Numilk Case Study, Company Profile, Founding Team, and Many More

Introduction:

The most common forms of plant materials, such as coconut, almond, soy, and oats, may also be used to make plant-based milk, as well as hemp, pea, cashew, quinoa, macadamia, rice, flax, and even hazelnut.

The advantages of plant-based milk are being brought to your home and café by Numilk. The business first began with sizable kiosks in supermarkets that let customers produce their own milk. Numilk is now bringing that ease into the home. Similar to a Nespresso machine, they have created a device that makes plant-based milk from the pouches.

The consumer version of the pouches yields 16 ounces, while the commercial version for cafes yields 32 ounces and only contains organic, pure, whole foods without any added preservatives, processing, sweeteners, gums, or fillers. With a retail price of $299 anticipated at launch, Numilk is presently accepting pre-orders starting at $149. Recently, the team made an appearance on Shark Tank and received $2 million in funding from Mark Cuban.

Numilk – Company Highlights:

Numilk – About:

Using plants instead of animals, NuMilk creates fresh milk. All varieties of fresh vegan milk and drinks with various components are produced using this machine. Shark Tank Season 12 Episode 18 featured NuMilk as a guest, and its co-founders Joe Savino and Ari Tolwin requested $1 million for 5% equity.

Because they cannot digest them, many people dislike cows. Some people identify as vegans and choose to consume almond and other plant-based milks instead of dairy products from cows or other animals. This Almond and oats Milk is made by numerous significant businesses. Each milk has a five- to ten-day shelf life.

Various components, including guar gum, locust bean gum, acacia gum, and carrageenan, are used by different brands to manufacture their plant-based milk. Without offering the consumer pure plant-based milk, the brands can lower their production costs by utilizing all of these elements. Plant-based packaged milk is unhealthy. Many milk varieties are packaged in plastic bags so that a piece of plastic can go into the consumer’s body.

Joe created the NUMILK machine so that the public might have fresh, plant-based milk on demand. The almond milk is not pure, and different sorts of additives are used in the remaining portions of the box.

Using plant-based milk nutrition components, NuMilk is a device. Only three ingredients—almonds, purified water, and maple syrup—are required to make almond milk with this equipment. Numilk Home and Numilk Pro are the current sizes and weights of this machine, respectively.

The 32oz NUMILKS Pouch has now been introduced. These pouches can be used to create various milk and shake varieties. Since these pouches are already included in the package, no additional dry ingredients are required for this machine.

It contains a variety of ingredients, including Black Sesame, Chocolate Oat, Matcha Latte, Golden Milk, Moonmilk, Almond Original, Almond Unsweetened, Oat Original, Cashew Unsweetened, and many more.

Additionally, cleaning this machine is a breeze. To clean the bag chamber, all you need is a fresh piece of cloth. It is quite simple to operate; all you need to do is fill a bottle with 28 ounces of water, put it in the machine’s bottom, and turn it on. There is no need to fill the bottle with water if this machine is connected to the water supply. You just need to choose your favorite Numilk pouch and set it on the machine’s top.

Once you push the start button, your fresh milk will be prepared. Numilk pouches cost between $3.20 and $4.80 each. Costs for Numilk Home and Pro are $249 and $699, respectively.

Numilk – Industry:

The NuMilk machine creates fresh almond milk in an instant using only three ingredients: almonds, purified water, and maple syrup. Almonds are a popular substitute for cow’s milk among many people. Vitamin E, calcium, phosphorus, iron, magnesium, zinc, selenium, copper, and B vitamins are just a few of the nutrients found in almond milk. It was the size of two refrigerators when NuMilk was introduced on Shark Tank.

Numilk – Founder and Team:

NuMilk Company’s co-founder and inventor is Joseph C. Savino. Another founding member is Ari Tolwin. They began it in 2017. At Pace University’s Lubin School of Business, Joseph pursued a BBA in finance. He worked at 121 Inflight Catering for 4 years as the operations manager. For five years, he helped in the founding of Harvest Beverages Group. For five years, Ari Tolwin, an entrepreneur, served as co-founder and CEO of Happy Tree Maple Water.

Numilk – Startup Story:

We adore oat milk, plant-based lattes, protein drinks, and almond and almond milk. But we detest having to purchase heavy, oversized, nationally distributed plant-based milks. It’s almost the exact opposite of carbon neutral. specifically, carbon awful. And we detest buying single-use cartons or bottles. We also didn’t like that the majority of pre-packaged plant-based milks contain additives, preservatives, and/or gums. Additionally, they have poor flavor. So, we made the decision to take action. Making your own enticing, healthy, plant-based milks, lattes, and protein-based shakes takes less than a minute with Numilk. You’ll be astounded by the amazing, creamy flavor; we guarantee it.

Numilk – Mission and Vision:

Through our cutting-edge Numilk equipment, Numilk is on a mission to provide plant-based, low-waste products to everyone. At the touch of a button, create delicious, healthy plant-based milks, lattes, and protein shakes without the need for gums, fillers, or preservatives and without the waste associated with pre-packaged food. Plant-based, less waste, better for you and the environment.

Numilk – Name, Tagline, and Logo:

“A machine that creates fresh plant-based milks and lattes while fighting food waste.” 

