Pan's Mushroom Jerky: Here's What Happened After Shark Tank

It's not every day the "Shark Tank" Sharks fight one another over an investment opportunity, but that's what happened when Pan's Mushroom Jerky brought its pitch to the show in Season 12, Episode 6, which aired November 20, 2020. If there's ever been a sign that plant-based foods are big, it's this — three rich investors practically throwing money at a vegan snack company in hopes of a stake in its business.

It all began when founder Michael Pan traveled to Malaysia to visit with family and discovered their recipes, which had been passed down through generations of vegetarian Buddhists. One of their snacks was similar to beef jerky but made with mushrooms rather than meat. From being inspired by his ancestors' food traditions to a broadening appreciation of Southeast Asian cuisine, he developed a product to share those traditions beyond the confines of his kitchen.

Pan's Mushroom Jerky launched in 2018. The plant-based snack is made from shiitake mushrooms and only simple ingredients: avocado oil, Himalayan pink salt, coconut sugar, and chia seeds, to name a few. Pan's is certified vegan, kosher, and paleo-friendly, as well as gluten-free, soy-free, cholesterol-free, high in fiber, and a good source of vitamin D. The company attributes the satisfying meatiness of its meatless jerky to the thick, chewy texture of shiitake mushrooms, which have their own umami-bomb savoriness. When Michael Pan took his wholesome shrooms to "Shark Tank" looking for funding, he couldn't have imagined just how much his family recipe would stir up the shark-filled waters.

The Pan's Mushroom Jerky segment on "Shark Tank" was remarkable. Michael started his pitch by explaining that jerky had been enjoyed for centuries, and how "there's nothing more satisfying than ripping into a meaty, chewy, delicious piece of jerky." He talked about what makes Pan's jerky special: nutritional benefits, simple ingredients, gluten-free, high fiber, etc. What he didn't say was what it's made of — then he gave them a taste.

Waiting until they all tried it and said they liked it, Michael pulled a vegan shark reveal and informed them that the "marvelous meaty texture you're experiencing is actually ... mushrooms!" That made Shark Lori Greiner love it even more.

Michael wanted an investment of $300,000 with 10% equity. Lori teamed up with guest Shark Blake Mycoskie, founder of TOMS Shoes, to offer $300,000 with 30% equity. Mark Cuban entered the fray, boasting of his experience in the vegan snack market and portfolio of successful plant-based companies, adding that he, himself, is a vegetarian. He offered $300,000 with a 20% claim. Both teams vied to impress with their offers, but Michael countered that the equity they wanted was too high. He asked Mark if he would negotiate, to which Mark lowered his share to 18%. Lori interjected by lowering hers to 15%, but it was too late. Even as Michael accepted Mark's offer, Lori was heard yelling "No, no, no!" while begging Michael to change his mind.

Immediately after the "Shark Tank" episode aired, Michael and his team were overwhelmed with sales. In a follow-up episode with the company, Michael admitted, "We expected a sales bump for our mushroom jerky, but what happened after 'Shark Tank' completely blew away our expectations." Within 24 hours of the show, they sold nearly as much as in the entire year previous. After four days, online sales surpassed $1 million dollars. A page was even added to the website to help keep customers informed on the status of their backlogged orders. At the height of the mushroom buying frenzy, orders were coming in at the rate of 375 sales per minute, with a total amount attributed directly to the "Shark Tank" appearance of 33,000 sales.

In a promotional ad in partnership with Indeed, Michael expressed that the deal with "Shark Tank" had been life-changing and had reinforced his mission to reduce meat consumption with tasty, vegan substitutes made from mushrooms. Shortly after "Shark Tank" Pan's Mushroom Jerky could be found in over 800 stores, and the company planned to expand to over a thousand more locations nationwide.

Pan's Mushroom Jerky has proven to be a "Shark Tank" success story both for Michael Pan as well as his investor. In August 2022, the vegan pork rinds company, Snacklins, a fellow "Shark Tank” alumni, shared a reel on Instagram by Mark Cuban congratulating both companies for expanding into HEB stores in Texas. In it, he admits that his love for the products is what made him invest in the companies.

Since "Shark Tank," Pan's has thrived. The company made good on its promise to expand into more stores, and today is available in over 3,500 stores nationwide, including Whole Foods, Sprouts, and Kroger Family Stores. The brand also pushes deals through the Target Circle app and has a store set up on Amazon.

The company's offerings have expanded as well, with the mushroom snacks now available in six flavors: Original, Zesty Thai, Teriyaki, Salt & Pepper, Applewood BBQ, and Curry. Pan's website provides online orders, variety packs, a subscription service, a rewards program, and recipe suggestions. Pan's also maintains an active and popular social media presence that provides behind-the-scenes glimpses into what the company and its founder are up to, with more than 5,000 followers on Facebook, 1,200 on Twitter, and over 18,000 on Instagram, and which regularly shares discounts, sales, and special promotions.

The outlook for Pan's Mushroom Jerky continues to move in a positive trajectory. The FAQ page on Pan's website addresses its latest developments for the year, including tripling staff, expanding to 24/7 production in a larger manufacturing space, which resulted in quadrupling its output of jerky, and eventually launching in over 2000 more stores, among other achievements.

Recent big news from Pan's was a double-hitter, announcing that its products would now be available in Costco stores, and in new eight-ounce sized larger bulk bags, which hold four times the amount of the regular-sized bags.

In another interesting development, Pan's also recently shared on its Instagram that a member of the team is a contestant on Season 13 of "MasterChef, United Tastes of America". James Barfield, aka PTG JLove, whose tagline on MasterChef is "Mushroom Jerky Manufacturer," is representing the West Coast region on the show via his native Portland, Oregon, the same city that Michal Pan and his magic vegan mushrooms also call home.