Mushroom Jerky: Pan's Business Still Booming?

Pan's Mushroom Jerky is a vegan, gluten-free, and soy-free snack made from shiitake mushrooms. The company was founded by Michael Pan, who discovered the original recipe for the jerky during a trip to Malaysia to visit his family, who were Buddhist vegetarians. After launching in 2018, the company appeared on the TV show Shark Tank in 2020, where they secured a deal with investor Mark Cuban. As of 2024, Pan's Mushroom Jerky is still in business and thriving, with its products available in over 3,500 stores across the United States. The company has expanded its product line to include new flavours and branded merchandise, and continues to be a popular choice for vegan and vegetarian consumers.

Pan's Mushroom Jerky is still in business as of 2024

Upon returning to the United States, Pan, an engineer by profession, spent the next several years testing and iterating on the family recipe from his kitchen. In 2018, he officially launched Pan's Mushroom Jerky in four delicious flavors: Original, Zesty Thai, Salt and Pepper, and Applewood Barbeque. The product is vegan, soy-free, gluten-free, and rich in fiber and vitamin D, positioning it as a healthier and more sustainable alternative to meat jerky.

Pan's Mushroom Jerky first gained widespread attention when it appeared on Season 12, Episode 6 of the hit ABC show "Shark Tank." On the show, Pan asked for $300,000 in exchange for 10% equity in his company. The Sharks were impressed by the taste, texture, and uniqueness of the product, and a fierce bidding war ensued. Ultimately, Pan struck a deal with Mark Cuban, who invested $300,000 for an 18% equity stake in the company.

The exposure from "Shark Tank" resulted in a massive boost in sales for Pan's Mushroom Jerky. In just four days, the company sold $1 million worth of products. To keep up with the surging demand, Pan had to quickly hire more staff and expand his manufacturing capacity. As of 2024, Pan's Mushroom Jerky is available in over 3,500 stores nationwide in the United States, including major retailers like Sprouts Farmers Markets, Whole Foods, H-E-B, Albertsons, and Safeway Stores. The company has also expanded its flavor offerings, adding Curry and Teriyaki to the original four flavors.

With the continued popularity of plant-based foods, Pan's Mushroom Jerky has received positive reviews from media outlets and customers alike. The company's website, which offers nationwide shipping in the United States, is a significant contributor to its success. As of 2024, Pan's Mushroom Jerky is thriving and shows no signs of slowing down, solidifying its place as a leading vegan jerky brand in the market.

The company was featured on ABC's Shark Tank in 2020

On Shark Tank, Pan asked for a $300,000 investment in exchange for 10% equity in his company, which he valued at $3 million. The Sharks were impressed by the taste, texture, and unique selling point of the product, and a bidding war ensued. Greiner and Mycoskie teamed up to offer $300,000 for a 30% stake, with each shark taking 15%. However, Mark Cuban quickly countered with an offer of $300,000 for 20% equity. Pan was leaning towards Cuban's offer, prompting Greiner to make a last-minute change, offering $300,000 for a 15% stake on her own. Ultimately, Pan accepted Cuban's final offer of $300,000 for an 18% stake in his company.

The exposure from Shark Tank had an incredible impact on Pan's Mushroom Jerky. In the four days following the show's airing, the company generated $1 million in sales. The surge in demand was so significant that Pan's team of 10 people struggled to keep up with orders. It took them nearly four months to fulfil the 33,000 orders that came in. By November 2022, a year after the Shark Tank episode, Pan's Mushroom Jerky expanded its presence in Whole Foods and Sprouts Farmers Markets nationwide. The product also became available in select H-E-B locations in Texas and Albertsons and Safeway Stores. As of 2024, Pan's Mushroom Jerky is available in 3,500 stores nationwide, and the company continues to thrive under the leadership of Michael Pan and his dedicated team.

