JADA Chicken Salt All – Purpose Seasoning
DEAL
EPISODE SUMMARY
🕓 Air Date: November 6, 2020
Asking For:
$250,000 for 20%
Investor:
Barbara Corcoran
Deal:
$250,000 for 33%
PRODUCT SUMMARY
JADA Spices offers vegan chicken salt and other innovative seasonings, along with a plant-based chicken product
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Background Story
Founders Khasha Touloei and Maynard Okereke, based in Los Angeles, California, both have unique backgrounds that led them to create JADA Spices. Khasha, originally from Iran and raised in multiple countries, pursued a career in medicine despite his dream of becoming an entrepreneur. He eventually became a dermatologist. Maynard, on the other hand, started as a science communicator with a passion for hip hop and a background in civil and environmental engineering.
Their motivation for starting JADA Spices comes from their diverse cultural backgrounds and a desire to revolutionize seasoning. They noticed that traditional seasonings often contained unhealthy ingredients like MSG, animal byproducts, and high sodium levels. To address this issue, they developed vegan chicken salt, a turmeric-based seasoning that offers health benefits and enhanced flavor. Moreover, they expanded their product line to include various flavors and innovative products like plant-based chicken.
The Product
JADA Spices offers vegan chicken salt, a versatile seasoning that can be used to enhance the flavor of a wide range of dishes. It’s turmeric-based and serves as a healthy alternative to traditional seasoning salts, containing no MSG, animal byproducts, and lower sodium levels.
The product is particularly popular among vegans as it substitutes chicken bouillon in recipes.They also have a plant-based chicken product that comes in a dry mix form. To prepare, customers simply add water and oil to create a chicken-like paste.
This plant-based chicken is designed to be a healthier and more sustainable alternative to traditional chicken products. It offers 20 grams of protein per serving, no cholesterol, no sugar, and low sodium.
How It Went
The company’s position before Shark Tank
JADA Spices has experienced significant growth since its inception. They reported $319,000 in sales the previous year with $60,000 in EBITDA. In the current year, they are projected to reach $500,000 in sales. They have also secured interest from one of the largest restaurant and entertainment chains for six-figure contracts to use their seasoning in custom recipes.
The company primarily sells its products online, with Amazon being a key distribution platform where they have outsold competitors like Lawry’s. They are actively expanding into the foodservice space and have received offers from major restaurant and entertainment chains.
The founders, Khasha and Maynard, are dedicated to JADA Spices full-time and have made significant strides in growing the business. While they both had successful careers in medicine and science communication, their passion for entrepreneurship and their desire to offer healthier seasonings and plant-based products have driven them to pursue their company wholeheartedly.
The Negotiations:
In the “Shark Tank” negotiations, Barbara Corcoran offered JADA Spices the $250,000 they requested but asked for a larger equity stake of 33%. She was particularly interested in their plant-based chicken product. Khasha and Maynard hesitated momentarily but ultimately accepted Barbara’s offer, excited to have her expertise and connections in the food industry to help them grow their business.
Other Sharks, including Mark Cuban and Lori Greiner, expressed concerns about the founders’ focus and the challenges of entering the competitive seasoning market. They did not make offers. In the end, Barbara’s offer was accepted, and a deal was struck.
