'Shark Tank' founder asks $550,000 for his vegan pet food brand — and he had zero sales to show

The market for plant-based products is growing across the globe and while people are going vegan out of their love for animals, vegan options for animals are also emerging. "Shark Tank" offers a platform for such innovative ideas to grow into full-scale businesses, but sometimes, such investments may backfire. When an entrepreneur named Ryan Bethencourt arrived on "Shark Tank," he was pitching cruelty-free, completely nutritional pet food, which is also vegan, under his brand Wild Earth.

The entrepreneur even got sharks to taste the food meant for pets and claimed that plant-based products were just as nutritious as meat. While his ask was an audacious $550,000 for a 5% stake in the company, putting its valuation at $11 million, the firm hadn't really earned anything from sales. In fact, at that stage, Bethencourt was still about to launch the product in the market and claimed that he had done a lot of research and development to come to the valuation.

Although he failed to convince all the other sharks, Mark Cuban decided to place his bet on the vegan pet food brand and offered $550,000 for a 10% stake. After some negotiations, Bethencourt accepted the offer. But things didn't work out as planned, as Wild Earth filed for Chapter 11 reorganization bankruptcy in North Carolina after showing $2.4 million in assets and $12.6 million in liabilities, according to Greenqueen.

But this wasn't the only time when a plant-based food company decided to ask for investment based on a seemingly inflated valuation. Lucas Bradbury wanted to revolutionize the meat and fast food industry with his vegan alternative - Project Pollo. Bradbury presented the healthy version of burgers, sandwiches, crispy patties, and nuggets to the sharks. He requested a staggering $2.5 million investment in exchange for 5% equity in his rapidly expanding business.

Bradbury insisted that his personal favorite, 'Buffalo mac and cheese,' was made from 100% soy. "It's truly to die for, but no animals had to die for it to be this good," he acknowledged. "Sharks, before you all choke on that 50 million valuation. I would like to offer the opportunity for all to try the product I've made for you guys today," the young CEO remarked. "So in front of you is our Deluxe chicken sandwich, you have our chicken nuggets on there served alongside our fries and then, of course, the Buffalo Mac and cheese." Kevin O'Leary was one of the first to praise the vegan dishes, "Really good, Chef Wonderful, likes it. I've tried a lot of fake chicken, but this is the best I've had," he said, stuffing mouthfuls.

Bradbury revealed that his initial business strategy was to offer free first meals to the customers to clear their misconceptions about vegan food. He went on to wow the investors with his sales projections, but the young entrepreneur also admitted that he had maxed out his credit cards and family savings before the profits started picking up. He disclosed that his passion project now had over ten physical outlets in Texas, and they were on the verge of opening their twelfth restaurant. Bradbury confirmed that his company had made $10 million in turnover, and he was expecting it to increase by $6-$7 million by the end of the year. 

He further explained that the sales initially touched $10,000 a week before surging to $23,000 a week within three months. However, the sharks did not want to risk their time and money on Bradbury's vegan efforts, and sadly, he had to leave without a deal. According to Looper, his idea paid off after appearing on the reality show, and Bradbury was able to hire former McDonald's and Chipotle executives on his payroll. His outlets saw an increase in business because of curiosity, changing lifestyles, and his fame from "Shark Tank". After experimenting with Project Pollo, the young entrepreneur dabbled with another franchise, Side Chicks. 

However, the move proved disastrous for the existing businesses; soon, many of the outlets faced closure, and new ones were scrapped. Neither of the franchises flourished under performance pressure; the management was dismantled, and a new national company took over the operations. As of September 2024, Project Pollo and Side Chicks both have gone out of business.