Mark Cuban invested $300,000 for 18% equity in the company

Michael Pan, the founder of Pan's Mushroom Jerky, pitched his product to the sharks on ABC's Shark Tank in 2020. He asked for $300,000 in exchange for 10% equity in his company, which was valued at $3 million. After some back and forth, Mark Cuban offered $300,000 for 18% equity in the company. This was a more attractive offer than Lori Greiner and Blake Mycoskie's joint offer of $300,000 for 30% equity (15% each), and Cuban's initial offer of $300,000 for 20%.

Michael Pan accepted Cuban's offer, and the investment paid off. In the week following the show's airing, Pan's Mushroom Jerky made almost $1 million in sales. The company received six times more orders than anticipated and struggled to keep up with demand. It took Pan's team nearly four months to fulfil 33,000 orders.

As of 2022, Pan's Mushroom Jerky is available in over 3,500 stores across the United States, including Sprouts Farmers Markets, Whole Foods, and select H-E-B locations in Texas. The product has also expanded its flavour offerings, adding Curry and Teriyaki to the original four flavours.

The investment and partnership with Mark Cuban have been instrumental in the company's success. Cuban's marketing expertise and connections to wholesale accounts have been "extremely valuable," according to Pan. The visibility and credibility that came with being on Shark Tank and partnering with Cuban have contributed to the company's rapid growth and expansion.

Today, Pan's Mushroom Jerky continues to thrive and is a leading brand in the plant-based jerky space. The company is focused on controlled growth and intends to capture more of the meat-eating market by highlighting the health, safety, and animal welfare benefits of reducing meat consumption.

The product is now available in over 3,500 stores across the US

Pan's Mushroom Jerky is now available in over 3,500 stores across the US. This is a huge increase from the number of stores the product was available in when it first appeared on Shark Tank. The product's success on the show led to a massive boost in sales, with the company selling $1 million worth of jerky in just four days.

The popularity of Pan's Mushroom Jerky can be attributed to its unique and delicious flavour, as well as its meat-like texture. It is made from shiitake mushrooms and is vegan, gluten-free, and soy-free. The recipe was inspired by founder Michael Pan's family, who are Buddhist vegetarians from Malaysia.

The product's success on Shark Tank also attracted the attention of investor Mark Cuban, who made a deal with Pan for $300,000 in exchange for 18% equity in the company. Cuban's marketing expertise and connections to wholesale accounts have been invaluable to the company's growth.

The increase in demand for Pan's Mushroom Jerky has also led to an increase in production and the hiring of more staff. The company has also expanded its flavour offerings to include Curry and Teriyaki, in addition to the original four flavours.

The jerky is vegan, gluten-free, and soy-free

Pan's Mushroom Jerky is vegan, gluten-free, and soy-free. It is also rich in fibre and vitamin D, and contains high paleo and kosher. The jerky is made from shiitake mushrooms, which are famous for their savoury flavour. The recipe was first discovered by founder Michael Pan's family in Malaysia. Many of his family members are vegetarian Buddhists, and they shared with him lots of vegetarian dishes, including shiitake mushrooms.

Michael Pan was so taken by the taste and texture of the vegan jerky that he decided to bring the recipe back to the United States and share it with others. Over the next decade, he worked as an engineer by day, while testing and iterating on the mushroom jerky recipe by night.

Michael Pan's hard work paid off, and in 2018, he officially launched Pan's Mushroom Jerky in four delicious flavours: Original, Zesty Thai, Salt and Pepper, and Applewood Barbeque. The product is now produced in Portland, Oregon, and is available in over 2,500 to 3,500 stores in the United States, including Sprouts Farmers Markets, Whole Foods, Albertsons, and Safeway Stores.

The vegan jerky has received a lot of positive feedback, with many praising its bold flavour and meat-like texture. The company has also enjoyed a slew of good press from media heavy-hitters like The Wall Street Journal, Bon Appétit, Eater, Us Weekly, Food & Wine, and The Food Network. Today even deemed Pan's jerky "among the best of the vegan jerkys."

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