Mark Cuban Invests $300,000 in Plant-Based Mushroom Jerky
Mark Cuban is adding another plant-based company to his investment portfolio: Pan's Mushroom Jerky. On a recent Shark Tank episode, Cuban invested $300,000 in vegan mushroom jerky brand, Pan's Mushroom in exchange for 18% equity in the company.
Pan presented his plant-based mushroom jerky to the Sharks asking for a $300,000 investment with 10% equity in the company. After presenting the jerky to the entrepreneurs, Lori Greiner and Blake Mycoskie teamed up to offer him $300,000 with a 30% equity split between the two. Cuban quickly offered the same amount of money but with less equity than the other Sharks offer with 20% equity.
The three sharks started fighting over the company, trying to make their offer more appealing to Pan. Cuban made his offer even more tempting adding Pan's Mushroom Jerky would be his latest addition to his plant-based portfolio which includes Snacklins, Wild Earth, Veggie Mama, Delighted by Desserts, Wanna Date?, and Mrs.Goldfarb's Unreal Deli, maker of the world's first vegan corned beef.
Cuban's final attempt to persuade Pan with his offer was, "I'm a vegetarian so I live this." The billionaire entrepreneur wouldn't take no for an answer noting his investments are in Whole Foods. Cuban and Pan came to an agreement for 18% equity in the company with a $300,000 investment.
Pan's Mushroom Jerky is a Portland, Oregon-based company founded by entrepreneur Michael Pan in 2008. Pan came up with the plant-based jerky company after his cousin, a vegetarian and Buddhist, gave him a mushroom snack during a visit to Borneo, an island in Asia. Pan was mind-blown that the snack wasn't pork but was actually made of fungi.
This trip inspired Pan to develop this shiitake mushroom-based jerky that has the same texture as the real thing and features a delicious umami taste. Pan's Mushroom currently comes in four flavors including Original, Zesty Thai, Applewood BBQ, and Salt and Pepper.
Pan was emotional after receiving such a positive and exciting reaction from the Sharks and will be using Cuban's investment to add new flavors and expand distribution.