Quevos is a unique company that has made waves in the snack industry with its healthy egg white chips. The company was founded by Nick Hamburger and Zack Schreier, two young entrepreneurs with a passion for creating a guilt-free snack alternative. Zack, who lives with Type 1 diabetes, was inspired to develop a snack that wouldn’t affect his blood sugar levels. Together, they aimed to meet the growing demand for snacks that are both nutritious and delicious.
The product itself is a low-carb, high-protein chip made from egg whites, which sets it apart from traditional snacks. This innovative idea was warmly received by health-conscious consumers, establishing Quevos as a rising star in the food industry.
Initial Steps and Funding
In its early stages, Quevos successfully launched a crowdfunding campaign on Kickstarter. This initial funding raised nearly $72,000, which provided a solid foundation for the company. The Kickstarter campaign not only helped raise funds but also built a community of supporters eager to see Quevos succeed.
Following this, Quevos caught the attention of Kraft Heinz’s Springboard incubator program. The program is known for supporting innovative food startups. This involvement provided Quevos with additional resources and mentorship to further develop their brand and product line.
Shark Tank Experience
Quevos gained widespread recognition after appearing on the popular television show “Shark Tank” during its 12th season. Nick and Zack entered the tank seeking $200,000 in exchange for a 5% stake in their company. They impressed the investors by showcasing their impressive sales numbers, indicating a thriving business.
The highlight of their presentation was when Daniel Lubetzky, the founder of Kind LLC, made them an enticing offer. He proposed a $200,000 investment along with a $200,000 line of credit, asking for a 10% equity stake in return. This deal also included mentoring from Lubetzky, which promised valuable guidance for the young entrepreneurs. Nick and Zack accepted his offer, setting the stage for Quevos’ future success.
Achievements Post-Shark Tank
Appearing on “Shark Tank” proved to be a pivotal moment for Quevos. The exposure helped the company achieve tremendous growth in both sales and brand recognition. Within just two weeks of the episode airing, Quevos saw a surge in sales, generating $500,000. This increase in sales highlighted the product’s appeal and growing demand among consumers.
By the end of the year, Quevos’ annual sales had jumped from $1.3 million to $3.2 million. This remarkable growth reflected the brand’s strong market presence and consumer interest in healthy snacking options. Quevos’ appearance on the show served as a catalyst for their success, establishing them as a major player in the snack industry.
Aside from increased sales, Quevos achieved significant milestones in expanding its retail presence. The company’s chips, once available in just 400 stores, found their way onto the shelves of over 1,500 stores. Major retailers such as Whole Foods, The Vitamin Shoppe, and Wegmans began stocking their products, reaching a broader audience than ever before.
Financial Support and Growth Strategies
Daniel Lubetzky’s involvement with Quevos continued beyond the initial “Shark Tank” deal. Seeing the potential for growth, Lubetzky invested an additional $1.35 million into the company. This financial support was instrumental in helping Quevos achieve its ambitious goals and secure a stronger foothold in the market.
With Lubetzky’s mentorship, Quevos embarked on a rebranding journey to enhance its market appeal. The company revamped its packaging to better resonate with customers while emphasizing the health benefits of its product. This rebranding effort played a crucial role in attracting more consumers and solidifying Quevos’ position as a leading healthy snack option.
To keep up with growing demand, Quevos expanded its production capabilities significantly. They moved into a 32,000-square-foot production facility equipped with more efficient machinery. This expansion allowed the company to increase its production volume and ensure that supply could meet the ever-increasing demand.
Acquisition by Joe Oblas
In January 2023, Quevos achieved yet another milestone when they were acquired by Joe Oblas, the former CEO of Stryve Foods. The acquisition came at an opportune time, showcasing the high potential of Quevos within the healthy snack market. Although the financial details of the deal were undisclosed, it marked a significant turning point in the company’s journey.
Under Oblas’ ownership, Quevos benefited from the seasoned expertise and resources of a seasoned food industry leader. This acquisition not only contributed to Quevos’ market position but also opened up new avenues for growth and development.
Current Market Presence
Today, Quevos continues to thrive as a prominent player in the healthy snack industry. The company ensures its products are accessible by maintaining a strong presence both in retail stores and online platforms. Customers can easily purchase Quevos chips from prominent retailers, including Whole Foods and Wegmans, as well as conveniently online via their website and Amazon.
In addition to widespread availability, Quevos has expanded its product line to cater to diverse consumer preferences. By offering a variety of flavors and options, the company caters to different dietary needs while continuing to prioritize health and taste.
Estimation of Net Worth
As of 2024, Quevos’ net worth is estimated to be around $3.66 million. This figure reflects a 10% yearly growth rate since their debut on “Shark Tank.” The consistent increase in value underscores the company’s strong market position and continued success in delivering healthy and enjoyable snack options.
**Achievements and growth strategies** have contributed significantly to Quevos’ impressive financial standing. Their focus on innovation, combined with strategic partnerships and investments, has paved the way for ongoing success.
Conclusion
Quevos stands as a testament to the power of innovation, determination, and strategic partnerships in the competitive snack industry. From its inception as a simple idea to its current status as a market leader, the company’s journey has been nothing short of remarkable.
You can read more insightful business updates on The Business Flare. Quevos’ commitment to providing healthy, delicious snacks continues to resonate with consumers, ensuring its ongoing influence in the world of healthy snacking.
