Topsail Steamer Net Worth 2024 Update & Their Shark Tank Pitch!

Topsail Steamer, a seafood brand, founded by Danielle Mahon, aired on the 16th season of Shark Tank USA in 2024. The founder was seeking $350,000 for 8% equity for their business. However, she secured a deal with Lori Greiner and Todd Graves, which was $350,000 for 18% equity, valuing the company at $1.94 million. In this article, we will explore Topsail Steamer’s net worth in 2024, details of the Shark Tank pitch, and more.

Topsail Steamer 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 company valuation after the Shark Tank show, Topsail Steamer’s net worth is estimated at $3 million in 2024.

Shark Tank Topsail Steamer Pitch

Danielle Mahon presented her family’s business, Topsail Steamer, on Season 16 of Shark Tank. Her inspiration came from watching a restaurant prepare Lowcountry seafood boils, where customers would buy seafood pots and then bring the empty pots back. She realized this could become a business idea. 

Topsail Steamer now sells ready-to-cook seafood steam pot buckets, each filled with fresh seafood, seasonings, and other ingredients based on the chosen type. In about 40 minutes, customers can enjoy a tasty, homemade seafood meal. Topsail Steamer’s “Bay Buckets” bring together fresh shrimp, crab, clams, andouille sausage, corn, potatoes, and a unique seasoning mix. If you follow this product’s simple steps, you can get the coastal experience and taste seafood without needing to visit. 

Their kits are available at East Coast stores or for delivery from their website and Goldbelly. Each one is pre-prepped, so you don’t have to worry about gathering or cutting ingredients. These steam pots make it easy for anyone, whether seafood lovers, families, or people missing beach vibes, to enjoy a homemade seafood boil.

Also, Topsail Steamer focuses on simplicity, letting anyone recreate the experience of a beach seafood boil, even without much cooking experience. It’s more than just a meal, which means it’s a way to enjoy the laid-back, coastal feeling at home.  

In the shark tank, she sought the Sharks’ support and funding to grow Topsail Steamer as a franchise and expand it across the country. Lori Greiner asked what the average price of the product was, and the entrepreneur said that the average price of the product was $177. Daymond John then asked about the product’s cost. The founder shared that each order costs about 40% of its selling price to produce, which comes to roughly $70.80 per unit. This structure allows for a strong 60% profit margin.

Danielle then shared that she keeps food costs at 28% of sales. When Kevin O’Leary asked about locations, she said they have eight stores across various areas. Guest Shark Todd Graves then asked about sales, and she confidently reported $4.5 million in sales last year, with an expectation of reaching $5.7 million this year.

Also, full-time stores make around $987,000 annually, while seasonal ones, open about four months, bring in about $450,000. Labor costs are also controlled at 17%, with store managers earning between $55,000 and $60,000 per year.

Mark Cuban asked how they planned to control shipping costs with fresh seafood. Danielle explained that she partnered with reliable vendors and opened locations close to her customers to manage costs. Next, Kevin O’Leary questioned if her profit margins were high enough, given the expenses of fresh seafood. There, Danielle admitted her margins were not very high but emphasized that her commitment to using top-quality ingredients made her product unique.

However, Mark Cuban decided not to invest, citing challenges with logistics and scalability. Although Kevin O’Leary liked the concept, he felt the profit margins didn’t justify a big investment. Daymond John thought the product was tasty and convenient but didn’t see it fitting well within his portfolio.

But, guest shark Todd showed interest right away, offering $350,000 for 20% equity. In response, Danielle, aiming to keep more ownership, countered with 16%, but Todd declined her offer. 

Then, Lori jumped in and suggested they partner on the $350,000 offer for 20% equity, with each Shark taking a 10% share. Danielle negotiated further, proposing 18% equity instead. After some discussion, the two sharks agreed to split evenly 9% between them for a total of 18% equity. According to that, Danielle secured a deal from the shark tank, which was $350,000 for 18% equity.

Summary of the Sharks’ Deal

What Happened to Topsail Steamer after Shark Tank?

As of November 2024, Topsail Steamer is still in business. After the Shark Tank episode, Topsail Steamer saw a surge of interest from customers across the country. The increased exposure brought more visitors to their website and boosted overall sales. Currently, as part of a limited-time celebration of her Shark Tank deal, Danielle is offering a 15% discount. 

Positive reviews on sites like TripAdvisor have also strengthened customer confidence in their Lowcountry boil seafood options. It will be interesting to watch how the company’s sales change over time. With the funding from Shark Tank, Mahon plans to bring Topsail Steamer products into grocery stores and add more seafood options to the lineup.

Also, on the Topsail website, they highlight their partnership with Goldbelly to ship products nationwide. Customers can choose from 12 different seafood options to enjoy fresh flavors wherever they are.

Topsail Steamer Founder

Danielle Mahon is the founder of Topsail Steamer. She is an experienced salesperson with a background at companies like Thermo Fisher Scientific, Eppendorf AG, and EpiCypher. In 2017, she left her corporate career to start Topsail Steamer, a family business inspired by North Carolina’s Topsail Island. According to that, in the same year, Danielle Mahon set out to bring her entrepreneurial dream to life by founding Topsail Steamer. 

Growing up on the Jersey Shore, she developed a strong love for seafood and family-style seafood boils. Danielle Mahon’s net worth is unknown as of 2024.

Topsail Steamer Achievements and Awards

Conclusion

Shark Tank is a TV show showcasing different business ideas, helping them succeed. Topsail Steamer was one of the ventures featured on the show. They made a deal with Danielle Mahon, 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.