“Not really investable”— When Mark Cuban rejected Nourish + Bloom Market founders on Shark Tank citing finances

Nourish + Bloom Market founders Jamie and Jilea Hemmings asked for $400,000 for 5% equity during Shark Tank season 15 episode 18. Their autonomous grocery store, which opened in Georgia in 2022, recorded $800,000 in total sales but remained unprofitable.

The founders revealed multiple funding sources, including $440,000 from friends and family, an $875,000 SBA loan, and $250,000 in convertible notes. After analyzing these numbers, Mark Cuban stated:

"When you turn back and look at it, it's a mess. But that's what you had to do to cobble it all together to live. But it's not really investable for me. So for those reasons I'm out. But Dallas has many food deserts. What I want to do is help you. If you come to Dallas, I'll introduce you to who you need to be introduced to, whether it's the City of Dallas or the State of Texas that can provide you a grant of support. When you're ready to come to Dallas, I will help you."

Like Mark Cuban, other Shark Tank investors declined to invest as well, and entrepreneurs left the tank without any deals.

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Nourish + Bloom founders leave Shark Tank season 15 without deal

Jamie and Jilea Hemmings walked into the Shark Tank with a mission to transform grocery shopping through automation. Their store operates through a mobile app where customers scan QR codes to enter, select their items, and exit without traditional checkout. The system automatically processes payments and sends digital receipts to shoppers' phones.

The founders explained their store runs 24 hours daily with minimal staff requirements. One employee manages operations while their AI system handles transactions. They partnered with Georgia-based distributors to maintain fresh food inventory and created a model aimed at serving areas with limited access to healthy food options.

Nourish + Bloom Market's flagship location cost $1.5 million to establish in 2022. Monthly sales reached $22,000, accumulating $800,000 in total revenue since opening. However, the business had not achieved profitability at the time of filming.

The Shark Tank company founders detailed their existing financial commitments. They raised $440,000 from friends and family members. An SBA loan provided $875,000 in additional funding. They also carried $250,000 in convertible notes. This financial structure sparked extensive questioning from the Sharks about sustainability and growth potential.

The company presented plans for smaller format stores using shipping containers, projecting costs of $400,000 per location. These stores would maintain the same autonomous technology while requiring less initial investment than their flagship location.

Kevin O'Leary identified three main challenges in the Nourish + Bloom Market model. The real estate requirements demanded significant capital investment. The fresh food logistics needed complex coordination with suppliers. The technology infrastructure required constant maintenance and updates.

The founders described their projected profit margins as reaching 25% for the container store model. However, Barbara Corcoran noted uncertainty about which format would prove most effective.

Cuban acknowledged the founders' efforts to build their company despite challenges. However, he stated the current financial structure made the business "not really investable." The combination of loans, private investment, and convertible notes raised concerns about future growth potential.

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Post-Tank developments

After their appearance, Nourish + Bloom Market secured significant expansion opportunities. As Shark Tank Blog reported, the City of Atlanta approved funding for two new container market locations, providing a $600,000 grant. The founders committed to self-funding a third location in the Atlanta area.

In an exclusive interview, Jilea Hemmings shared insights about their progress since the show. The company received interest from multiple cities seeking to address food accessibility issues. They began offering franchise opportunities following numerous inquiries after the episode aired.

The Shark Tank business maintained its growth trajectory despite not securing a Shark investment. Their expansion plans now include discussions with city governments in Laredo, Buffalo, and Needles about establishing new locations. Each potential site focuses on areas identified as having limited access to fresh food options.

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Fans can watch new episodes of Shark Tank on the ABC network.