Fishwife Shark Tank Update - Net Worth, Pitch & Deal - Shark Tank Insights (2024)

Becca Millstein, a confident entrepreneur from Los Angeles, California, is determined to change the way fishes are consumed in the USA. For this very reason, the Fishwife company was formed three years back.

The company specializes in making delicious canned fish recipes, but is this enough to get a deal on the Shark Tank Season 15 Episode 10? The questions are answered in our Shark Tank Fishwife Update.

Fishwife pitched its offer on Shark Tank Season 15 Episode 10 and got a deal. The product quality, financial details, and retail model impressed every shark on the show. If you did not watch the Shark Tank Episode 10 this week, then this update will summarize everything that went on the show.

Fishwife Net Worth

Fishwife’s net worth is estimated to be $5 million, following an investment from Candance Nelson and Lori Greiner on Shark Tank. Fishwife makes quality tinned seafood, which is presently accessible in over 1,891 seafood retail locations in the United States. The headquarters of Fishwife is in Los Angeles, California. Fishwife is well-positioned to prosper in the business, given the growing popularity of canned fish and its market size.

What Happened To Fishwife After Shark Tank?

After their appearance on Shark Tank, the exposure helped them gain recognition and popularity, resulting in increased website traffic and social media interaction. Fishwife, a women-led and women-controlled company, gained prominence for breaking gender preconceptions, improving its distinctive market positioning.

This resulted in extensive media coverage, which helped to raise brand awareness. In terms of product offers, Fishwife’s signature product, Wild-Caught Smoked Albacore Tuna, remains a customer favorite. They also expanded their product line to include additional smoked fish species, such as Atlantic salmon and trout.

Fishwife’s distribution network grew to include physical locations in both the US and Canada, in addition to its online presence. Customers now have better access to their items, and they are more visible in the market as a result of their extensive availability.

All things considered, Fishwife’s Shark Tank experience helped their company reach new heights. With their dedication to sustainability, quality, and creative product offers, they have effectively introduced canned fish into many consumers’ upscale eating experiences.

Did Fishwife Get A Deal On The Shark Tank?

Yes, Fishwife was lucky to close a deal on Shark Tank. Becca Millstein appeared on the show to raise $350,000 to acquire 4% of Fishwife. Daymond John was interested in investing, but he asked for 15 cents from each can of Fishwife sold in the future. For a 10% equity, Candace Nelson and Lori Greiner were ready to make a deal.

In the end, Millstein, Nelson, and Greiner worked out an agreement for 6% equity plus 1% advisory shares over two years. That’s how Fishwife was able to get the Shark Tank deal.

Fishwife Shark Tank Update

Fishwife products

Fishwife is a tinned seafood company that sells delicious recipes that do not stink. The company is inspired by the wives of fishermen who used to sell their husbands’ ware and the Spanish conserva culture (explained later in the update).

The company sells premium products preserved in oil instead of water or vinegar. They are available at the leading retail outlets throughout California and are planning a national expansion with their first retail partner, Whole Foods.

Fishwife was founded by Becca Millstein in 2020. It still operates as a women-led company aiming to transform the term ‘fishwife’ from insult to praise. Keeping this objective in mind, Becca Millstein came to Shark Tank Season 15. Here she can pitch for the funds to execute the national expansion that will make Fishwife a popular commodity among households.

Fishwife Founder – Becca Millstein

Becca Millstein studied abroad in South Spain, where she came across the flavorful and fresh conservas. Spain and Portugal have a long history of consuming tinned fish that has a prominent taste unknown to the North American market. This gave birth to the Fishwife company.

The name ‘Fishwife’ dates way back to the 16th century when the wives of fishermen used to sell fish for their husbands. Soon afterward, the term was used as an insult to the women for being loud and foul-mouthed. Becca Millstein wears the name on her sleeve with pride as her women-led company is set to turn the seafood industry upside down.

Pitch and initial presentation

Becca Millstein started her pitch by explaining the history of the term ‘fishwife’ that dates back to the 16th century. The company took its inspiration from the derogatory term used previously as an insult for foul-mouthed and bossy wives of fishermen.

She went on to explain the product. Fishwife sells delicious and nutritious seafood packed inside metallic tins. The material is responsibly sourced while the product is ready to eat.

Becca asked Candace, the popular pastry chef, about Candace’s childhood. The question addressed the misery of preceding generations in the USA who had to eat stinking tuna fish with mayonnaise and white bread. Becca offered sharks the flavorful seafood and demanded $350,000 for 4% equity.

