Misfit Foods: Here's What Happened After Shark Tank

In 2014, Phil Wong, a child of Asian immigrants who was studying at Georgetown University at the time, was operating a cold press juice business using misshapen and unmarketable produce when he came up with the idea of incorporating vegetables into meat products to lower meat consumption. Because meat production is a significant source of greenhouse gas, the primary cause of global warming, Wong believed that incorporating vegetables into sausages would benefit the environment without forcing customers to choose between eating meat and going vegetarian. Therefore, in 2019, Wong transformed the business from a juicery to a meat company, selling chicken sauces with vegetables incorporated within. 

Pivoting from juices to sausages turned out to be a good idea. By the time Wong appeared on "Shark Tank" — a show whose panel invested in items such as chocolate-dipped pretzels — in March 2021 (Season 12, Episode 17), the company had been making half-meat, half-vegetable sausages for over a year.

Wong's presentation was persuasive enough that noted vegan Mark Cuban and guest shark Daniel Lubetzky offered to invest in the company.

During his appearance on the show in 2021, Wong presented three flavors of his chicken and vegetable-based sausages for the sharks to sample. He framed his product as a way for meat eaters to help the environment by consuming less meat without going entirely vegetarian.

The product was generally well received by the sharks, who praised the taste and the lower sodium content compared to other chicken sausages on the market, but they asked Wong for more information about his business. Wong revealed that his company was on its way to making $1.2 million for the year, and his products were being sold at Whole Foods Markets in addition to selling online. By the time he appeared on the show, the business had already raised $2 million from other sources. In the episode, he initially wants the sharks to invest $250,000 for 5% of the company.

At the end of the presentation, three sharks made offers for Misfit Foods. Daniel Lubetzky offered $250,000 for a 15% stake, while Lori Greiner offered the same amount in exchange for 18%. Mark Cuban offered to team up with Mr. Lubetzky to invest jointly, and eventually, the parties agreed to a $300,000 investment in exchange for a 15% stake in Wong's business.

After the show, Wong appeared to be on track to partner up with the two sharks. However, it was later revealed that the deal eventually fell through and neither shark invested in the company for undisclosed reasons. The two sharks have remained on good terms with the company, and their advice has shaped its operations after the show. For example, during the show, Cuban advises Wong to make "workhorse" products with conventional flavors that have broader appeal. After the show, Wong contacted his customers and confirmed they wanted more conventional flavors. As a result, the company has made changes to its product line, selling ground meat-and-vegetable patties in addition to new flavors of sausages, such as cauliflower chicken bratwursts.

Despite not closing on the "Shark Tank" investment, Misfit Foods has found further success in the market. Wong's appearance on the show has generated interest, and his product was sold out several times. According to the company's website, the company has sold more than two million sausages to date.

Misfit Foods seems to be going strong. According to its website, products are available to purchase online directly from it, but the company has since expanded its retail footprint, and its products are available in a wide variety of stores, including Whole Foods Market in the mid-Atlantic region, Sprouts Farmers Markets in most states, and delivery outlets such as Misfit Markets, Imperfect Foods, Good Eggs, and FreshDirect.

In 2022, the company changed its name from Misfit Foods to Phil's Finest, partly to resolve a trademark dispute with Misfit Market, an online outlet that sells misshapen and ugly produce to reduce food waste. The rebrand also shifts the company's image away from the original juice products and focuses its messaging on its meat-based products.

The future seems promising for Wong and Phil's Finest. Although the "Shark Tank" deal never materialized, the company has been involved in other business startup incubators, including Food Foundry, "innovation hub" Relish Works, Gordon Food Service, and technology incubator 1871.