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Emily Castro and Melissa Harrington appeared on Shark Tank season 13, episode 6, which aired on November 12, 2021. The entrepreneurs sought $200,000 for a 15% stake in their company, Fish Fixe, a frozen fish delivery service. Kevin O'Leary, also known as Mr. Wonderful, appreciated their product and said it fit into his "Chef Wonderful World." Consequently, he presented the ladies with an offer.
"I want 33.3% for $200,000 and I go to work with you on the social side. I gotta turn you into freaking stars," he said.
The Shark Tank investor wanted to collaborate as their third partner, aiming to lower the CAC (Customer Acquisition Cost) by helping the brand build a noteworthy social presence. The entrepreneurs countered with 25% equity but Kevin refused to go lower than 30%, saying he knew how much work it would take to revamp the business.
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The other Sharks had removed themselves from consideration, but watching Kevin seek 30% of the company, Lori Greiner re-entered the discussion and accepted the Fish Fixe owners' counteroffer.
"I don't think you need a partner" — Shark Tank panelist Lori Greiner initially refused to invest in Fish Fixe
While demonstrating their product, Emily and Melissa stated that over 80% of America's population was not "reeling in" the benefits of seafood consumption because they were uncomfortable buying, handling, or cooking it. Fish Fixe helped solve that problem by delivering "perfectly portioned premium seafood" nationwide, simplifying it.
They explained that their packaging was also geared toward making the user's experience simple. It came with thaw, prep, and cooking instructions. Moreover, the packages were odor-absorbent.
While the Shark Tank investors tasted samples of the product, the business owners informed them that customers could buy anything they wanted off their website. However, they did have a subscription model designed solely for the user's convenience.
As a 100% direct-to-consumer brand, their most popular box contained 16 portions priced at $139 or $149. The year before appearing on Shark Tank, Fish Fixe did $821,000 in sales, earning a profit of $20,000, with a customer acquisition cost of $30 to $40. The entrepreneurs then shared that for the current year (2021) they had done $494,000 year to date, projecting to make over $1 million by the end.
When Shark Tank guest panelist Nirav Tolia inquired about the margins, the business owners revealed that their average order value was $143, but their delivered cost was $111. Emily and Melissa explained that since the COVID-19 pandemic, their one-day deliveries turned into shipping to the East and West coasts, costing 11% of their total revenue.
However, they planned on using third-party logistics to reduce the delivery time to two days or less. Shark Tank investor Mark Cuban stated that both their order value and shipping costs were variables, making the business "very tough." As a result, he backed out of making a deal.
Robert Herjavec removed himself from consideration, saying he was not the best with shipping and logistics. Then Kevin presented Emily and Melissa with his offer, following which Nirav bowed out of investing after stating the owners needed a partner who understood the industry of "moving fish." Lori followed suit, saying:
"I don't think that you need a partner to just help you get distribution centers and I really don't think that you need to give away equity."
With all Sharks out but Kevin, the entrepreneurs started negotiating with him to get him to lower his equity ask. Meanwhile, Mark supported Kevin and highlighted the value he would add to the brand by collaborating with it. However, Lori disagreed, telling Melissa and Emily that she did not want them to give away almost a third of their business.
Consequently, she offered $200,000 for 25% equity in their company. The entrepreneurs accepted the deal and finalized it. Fish Fixe continues to be in business and has reportedly made over $4 million in sales revenue in 2024.
Shark Tank season 16 drops new episodes on Fridays at 8 pm ET exclusively on ABC.
