to further funding and development. In other words, Mafe and Coco have some experience dealing with high-powered businesspeople and large sums of investment cash. Regardless of how their "Shark Tank" episode ultimately plays out, the siblings were hard at work expanding Toast-It before ever appearing on the show. Perhaps they could benefit from a deal with a Shark or two, but they might not necessarily need a deal.

If the name "Toast-It" already sounds familiar to you even before you've seen the company's "Shark Tank" pitch, it might be because you've already glimpsed some of the brand's products at the local grocery store. Indeed, unlike some "Shark Tank" businesses that solely offer their goods through a direct website, Toast-It products are generally available to buy at several major retailers. Walmart, Publix, and Winn-Dixie are all among the business' list of partner retailers.

Most recently, Toast-It entered a partnership with Whole Foods to bring its products to yet another major grocery store chain. Mafe and Coco celebrated the news on Instagram, writing, "We can't believe this! It is a dream come true and we are just beyond happy and excited to be closer and closer to you!"

It seems pretty self-evident that Toast-It doesn't plan to slow down. If all goes according to Coco and Mafe's plan, fans should expect to see the line of products become available at an even greater number of stores. In fact, there are already some Toast-It products, like the pandebono bites, that are exclusively available at brick-and-mortar retail locations.

With a product that clearly tastes as good as TOAST-IT, Mafe and Coco Cabezas' "Shark Tank" pitch doesn't have to do much heavy lifting. By the time the investors lay their tongues on the sample arepas, it's obvious this isn't just any freezer aisle convenience. Kevin O'Leary is especially enchanted by the South American treat, as a quick look at the app that tracks his glucose levels reveals they don't cause a spike — which makes TOAST-IT a potential game changer for diabetics and dieters struggling to give up bread.

The sticking point comes once the panel begins digging deeper into the numbers. With projected sales of $500,000 for 2023 and deadly margins of only 20-30%, it's difficult for the Sharks to justify an investment — certainly not the $100,000 the Cabezas are asking for in exchange for just 5% (imputing a $2 million valuation). Nonetheless, Kevin is won over enough to take a flyer on the sisters and offers to invest for 20% equity. The entrepreneurs aren't thrilled about the slash in valuation, which Mr. Wonderful maintains is justified by TOAST-IT being a "baked-goods-non-proprietary-terrible-margins business."

As the rest of the panel formalizes their disinterest in investing, guest-Shark Daniel Lubetzky agrees to match Kevin's offer. After some negotiation, Daniel amends his offer to $150,000 for 20%, but cautions that it's the final one he's willing to make. With no movement from Kevin, the Cabezas agree to Daniel's terms and exit the Tank with a deal.