Nomiku Sous Vide Cooker
DEAL
EPISODE SUMMARY
🕓 Air Date: December 2, 2016
Asking For:
$250,000 for 5%
Investor:
Chris Sacca
Deal:
$250,000 for 10%
PRODUCT SUMMARY
Nomiku offers the first-ever home Sous Vide immersion circulator, simplifying gourmet cooking with precise, low-temperature water baths.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Nomiku, a culinary innovation hailing from the vibrant city of San Francisco, was brought to life by the dynamic duo of Lisa and Abe. The genesis of Nomiku can be traced back to Lisa’s culinary journey and Abe’s expertise as a plasma physicist. Lisa, the face of the company, draws from her rich experience in the restaurant industry, where she developed a keen appreciation for the Sous Vide method – a culinary secret of top chefs worldwide.
Their fateful encounter at the gym, where Lisa met Abe, marked the beginning of a culinary revolution. Abe, enamored by Lisa’s passion for gourmet cooking, crafted an at-home version of the Sous Vide immersion circulator, a tool coveted by top-tier Michelin-starred establishments but often priced beyond reach. This ingenuity not only changed their lives but laid the foundation for Nomiku, a venture aimed at democratizing gourmet cooking for home chefs.
The couple’s journey from Michelin-starred kitchens to the inception of Nomiku is a testament to their shared passion for culinary excellence. Lisa, as the face of the company, not only brings her expertise from the restaurant industry but also serves as the voice of Nomiku in various forums. The combination of Lisa’s culinary prowess and Abe’s scientific background culminated in the creation of the first-ever home Sous Vide immersion circulator.
Based in the gastronomic hub of San Francisco, Nomiku’s founders envisioned a product that would empower home cooks to craft perfect dishes conveniently and consistently. Their dedication to making gourmet cooking accessible is evident in the meticulous design and functionality of the Nomiku device, allowing users to enjoy one-button cooking with precision and ease. The story of Nomiku is not just about a kitchen appliance; it’s a narrative of passion, innovation, and the pursuit of culinary perfection.
The Product
Nomiku, the pioneering home Sous Vide immersion circulator, redefines the culinary experience by bringing the precision and convenience of professional cooking into the hands of home chefs. This sleek device attaches to any pot, transforming it into a precision cooking tool for gourmet enthusiasts.
Utilizing the Sous Vide method, Nomiku ensures that food is vacuum-sealed and submerged in a precisely controlled low-temperature water bath. The process allows for consistent, restaurant-quality results, as users can achieve the desired doneness without the risk of overcooking.
The Nomiku experience extends beyond the hardware, as the device seamlessly integrates with a dedicated app. This app serves as the control center, enabling users to set and monitor cooking time and temperature effortlessly. The set-it-and-forget-it functionality lets users step away confidently, knowing they’ll return to perfectly cooked meals.
Nomiku caters to a wide range of culinary creations, from perfectly cooked steaks to delicate desserts. Its versatility makes it a must-have for any home chef aspiring to elevate their cooking skills.
This innovative kitchen companion is available for purchase on Nomiku’s website, online retailers, and now, with a recent purchase order from the renowned Williams-Sonoma. With one-button cooking and precise control, Nomiku empowers users to unleash their culinary creativity with ease and precision.
How It Went
The company’s position before Shark Tank
Nomiku has demonstrated robust performance since its inception in 2012, establishing itself as a leader in the home culinary technology sector. With a commendable $3 million in sales, Nomiku has proven its appeal to a diverse customer base seeking innovative solutions for gourmet cooking. The company strategically sells its products through various channels, including direct sales from its website, online retailers, and, notably, through a recent purchase order from the esteemed Williams-Sonoma. This collaboration with Williams-Sonoma, a renowned kitchenware retailer, serves as a significant milestone, expanding Nomiku’s reach to a broader audience of culinary enthusiasts.
Nomiku’s funding history reveals a successful trajectory. In 2012, the founders secured a seed round of $875,000, demonstrating early investor confidence. Last year, the company raised an additional $2 million through a note, indicating sustained interest and financial backing. The profitability of Nomiku is supported by its consistent sales performance and expansion into prominent retail partnerships. The company’s valuation at $5 million, with a seed round valuation of $6 million, reflects positive market reception.
Nomiku’s financial health is further bolstered by available capital, ensuring the company’s stability and potential for growth. The founders, Lisa and Abe, maintain 51% ownership, showcasing their commitment to the company’s vision and success. Nomiku’s current structure positions it as a dynamic player in the culinary tech industry. The strategic partnerships, strong sales figures, and successful funding rounds indicate a company that not only meets market demands but also continues to innovate. With a customer-centric approach and a clear focus on providing accessible gourmet cooking solutions, Nomiku stands poised for continued success in the ever-evolving culinary landscape.
The Negotiations:
Nomiku’s journey through the Shark Tank negotiations was a rollercoaster of strategic pitches and insightful considerations. Seeking $250,000 for 5% equity, founders Lisa and Abe presented their innovative Sous Vide immersion circulator to the Sharks.The negotiation dance commenced with a showcase of the product’s capabilities and the founders’ impressive background. Mark Cuban and Lori Greiner, despite acknowledging the product’s appeal, opted out, citing market challenges and a lack of understanding in the industry. Undeterred, the couple continued their pitch, highlighting $3 million in sales since 2012 and recent collaboration with Williams-Sonoma.
Chris Sacca, intrigued by the product, expressed concerns about potential dilution of the founders’ equity. Despite Mark Cuban’s departure, Sacca made an offer: $250,000 for 10% equity, contingent on the founders retaining 40% ownership post-deal negotiations with other investors. A counteroffer was made for 8%, showcasing the founders’ negotiation prowess.The negotiation continued as Sacca delved into the complexities of Nomiku’s previous funding rounds and potential equity dilution.
Mark Cuban, observing from the sidelines, raised concerns about the company’s momentum and decided not to invest. Ultimately, Lisa and Abe accepted Sacca’s offer of $250,000 for 10% equity, contingent on retaining 40% ownership after dealing with other investors.The negotiation underscored the delicate balance between securing investment and preserving founder equity. Nomiku’s founders showcased resilience, adaptability, and a keen understanding of their company’s value, ultimately securing a deal with Chris Sacca to propel their innovative Sous Vide device to new heights.
