When 2 sisters moved to Florida from Venezuela there was something they were missing from their homeland and they wanted to quickly solve that problem. Fittingly named "Toast-It," these sisters built a brand out of the one thing they missed the most after moving to the U.S. from Caracas, Venezuela β their mother's cooking.
Mafe and Coco's products are made using ingredients that are true to their Venezuelan culture and after initial success with a handful of retailers, they decided to apply for a spot on Shark Tank! Mafe and Coco's products are made using ingredients that are true to their Venezuelan culture. The Toast-It arepas, for instance, are made using white cornmeal flour, much like the masarepa that's used in traditional arepas. But, they also come in other versions β one that's seeded, combining the cornmeal with flax and chia seeds, and another made with cassava, also known as yuca flour, that is also traditional to Latin cuisines.
On Shark Tank O'Leary made the sisters an offer: $100 grand for 20% equity β Mafe and Coco, were asking for the same amount of money for 5%. Guest shark Daniel Lubetzky matched it, and the girls countered by offering them both 15% equity for $150,000, ultimately striking a deal with Lubetsky.On
Today's show you'll learn:
π¦ How this business grew from a yearning for a hometown food π¦ How Mafe's background in Pepsi and Coco's marketing insights gave them a leg up π¦ How they landed guest shark Daniel Lubetzky who founded snack company Kind
