Shark Tank Toast-It Arepas, a company specializing in pre-made Venezuelan arepas and Latin American cuisine founded by Maria Corina Vieteis and Maria Fernanda Cabezas, entered Shark Tank USA in 2023 on Season 15. The founders were seeking $100,000 for 5% equity. However, they secured a deal with Daniel Lubetzky, $150,000 for 20% equity. In this article, we will explore Toast-It Arepas’s net worth in 2024, its Shark Tank pitch summary and more.
Toast-It Arepas Net Worth
As of March 2024, Toast-It Arepas Net Worth is $2 million, and its annual revenue was $500K in 2023.
| Net worth | $2 million |
| Annual Sales Revenue | $500K (In 2023) |
| Profits | Not Available |
| Lifetime sales | Not Available |
| Employees | 2-10 employees |
Toast-It Arepas Net Worth Timeline
| Net Worth 2024 | $2 million |
| Net Worth 2023 | $750K (Valuation in 2023 after appearing on Shark Tank) |
Shark Tank Toast-It Arepas Update from Season 13
Mafe Cabezas and Coco Viete pitched their business on Shark Tank, seeking $100,000 in exchange for a 5% stake in their company, valuing at $2 million. They told the sharks about their journey as entrepreneurs, and the sharks were impressed by the delicious taste of their arepas. By May 2023, their product, Toast-It, was available in 900 stores, including Publix and Walmart, and they’ve recently secured deals with Whole Foods, Winn-Dixie, and Central Market. This expansion impresses the sharks.
In terms of sales, they generated $200,000 in 2022, with $190,000 within the first 5 months of filming. Also, they were projecting $500,000 in sales by the end of 2023. With a production cost of $2.30 and a selling price of $3.23, the gross margin is only 30%. After factoring in expenses, the net margin decreased to just 20%.
Kevin O’Leary asked about their strategy for cost reduction, highlighting ongoing discussions on lowering packaging and ingredient expenses. Despite testing the Yucca Toast-It variety without glucose spikes, he offers $100,000 for 20% equity. Mark Cuban appreciates their achievements but opts out. Daymond John praises the product but declines investment.
Lori Greiner likes the products but thinks they don’t suit her business. So, she was also exited the deal. Guest shark Daniel Lubetzky decides to match Kevin’s offer of $100,000 for 20% equity in Toast-It. At that moment, the two sisters faced a tough decision.
However, the two sisters counter with $150,000 for 15% equity, and finally, they agreed with Daniel for $150,000 for 20% equity, valuing at $750K.
| Company Name | Toast-It Arepas |
| Founders | Maria Corina Vieteis (Coco), and Maria Fernanda Cabezas (Mafe) |
| Business | A company making ready-to-eat Latin American food |
| Episode | Season 15 Episode 02 |
| Asked Deal | $100,000 for 5% equity |
| Final Deal | $150,000 for 20% equity |
| Shark | Daniel Lubetzky |
| Business Status | In Business |
| Company Website | Visit Website |
| Headquarter | Miami, Florida, USA |
What Happened to Toast-It Arepas after Shark Tank?
As of March 2024, the Toast-It Arepas is still in business. Toast-It offers Latin American meals focusing on arepas. Arepa, a cornmeal bread, has a crispy exterior and fluffy interior, perfect for filling with your favorite ingredients. Arepas come in various flavours like Yucca and Chia Flaxseed, are gluten-free, and are packed with 3-4 grams of protein per serving.
They’re also expanding into Florida’s retail market, broadening their physical presence. TOAST-IT now offers a Shark Tank bundle for $55.99. They’ve expanded to Pandebono Bites and aim to boost profitability by cutting costs. Following Shark Tank, they’ve grown their customer base and product range. You can purchase your own Toast-It Arepas and more through their website.
Toast-It Arepas Founder
Maria Corina Vieteis and Maria Fernanda Cabezas are the founders of Toast-It Arepas. The company started in 2019. Mafe and Coco, after moving from Venezuela to the US, spent years craving authentic South American food. Frustrated by the lack of options, they founded Toast-I.
Maria Fernanda built her career in corporate finance, serving top firms like Pfizer, Citi Bank, and Pepsico. Despite her success, she felt drawn to entrepreneurship, wanting to share her Venezuelan heritage.
Maria Corina became the first in her family to relocate to the United States, where she studied economics at the University of Miami and earned a master’s degree in data science at UC Berkeley. Maria Corina Vieteis and Maria Fernanda Cabezas’ net worth are unknown as of March 2024.
Toast-It Arepas Achievements and Awards
| Year | Achievements and Awards |
| 2023 | The company was appeared on Shark Tank Season 15 and got the deal from Daniel Lubetzky |
Conclusion
Shark Tank is a TV show showcasing different business ideas, helping them succeed. Toast-It Arepas was one of the ventures featured on the show. 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 02.
