What Happened To Spoonful Of Comfort After Shark Tank?
Unfortunately, many food companies don't land a deal on "Shark Tank." Such was the case for Spoonful of Comfort, a soup delivery service created by Marti Wymer. Wymer first came up with the idea for soup delivery when her mother was diagnosed with cancer in 2007. At the time, Wymer was living in Florida with her two children, while her mother was living in New Brunswick, Canada.
Desperate to send her mother something comforting, Wymer searched for a way to have chicken noodle soup delivered. No service fit her needs, so she created one that could. Wymer's mother passed just weeks later, before the business had truly started, but Spoonful of Comfort launched in honor of her memory.
Despite good intentions, Spoonful of Comfort quickly faced financial losses. Between high customer acquisition costs and manufacturing costs, the company was losing money with each order. Wymer brought Spoonful of Comfort to the Sharks in 2016, hoping to get her company back on track.
The sharks couldn't sink their teeth into Spoonful of Comfort
Spoonful of Comfort entered the tank seeking an investment of $400k in exchange for 10% equity. Though the Sharks were more than happy to sample the delicious soups, they weren't as fond of the company's numbers. As mentioned previously, Spoonful of Comfort was rapidly losing money, spending $18 to acquire a single customer, and $31 to manufacture the soup. Worse, the company's price of $69.99 for a single order did not include shipping –- an additional $14.99.
The sharks were further discouraged from investing when they discovered that founder Marti Wymer's friend had already poured $1.3 million into the company, only for sales to be in the $1 million range. No matter how good the chicken noodle soup recipe was, the sharks were ultimately unwilling to invest in a company with no clear path to sustainability and profit. So, with all that being said, where is Spoonful of Comfort today?
Shark Tank exposure gave Spoonful of Comfort a second wind
Even though Spoonful of Comfort did not receive a deal on "Shark Tank," the company's story was far from over. Following Marti Wymer's pitch, hundreds of people reached out to offer encouragement and support. Spoonful of Comfort went from receiving only a few orders per day to well over 200 orders per day.
In an interview with Shark Tank Podcast, Wymer and her friend explained that they were able to get their customer acquisition cost down. Wymer pointed out that their structure of having both a gifter and a recipient actually doubles their potential to convert customers, proven in the company's growth of about 40% year-over-year.
In fact, Spoonful of Comfort had an estimated net worth of about $50 million as of 2020, as compared to its $4 million valuation at the time of its "Shark Tank" appearance four years earlier. No doubt, America's pandemic eating habits greatly helped soup sales, but the company has also branched out beyond just "get well soon" packages.
Spoonful of Comfort offers gifts for all occasions
While Spoonful of Comfort may have gotten its start with hearty soups and sick day sentiments, the company has expanded its range to include gift packages for loss, birthdays, weddings, anniversaries, college, and any other celebratory or sympathetic situation you can imagine.
Spoonful of Comfort now also sells treats like cookies and pie, starting at $35 with shipping included. The largest packages, "Feed the Fam" and "Total TLC," start at $190 and do not include shipping. Of course, all packages can be customized with add-ons, such as blankets, bagged snacks, self-care products, jewelry, and meditation guides, and range in price from $4 to $75.
As of 2022, the company is worth approximately $68 million. Spoonful of Comfort has been highlighted as part of Oprah Daily's 2023 Back to School list, and maintains a 4.8 star rating across more than 38,000 reviews. This company seems to be proving that you don't necessarily need a big investor's backing to find success.
What's next for Spoonful of Comfort?
Although Spoonful of Comfort does not seem to have any official upcoming plans at the moment, it's safe to say the company plans to keep growing. Each year, Spoonful of Comfort releases new products and new care packages, further establishing its relevance in every aspect of life -– good, bad, and everything in between.
This year, the company also partnered with Helmsie to design a collection of journals, puzzles, tea towels, and mugs, so it's not outside the realm of possibility that Spoonful of Comfort could collaborate with other brands on new collections. Tupperware x Vera Bradley, we're looking at you.
All in all, this company has come quite far since its time on "Shark Tank." Not only has founder Marti Wymer tackled and conquered each issue raised by the sharks, but she has continued each day to make her soup delivery service the one that got away.