Life Raft Treats, an ice cream company founded by Cynthia Wong and John David Harmon, aired on the 16th season of Shark Tank USA in 2024. The founders were seeking $250,000 for 5% equity, valuing the company at $5 million. Unfortunately, they couldn’t secure a deal with any of the Sharks. In this article, we will explore Life Raft Treats’ net worth in 2024, details of the Shark Tank pitch, and more.
Life Raft Treats Net Worth 2024 & Financial Overview
After the show aired, the company experienced significant sales, with an estimated growth rate of 10% per year. Based on the company’s growth rate and founders’ company valuation before the Shark Tank show, Life Raft Treats’ net worth is estimated at $7.32 million in 2024.
| Annual Sales Revenue | $1.2 million (2023) *estimated |
| Profits | 60,000 (2023) |
| Lifetime sales | Not Available |
Shark Tank Life Raft Treats Pitch
Cynthia Wong has had a love for designing posters and art since she was a child. After spending several years as a pastry chef in the restaurant industry, she decided to make a big change. Then, she left her job to start Life Raft Treats, a frozen dessert company that blends creativity with high-quality ingredients. That isn’t just delicious; they’re fun and visually unique.
Her signature product, the ‘Not Fried Chicken’ ice cream bar, resembles a fried chicken drumstick but consists entirely of ice cream. Customers love it, and it has become her best-seller. Life Raft Treats also offers other playful items, like hot dog-themed ice creams, all made from sweet ingredients. The brand focuses on imaginative, well-crafted frozen treats that bring joy and surprise with every bite.
Cynthia and her husband, John David Harmon, appeared on Shark Tank in Season 16. They were looking for the Sharks’ support to grow their ice cream truck and dessert business on a national scale.
There, one of the sharks asked how they sell their products. The founders explained that their treats are available in 500 stores nationwide, including well-known locations like Mariano’s in the Midwest and Central Market in Texas. Customers can also order online, where products are carefully packed with dry ice to stay fresh during shipping. These unique, flavorful treats appeal to both kids and adults who enjoy a playful twist on dessert.
Lori Greiner then asked about the price of their product. There, the founders shared that a bucket of the “Not Fried Chicken” ice cream costs $109, including delivery. However, Kevin O’Leary was curious about their sales. At that moment, The founders shared that they earned $1.2 million last year with a 5% net operating profit.
Moreover, this year, they expect to make $1.7 million. Currently, they handle online orders through a third-party service that takes a 20% share of their revenue. However, Mark Cuban was the first to back out, saying the frozen food industry is too complicated. Daymond John liked the concept but didn’t feel he could bring much value to the frozen dessert market, so he also chose not to invest.
Lori Greiner also stepped away from the deal because she already has a stake in Frozen Farmer, a similar business to Shark Tank. Investing in Life Raft Treats would have created direct competition with her current investment. Kevin O’Leary didn’t feel ready to invest, saying the business wasn’t developed enough and that the numbers were unclear. Also, He joked that the product wasn’t “deep fried” sufficient for his taste, so he also decided not to invest.
Guest shark Todd Graves also decided not to invest and explained that his focus remains on serving fresh chicken, which has been the heart of his business for 28 years. But he further said that frozen desserts didn’t align with his goals. With that, Cynthia and John left the Shark Tank show without a deal from any of the investors.
| Company Name | Life Raft Treats |
| Founders | Cynthia Wong and John David Harmon |
| Business | This dessert company creates fun and unique frozen treats that draw inspiration from artwork |
| Episode | Season 16, Episode 02 |
| Asked Deal | $250,000 for 5% equity |
| Final Deal | No Deal |
| Sharks | No Sharks |
Summary of the Sharks’ Deal
| Shark | Offer | Counteroffer |
| Mark Cuban | No | N/A |
| Kevin O’Leary | No | N/A |
| Lori Grinear | No | N/A |
| Daymond John | No | N/A |
| Todd Graves | No | N/A |
What Happened to Life Raft Treats after Shark Tank?
As of November 2024, Life Raft Treats is still in business. After Shark Tank aired, Life Raft Treats saw a big jump in website traffic, sales, and social media interest, as many viewers were excited by their unique ice cream creations. Life Raft Treats didn’t land a deal on Shark Tank, but they got great feedback from the Sharks, which helped increase their sales. Life Raft Treats keeps the excitement going by expanding its distribution and adding new flavors regularly.
Our recent update shows that Life Raft Treats now caters to private events in addition to direct-to-consumer sales. Pricing for private bookings begins at $5,000, while custom projects start at $7,000. Because of high demand, they have fully booked all private events until mid-2025. They have also expanded retail partnerships, now working with Gourmet Foods International and P10 Foods to increase their regional distribution.
Also, they plan to grow into more retail locations and strengthen their online store. You can now find their products at Central Market, DoorDash, DashMart, FreshDirect, and Goldbelly. Upcoming plans include introducing flavors inspired by global cuisines and working with popular brands to create limited-edition treats. Cynthia and John’s goal is to make Life Raft Treats a recognized name in the world of artisan ice cream.
Life Raft Treats Founders
Cynthia Wong and John David Harmon started the dessert company Life Raft Treats in May 2018. Cynthia, a pastry chef, is a six-time semifinalist for the James Beard Foundation Award. She wanted to make ice cream fun, and her husband, John, supported her vision.
Born in Charleston and raised in Alabama and Nashville, Cynthia comes from a humble and diverse background. She started her baking career in the early 1990s as a baker at Reed Heron’s Restaurant Lulu in San Francisco. Eager to learn and improve her skills, she earned the Grande Diplôme de la Cuisine Française from École Lenôtre in Plaisir, France.
In 2002, Cynthia Wong earned a Bachelor’s degree in French and Spanish Languages and English Literature from the University of South Alabama. With her education, she secured a position at Cakes & Ale in Decatur, Georgia, where she worked as a sous chef and pastry chef starting in 2008. After taking a break from her career for a few years, Cynthia became the Executive Pastry Chef at Rhubarb in Asheville, North Carolina.
In April 2016, she moved to Butcher & Bee and The Daily, where she also served as the Executive Pastry Chef. Throughout these experiences, she always dreamed of opening her shop. During a visit to La Martinière, an ice cream shop on Île de Ré, Cynthia Wong was inspired by the unique flavors and creative combinations of ice cream she experienced there. She wanted to spend more time with her family while keeping her creativity alive, and she thought an ice cream business could help her achieve that.
With the help of her husband, John David Harmon, Cynthia Wong aims to make a positive impact in the ice cream industry by creating fun, different-shaped treats. You can learn more about Cynthia’s journey and her company by going to their website. Cynthia Wong and John David Harmon’s net worth is unknown as of 2024.
Life Raft Treats Achievements and Awards
| Year | Achievements and Awards |
| 2024 | The company was featured on Shark Tank Season 16 |
Conclusion
Shark Tank is a TV show that showcases various business ideas and helps them succeed. Life Raft Treats appeared on the show, highlighting its unique concept. Although the company did not secure a deal, it demonstrated that success is possible with the right idea and execution. Now, we eagerly await how they will continue to succeed in the future.
