Numilk Net Worth 2024

Numilk Net Worth – $25 million

What is Numilk’s net worth?

Introduction

Plant-based milk is a big thing.

It’s so big—and growing in popularity so fast—that plant-based dairy is forecast to be worth $42.8 billion dollars by 2029.

Right now, it makes up a pretty impressive 10% of the global milk market, with soy milk and almond milk dominating the dairy-free competition at around 40% each.

The world is fast learning the benefits of switching away from dairy—benefits like a reduced impact on the environment, eliminating harm to dairy animals, less land and water usage, etc.

Unfortunately, technology is taking a while to catch up with demand—which is where Numilk stepped in.

In an effort to reduce waste even further, the guys behind the Numilk brand developed a range of dairy-free pouched products that can be popped into a machine to churn out real, fresh, natural plant-based milk at home.

Don’t need milk?

The company also released a range of latte pouches and protein shake pouches to cater to the no-lactose masses.

Less packaging than buying plant-based milk from a store, more convenience since you don’t need to go to a store at all—how did two young entrepreneurs think of it?

And what is Numilk’s net worth?

Here’s what we know—and everything you need to know about the little hiccup with the Numilk valuation on Shark Tank.

Who founded Numilk?

Numilk was founded out of New York by Joe Savino and Ari Tolwin.

The entrepreneurial pair was always creative, and had tried their hands at other ventures in the past—quite successfully.

Ari Tolwin was the co-founder and CEO of Happy Tree Maple Water and held an MBA from the prestigious Duke University in North Carolina.

Joe Savino, who graduated from the Lubin School of Business with a BBA, was co-founder of Harvest Beverage Group.

The pair launched their respective businesses at around the same time—and coincidentally, they left after around 5 years and decided to enter into a different venture together.

That venture was Numilk.

What is Numilk?

It was Savino who initially came up with the idea for the Numilk machine—a handy piece of equipment that would allow users to create fresh, creamy, delicious almond milk at the local grocery store.

The machines, which would be installed in kiosks around the country—and potentially around the world—would eliminate packaging, lower the cost to consumers, and last 7-10 days in the fridge.

When the duo launched in 2018, they were able to raise $12 million in seed capital from a core group of investors.

Into the Shark Tank

Ari and Joe made their television debut on the hit ABC entrepreneurial show, Shark Tank, in March of 2021.

Appearing on season 12, episode 18, the pair showed up in their finest Numilk branded shirts to pitch their product to a team of fearsome investors—including billionaire Mark Cuban.

The co-founders were looking for a $1 million investment for 5% equity in their business.

The pitch started well, with the pair making a solid case for the increase in demand for plant-based milks and reduced environmental impact.

The product was cost-effective, the kiosks were expected to generate up to $50,000 in revenue each year, and manufacturing costs per kiosk were estimated to come down to $15,000 “at scale” (meaning, when they were experiencing growth and higher demand).

The pair had also expanded their product line to include the now-famous countertop unit seen in coffee shops across NYC.

The entrepreneurial up-and-comers also had big plans to introduce a countertop unit that people could set up at home to create a wider variety of non-dairy, plant-based products.

Things were looking up for Numilk—and then came that valuation issue.

What was wrong with Numilk’s valuation on Shark Tank?

It looked like plain sailing for Numilk on Shark Tank, except for the fact that they were asking for $1 million in exchange for a 5% stake. Effectively, this puts their valuation of Numilk at $20 million.

Remember how the company raised $12 million from angel investors?

As it turned out, this didn’t generate the kind of profits anyone had expected.

In 2018, Numilk generated slightly over $40k in sales.

The following year, it generated an impressive $320k in sales.

And in 2020, it generated $400k in sales. However, over the three financial periods, the company lost $7 million—predominantly do high research and development expenses.

While the rest of the Sharks’ panel was out, Mark Cuban had an offer the boys couldn’t refuse: $2 million.

$1 million would be for a 7% stake in the company, and $1 million would be a loan at 3% interest + an additional 3% equity or advisory shares.

Effectively, if the pair didn’t take the loan, it was $1 million for 7% equity.

If they took the loan, it was $2 million for 10% equity.

The deal was accepted.

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Numilk – Net Worth 2024

So, how much is Numilk worth? Numilk entered into negotiations with upmarket supermarket chain Whole Foods in 2021, and also launched a Kickstarter campaign. The campaign raised an additional $220,000. Therefore, Numilk has an estimated net worth of $25 million.

Numilk’s kiosks are used at 65 stores across the United States, with their commercial countertop machines in use at an estimated 150 coffee shops and cafes.

The company also reached an agreement with Hamilton Beach to manufacture their Home and Pro machines in September of 2022.

Their home countertop machines have not yet been released to the public, but are available for pre-order through the company’s official website and marketed as a One Press Wonder.

In 2023, Numilk and Hamilton Beach Brands entered a multiyear agreement.

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