Discussion on pitch and offer

The sharks were impressed by the pitch, but Kevin O’Leary curiously asked for the difference between the Fishwife and other tinned seafood companies. Becca asked if anyone had ever tasted fish straight out of the can. Kevin popped open the can and spooned the fish to taste it. He confirmed that the Fishwife product did not stink. Every other shark liked the unique flavor.

Lori Greiner asked if Fishwife only has its fish preserved in oil? To which Becca replied, stating that their products are premium, so they do not use water in any way. The word ‘premium’ caught Candace Nelson’s ear, so she asked the price. Becca confidently stated that the core line is sold for $7.99, where every unit costs 2.09, making it a high gross-profit-earning product.

Becca further clarified that the seafood industry is three times more rewarding for premium products than the conventional ones carrying the old taste. To support the growth aspect, Candace Nelson said, ‘Hot girls eat tinned fish,’ a popular TikTok trend that went viral due to the deliciousness and health-goodness of tinned seafood. She further confirmed that restaurants and champaign bars are keeping tinned seafood on their menu because it is in demand.

Kevin kept eating the tinned fish he opened at the start. However, Candace went ahead with explaining the old Spanish and Portuguese tradition of conservas (explained later in the article). Lori Greiner interrupted the historical insight and asked about the sales.

This is where the sharks got flabbergasted by the extravagant numbers. The company started in 2021 when it made sales worth $750,000. The numbers increased by 250 percent, as the company sold seafood worth $2.6 million in 2022. Becca projected that the company is about to hit the $5.6 million mark by the end of 2023.

When asked about the business model and distribution channel, Becca explained that Fishwife has a 50-50 ratio between direct and retail sales. The company sells its products to 1300 doors. Whole Food is the first national retail partner of Fishwife, and management is planning a national expansion in April 2024.

Negotiation and final deal

Kevin O’Leary meant business as he established that the whole deal is executional rather than an equity acquisition. He stated that Becca needs cash to execute the national expansion, and the company’s future depends entirely on her skills. If she misses the plot, she has to sleep with the fish. However, he offered Fishwife $350,000 as debt for three years at an interest of 11%. The offer involved monthly repayment rather than annually. Furthermore, he demanded 5% equity as Schmuck insurance if the expansion worked.

Daymond John, who spectated the whole pitch, inquired if the company earns $8 million by selling 1.5 million units. When Becca confirmed, John offered $350,000 for a 15% royalty in perpetuity. The perpetual offer came with not only the monetary consideration but also the ‘key advisory’ service. Mark Cuban refrained from making an offer as the business did not fit in his portfolio.

Candace Nelson, the pastry chef, loved the product but wanted to bring Lori Greiner with her. Lori, the retail expert, lauded Boarderie’s success. She saw potential in the retail model, so the pair offered $350,000 for 10% of equity.

Becca Millstein appreciated Candace & Lori and showed her desire to bring more women investors to the table. However, she countered with 6% of equity and 1% of advisory shares to each woman (vesting period of 2 years) for $350,000. Candace and Lori smirked and accepted the counteroffer. Becca left the hall with excitement on her face, eagerly waiting to face the national expansion.

Product availability

Fishwife is a tinned seafood company that sells fresh and delicious products that are ready to eat. It just takes a pop of tin to enjoy the tasty fish recipes that do not stink. The company does not sell the standard tinned fish that stinks when you pop it out from the tin. Traditionally, seafood was consumed with mayonnaise and bread. The innovative seafood recipes make the Fishwife different from other brands.

Fishwife offers a large variety of seafood recipes that include pasta, noodles, salad, rice, smoked ingredients, and much more. The founder presented the most popular recipes developed by the brand. The smoked salmon with rice ball, smoked rainbow trout stirred with fresh pasta, Cantabrian anchovies on bread and butter, and slow-smoked mackerel with salad are the most popular flavors available in the Fishwife stores.

The Fishwife products are readily available in retail outlets, especially the Whole Foods store. Becca Millstein and the top management are planning a national expansion with their official partners, which will take Fishwife products from California to all across the United States.

The flavorful and unique seafood recipes from Spain will shape the North American market. The Americans can now taste pasta, salad, rice, and other delicious staples with traditional seafood. A pop of seafood tin will no longer stink because Fishwife brings its premium oil-preserved products to satisfy your tastebuds.