Shark Tank The Tomte Cake, an alternative gingerbread house kit founded by Miranda Vaughn, telecasted Shark Tank USA in 2023 on Season 15. The founder was seeking $200,000 for 10% equity for their business. However, they secured a deal with Kevin O’Leary, $200,000 for 15% equity. In this article, we will explore The Tomte Cake Net Worth in 2024, its Shark Tank pitch summary and more.
The Tomte Cake Net Worth
As of 2024, The Tomte Cake‘s net worth is estimated at $1.8 million, and its annual revenue is not disclosed.
| Net worth | $1.8 million *estimated |
| Annual Sales Revenue | Not Available |
| Profits | Not Available |
| Lifetime sales | Not Available |
| Employees | 2-10 employees |
The Tomte Cake Net Worth Timeline
| Net Worth 2024 | $1.8 million |
| Net Worth 2023 | $1.5 million |
Shark Tank The Tomte Cake Update from Season 15
The Tomte Cake, a company offering a modern twist on a Christmas tradition, was introduced by founder Miranda on Shark Tank Season 15. There, she requested $200,000 for a 10% stake, valuing her company at $2 million. Miranda explained that assembling gingerbread houses is often frustrating, and the result isn’t enjoyable. Inspired by her challenges building gingerbread houses with her kids, her solution led to the creation of The Tomte Cake.
The product includes a 3D cake pan that makes two small houses and a storybook Miranda wrote and illustrated. The story features a small figure called Tomte. This small Tomte gnome includes an inside the cake. The person who cuts into their cake and finds the gnome wins a special prize! This fun twist excites baking and makes it more enjoyable for everyone.
Barbara asked about the package, and Miranda explained that each set included two cake molds, a gnome, and a storybook. When Barbara asked where she sells it, Miranda said she sells it online for $60 per set. Mark then asked about the manufacturing cost, and Miranda told him it costs $15 to make one unit. Then, Mark wanted to know about her company’s sales numbers.
Miranda said that she launched her company in October of the previous year, and within 35 days, she sold all 5,000 sets in her inventory. This impressed all of the Sharks, especially Daymond. Lori then asked how she attracted customers, and Miranda explained that she used static and dynamic Facebook ad campaigns.
Kevin then focused on the numbers, asking about her profits from those 35 days of sales. Miranda shared that she earned $200,000 in revenue, with $40,000 spent on ads.
Daymond asked if Miranda had any prior experience with online business. She firmly replied no, explaining that she had spent the last eight years as a stay-at-home mom, homeschooling her kids. Then, Daymond also wanted to know what she expected beyond money. Miranda clearly stated that she was looking for mentorship because she didn’t consider herself a businesswoman and needed guidance.
Also, She saw The Tomte Cake as the next Elf on the Shelf and needed guidance to achieve this goal. As a creator, she wanted to develop new concepts that expanded her product line beyond The Tomte Cake. When Daymond asked about her investment, Miranda said she had invested $150,000, including a home mortgage and a car loan.
During the pitch, Kevin O’Leary offered $200,000 for 25% equity in the company plus 25% of any distribution profits. Lori Greiner also expressed interest in imagining The Tomte Cake becoming a holiday tradition with additional books and pans. She offered $200,000 for a 33.3% equity stake. However, Mark Cuban withdrew, saying the other offers were better than he could provide.
Then, Barbara Corcoran offered $200,000 for 20% equity. Daymond John also showed interest in joining Barbara but wanted 25% equity. Barbara declined to team up with him, saying the request was too greedy.
Daymond then tried to join Lori’s deal, but Lori didn’t want another Shark. Then, he offered Miranda $200,000 for 25% equity, matching Lori’s offer. Miranda first countered Lori’s offer, proposing 20% equity, but Lori refused to change her terms. Miranda then tried 22%, but Lori remained firm at 25%.
Kevin revised his offer to $200,000 for 15% equity, while Lori lowered her offer to 24%. Miranda tried one last time to get Lori to agree to 20%, but Lori wouldn’t move. Ultimately, Miranda accepted Kevin’s deal of $200,000 for 15% equity, valuing the company at $1.34 million.
| Company Name | The Tomte Cake |
| Founder | Miranda Vaughn |
| Business | An alternative gingerbread house kit |
| Episode | Season 15, Episode 08 |
| Asked Deal | $200,000 for 10% equity |
| Final Deal | $200,000 for 15% equity |
| Shark | Kevin O’Leary |
| Business Status | In Business |
| Company Website | Visit Website |
| Headquarter | Portland, Oregon, USA |
Summary of the Sharks’ Deal List!
| Shark | Offer | Counteroffer |
|---|---|---|
| Kevin O’Leary | 01 – $200,000 for 25% equity, plus 25% of distribution profits 02 – $200,000 for 15% equity (Accepted Deal) | N/A |
| Mark Cuban | No | N/A |
| Barbara Corcoran | $200,000 for 20% equity | No |
| Daymond John | $200,000 for 25% equity | No |
| Lori Grinear | 01 – $200,000 for 33.3% equity 02 – $200,000 for 24% equity | 01 – $200,000 for 20% equity 02 – $200,000 for 22% equity |
What Happened to The Tomte Cake after Shark Tank?
As of September 2024, The Tomte Cake is still in business. Like many companies featured on Shark Tank, The Tomte Cake experienced a surge in sales after the episode aired. Also, the show helped grow the customer base and raise awareness of the product. Further, when appearing on Shark Tank, their Instagram followers were only around 2000, but after appearance, it has grown to over 4000.
To start a new family tradition or find a unique Christmas gift, visit The Tomte Cake website. You can purchase cake sets, additional gnomes, pans, and even gift cards there. Also, The Tomte Cake is likely to become a popular new tradition with this 2024 holiday season approaching.
The Tomte Cake Founder
Miranda Vaughn is the founder of The Tomte Cake, which was started in 2022. Miranda Vaughn grew up in a religious culture that didn’t celebrate birthdays or Christmas. After leaving the culture, she discovered these traditions’ joy and allowed her kids to experience them. This was a major reason for creating The Tomte Cake.
She is an author and illustrator by profession with a background in the legal field. Miranda worked as a legal assistant at Perkins Coie LLP, an international law firm, for over five years. Her love for the festive season, which began in childhood, inspired her to combine her creativity with her holiday spirit to start a successful business. As of 2024, Miranda Tompkins’s net worth is not publicly known.
The Tomte Cake Achievements and Awards
| Year | Achievements and Awards |
| 2023 | The company was featured in Shark Tank Season 15 and secured a deal from Kevin O’Leary |
Conclusion
Shark Tank is a TV show showcasing different business ideas, helping them succeed. The Tomte Cake was one of the ventures featured on the show. They made a deal with Kevin O’Leary, 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 08.