Numilk – Business Model:

A bottle costs $2 and $3.99 when it is refilled. There are now some grocery stores with this milking machine installed. They had enjoyed Shark Tank, and they have already raised $12 million at a $40 million valuation. They sold one of their devices in 2018, and it brought in $40,000 over the course of a year, but it cost $2 million in R&D.

They spent $3 million to achieve their 2019 sales of $320,000 from their 10 machines. The grocery chains were shut down due to the COVID-19 epidemic despite having a track record of $6 million in 2020. He made $400,000 in sales at that time, and now his bank account has $3 million available.

Numilk – Revenue Model:

According to Tolwin, each kiosk typically brings in $50,000 in revenue annually while costing the business $30,000 to build. Once the company begins manufacturing more machines, according to Tolwin, the manufacturing cost will “fall down to $15,000 at scale.”

Tolwin and Savino then developed a stainless-steel countertop unit for cafes and coffee shops that is marketed for $699 each, expanding their product line. Additionally, Numilk intends to release a countertop device for use at home that will be smaller and cost $199 in the summer of 2022. From Numilk’s pre-packaged ingredient pouches, both the commercial equipment and the home appliances produce a variety of beverages, such as almond milk, oat milk, matcha lattes, and protein shakes.

In addition to offering a tiny machine for use at home, NuMilk has replaced its giant vending machine with a smaller “NuMilk Pro.” After appearing on Shark Tank, COVID-19 caused NuMilk’s sales to decline. But during lockdowns, with Mark Cuban’s help, they created cutting-edge machinery. Their sales have surpassed $13 million, the majority of which came from their home services and the more than 150 places across the country where they have equipment for sale.

Numilk – Products and Services:

Only true, pure, whole food ingredients—what you actually want in your preferred plant-based milk—are included in Numilk pouches. It’s also crucial to highlight what’s missing, such as the absence of preservatives, gums, fillers, and processed sweeteners.

Numilk – Funding and Investors:

• $2M in total funding has been raised for Numilk in a single round.
• On March 29, 2021, an Angel round for $2M was its most recent round of fundraising.
• Its most recent round saw only one investor, Mark Cuban, as the lead.
• Stray Dog Capital, Groundswell Ventures, and Litani Ventures are three of the four institutional investors in Numilk.
• Only Mark Cuban has invested in Numilk as an angel.
• Mark Cuban was immediately interested in the plant-based milk startup Numilk that serial entrepreneurs Ari Tolwin and Joe Savino were pitching on an episode of ABC’s “Shark Tank.” The multibillionaire investor already has a sizable portfolio of vegan goods.
• The total cost of the acquisition was $1M for a 7% stake plus an optional $1M loan at 3% interest for a 3% holding in advising shares.

Numilk – Employees:

Numilk has 11-50 employees in it.

Numilk – Challenges Faced:

When NuMilk launched a Kickstarter campaign to raise money for the creation and development of the domestic and industrial models of their plant-based milk production devices, they struggled to properly transport their products.

Numilk – Growth:

Mark Cuban invested $2 million in NuMilk after the company received a deal on Shark Tank. The concept of a machine that can produce instant almond milk is creative and might be well received by the public. There are numerous goods that are identical to this type of notion despite the fact that it has been done before. On Amazon, you’ll find a lot of NuMilk substitutes.

As an alternative, ChefWave Milk, manufactured by a well-known firm, is selling well on Amazon. It won’t be until August 2022 when the identical NuMilk is offered on Amazon. It is only accessible from its official website. After appearing on Shark Tank, this company unveiled two new products, NUMILK Home & NUMILK Pro, and subsequently the multi-ingredient Numilks Pouch.

CNBC, Veg News, and Well + Good are just a few of the media outlets that have covered this product. More than 65 grocery retail outlets in the United States now carry its huge milk-making machine. In 2022, it will exclusively transport the goods to the US, Puerto Rico, and Canada, but in the following few years, it will also cover Asia.

Numilk – Partners:

Jon Trout, the founder and CEO of Chekhub, thinks the platform will be a huge help as Numilk moves through with their forthcoming expansion.

Numilk – Competitors:

• With 138 active rivals, Numilk holds the 17th spot.
• 37 of its rivals have funding, while 12 have given up.
• In total, 84 investment rounds with 197 investors raised over $1.11 billion for Numilk and its rivals.
• In the whole competition set, there are no private unicorns.
• Oatly, Califia Farms and Ripple Foods are the main rivals.

Numilk – Future Plan:

A popular product is numilk. A lot of individuals felt this product was necessary when it appeared on Shark Tank. We can see that as of August 2022, Mark has not finalized his agreement with this company. We think Mark is still working with the co-founder to develop this company. The company started a Kickstarter campaign to generate money for its brand-new product, Numilk Home, and it received $222,353 from 888 backers.

Conclusion:

The NuMilk machine creates fresh plant-based milk with a variety of ingredients, including vegan alternatives. Almonds, filtered water, and maple syrup are the only three materials needed to make almond milk rapidly. NuMilk Company, which makes milk using ingredients derived from plants, was developed by Ari Tolwin and Joseph C. Savino.

When Joseph and Ari went on Shark Tank, they asked for $1 million in exchange for a 5% interest in their company. At a $41 million valuation now, they have grown by $13 million since then. In exchange for a 10% ownership stake in the company, Mark Cuban contributed $1 million as stock and $1 million as a loan.

FAQs:

Ankit Kataria

Engineer | Content Writer
Want to be a catalyst for a positive change in the world