Fila Manila Net Worth 2024 Update & Their Shark Tank Pitch!

Shark Tank Fila Manila, a Filipino American flavour food products company founded by Jake Deleon, telecasted Shark Tank USA in 2024 on Season 15. The founder was seeking $250,000 for 5% equity. However, they secured a deal with  Daniel Lubetzky,  $250,000 for a 20% stake with an option to return 5%. In this article, we will explore Fila Manila Net Worth in 2024, its Shark Tank pitch summary and more.

Fila Manila Net Worth

As of April 2024, Fila Manila’s net worth is estimated at $3 million, and its annual revenue was $400K in 2022. 

Fila Manila Net Worth Timeline

Shark Tank Fila Manila Update from Season 15 

Fila Manila offers a new taste of Filipino American flavours. Its food is unique and different from American food. Many Filipino Americans in the U.S. like the exciting flavours of Filipino cuisine.

Jake started his presentation by introducing himself in a captivating manner. He was seeking $250,000 for 5% equity, valuing the company at $5 million. He wanted to bring Filipino flavours to every American home and needed a shark’s help to grow his business. His products include Banana Ketchup, made with bananas instead of tomatoes. And it has less sugar, carbs, and calories than regular ketchup. 

There’s also Adobo Sauce, inspired by the popular Filipino dish Chicken Adobo, and Kare-Kare, a peanut sauce.  He also offers Ube and Coconut Jam, a delicious dessert topping. The sharks tasted his products and were impressed by the flavors.

In sales, he made $6,000 in 2020, which jumped to $50,000 in 2021. In 2022, sales hit $400,000, and so far this year, he earned around $150,000. Also, he expected to finish the year with $800,000 in revenue.

Jake presented the sharks with a full meal of Fila Manila. Mark asked Jake about his sales strategy, and Jake explained that he primarily sells his products in stores and on Amazon.

Fila Manila started in one Whole Foods store and expanded to cover an entire region, then four regions. They make 90% of their sales in retail stores and 10% online, mainly through Amazon. Jake produces a sauce pouch for $1.60. They sell these pouches wholesale for $3.33 and retail them for about $5.99.

Kelvin expressed concern about Jake’s profitability, noting that his sales haven’t been high. However, Jake explained that he changed his packaging last year to increase profits. 

Greiner saw some issues with the deal. She pointed out that Jake’s sales weren’t very high, yet he’s asked for a significant investment. She also suggested that Jake better describe his Filipino food products to the audience for better understanding. However, Greiner opted out of the deal.

Mark criticized Jake’s approach and said it was the worst presentation ever. Daymond declined to invest because he couldn’t handle the spiciness of the food. But, Daniel offered $250,000 for a 20% stake in the company.

Jake made a different offer. He suggested giving $250,000 for a 5% stake and paying a 5-8% royalty of sales until $250,000 is repaid. Kelvin liked this offer and suggested giving $250,000 for a 10% stake and a similar royalty plan until $500,000 is paid back. Jake declined that offer. 

Jake then asked Daniel for his final offer. Daniel offered $250,000 for a 20% stake, with the option to return 5% if certain sales benchmarks are met. Jake accepted Daniel’s final offer and left the show with a deal. 

What Happened to Fila Manila after Shark Tank?

As of April 2024, the Fila Manila is still in business. After the recent episode aired, Fila Manila experienced the ‘Shark Tank effect,’ gaining significant exposure. The episode attracted over 3.5 million viewers. 

Fila Manila anticipates doubling its annual revenue in 2024. The company has shifted to using eco-friendly pouches instead of glass jars for its products, showing a commitment to sustainability. Also, its Banana Ketchup has Upcycled Certification, which means over 50% of the product uses upcycled banana puree. Its products are available on platforms like Amazon, Umami Cart, Weee, and FilaManila.com.

It’s now available in 2,000 stores across 25 states, which has doubled in the last 18 months. The founder estimates that the business is growing by 30% to 40% annually at major retailers.

They offer a special Shark Tank Pack containing four sauces and a gift box for $39. The Mild Adobo sauce is their top seller on Amazon and has a 3.8-star rating from 261 reviews. The 2020 census says 4.4 million Filipino Americans might want their product. If you can’t find the products near you, you can order them from the Fila Manila website. 

Fila Manila Founder

Jake Deleon is the founder of Fila Manila. Growing up, he assisted his mother in making and selling Filipino cuisine for extra income. He was Surprised by the lack of Filipino food in grocery stores. He launched Fila Manila in November 2020 using family recipes, determination, market experience, and a $1,200 stimulus check.

Jake has always had a passion for food since childhood. When the COVID-19 pandemic hit in 2020, he seized the opportunity to research the Filipino diaspora in the United States. Also, His research revealed that Filipinos are the second-largest Asian ethnic group in the nation. With approximately 20% of the Asian population in America being Filipino, he sees a potential market of $3 billion for his products.

Jake has a strong background in the food industry. He worked six years as a brand manager at Procter and Gamble, founding his own beverage business. However, Jake Deleon’s net worth is unknown as of April 2024.

Fila Manila Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. The show featured Fila Manila as one of the ventures. They made a deal with Daniel Lubetzky, showing that success is possible with the right idea and execution. Now, we eagerly await to see how their success story unfolds in the future.

Before you leave, check out the other company updates in Season 15, Episode 16. 

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