Have you ever thought about how much money Rumi Spice has? You’re not by yourself. This question has been in a lot of people’s thoughts since this veteran-owned business first appeared on Shark Tank in 2017.
Rumi Spice is an interesting company because it’s not just a business. It’s a social enterprise that grows saffron to help bring peace to Afghanistan.
Where is Rumi Spice today?
Mark Cuban offered Rumi Spice $250,000 for 15% of the company. Rumi Spice then raised an extra $32,000 on Kickstarter and got an investment of $2.5 million from InFrontier through Rumi Spice.
The company’s website now sells many different items, such as seasoned salts and spices like saffron, garam masala, and harissa. When bought by itself, most spices cost about $10. Rumi Spice sells saffron in different weights that range from 0.5 grams for $8.99 to 1 ounce for $169.
Customers can save 10% when they buy three or more things from Rumi Spice through a bundle deal. Spice lovers can also join to save 15% and get special recipes.
But if you don’t want to subscribe, you can still look at the website’s recipe page and find a lot of fun meals to make. Tandoori chicken is easy, here we come.
Rumi Spice Shark Tank Recap
When Emily, Kim, and Keith walk in, they want $250,000 for a 5% stake in their business. They tell you about their business and give you free stuff. People say that the best saffron comes from Afghanistan.
What most people are used to is cheap saffron from Spain or Iran. Afghani saffron costs $18 a gram because each gram has to be processed by hand for up to 150 hours.
It costs them $8.30 to make a $35 jar. They want to make money by investing in Afghanistan, but they also want to make a difference.
So far, they’ve made $400,000. By the end of the year, they hope to have made $750,000. The market for saffron is only $60 million a year, a small part of the $10 billion market for spices. Daymond leaves because he thinks it costs too much.
Lori is out because she doesn’t like saffron and loves their goal. Kevin asks them about their numbers and gets replies that are hard to understand. He’s out.
Mark wants to pay $250,000 for 15%, and Robert wants to pay the same amount for 25%. After looking at each other, they say yes to Mark’s offer.
If you seek more celebrity updates and insights, look at our earlier posts where we’ve covered every detail.
Rumi Spice Shark Tank Update
The Shark Tank Blog is always adding new information and following up on businesses that have been on the TV show Shark Tank. Mark’s deal didn’t go through, and the business doesn’t show up on his website. In 2018, two backers gave them $2.5 million in venture capital.
They added an Afghan curry braise, a Kabul spice blend, a Paella spice blend, and a mulled spice blend to their line of spices. They also sell jams and drinks made with saffron, as well as Afghani cumin. The three founders have hired a CEO to run the business while they look for other options.
In September 2018, the company opened its first store across the country in a Whole Foods Market. One of their investors, InFrontier, gave them $2.5 million in December 2018.
Rumi Spice Net Worth in 2024
Subzin says that Rumi Spice’s estimated net worth is around $10 million. However, this figure is subject to change as the company continues to grow.
Rumi Spice, founded by combat veterans Emily Miller, Kim Jung, and Keith Alaniz, sources premium saffron and other spices from Afghan farmers. The company appeared on Shark Tank in 2017, where it secured a $250,000 investment from Mark Cuban for a 15% stake.
Since then, Rumi Spice has made significant strides: Raised $2.5 million in Series A funding from InFrontier in 2018, allowing them to expand their business.
- Grew to employ over 4,000 Afghan women to harvest saffron despite challenges like drought and political unrest
- Experienced increased sales during the COVID-19 pandemic due to the appeal of their mission
- Expanded their product line to include a variety of whole spices, spice blends, and seasoned salts
- Launched nationally in Whole Foods Markets in 2018
Despite the withdrawal of U.S. troops from Afghanistan in 2021, Rumi Spice remains committed to its farmers and continues to purchase saffron and other spices from the region.
As of November 2022, the company reported an annual revenue of $5 million. While the exact net worth may fluctuate, Rumi Spice’s growth trajectory and commitment to its mission suggest a promising future for the company.
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