The Popular Breakfast Item That Couldn't Work Out A Deal On Shark Tank

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Kodiak Cakes is a food company that made protein-infused products before it became hyper trendy. You've probably seen their whole-grain frozen waffles at Costco, or protein pancake mixes on grocery store shelves. When the company's two founders, Cameron Smith and Joel Clark, stepped onto the "Shark Tank" stage in 2014, they generated a lot of interest — but not enough to seal a deal.

While "Kodiak Cakes received two offers on Shark Tank," Smith and Clark found them to be low. Their original ask was $500,000 for 10% of the company, and the Sharks wanted more equity. So they walked away. However, as you might have noticed when visiting big-name retailers and grocers, it was not the end of the road for the duo. As with many food companies that appeared on "Shark Tank" but did not get a deal, the TV appearance boosted brand awareness. As of 2020 (the most recent numbers we could confirm) Kodiak Cakes generated $200 million in annual sales.

Today, the brand offers an impressive lineup of breakfast foods, still using a base of 100% whole grains with an infusion of whey protein. Aside from the classic pancake mixes, the company's product lines have expanded to include flavored oatmeal cups, breakfast bars, and frozen items like waffles, French toast sticks, mini flapjacks, and pancake breakfast sandwiches. This level of success demonstrated that whole grain doesn't necessarily translate to boring: Kodiak Cakes has still found a way to make its nutrition-focused products more exciting, with flavors like birthday cake pancake mix and s'mores oatmeal cups.

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Looking at how popular Kodiak Cakes is now, this is probably one of the food products that the Sharks shouldn't have passed on. As of 2021, the company's various offerings could be found in over 26,000 retailers and online. The combination of convenience and nutrition has clearly paid off for the brand. For instance, some folks might be hesitant to consume a quick breakfast of frozen waffles, which are often made from heavily processed ingredients and contain high amounts of sugar. Kodiak Cake's frozen products take these convenient foods and make them more nutritious without requiring more effort or prep time.

Kodiak Cakes also caters to alternative diets. While whey protein and wheat are found in many of its products, the company now offers a gluten-free flapjack mix (made from oats) and a vegan one (using pea and brown rice protein). And for those who care a lot about how the food is made, everything used in the brand's products is pretty straightforward. The ingredient label lists contents like whole wheat flour, oats, whey protein, and brown sugar.

Finally, product ratings and reviews speak a lot for Kodiak Cakes. For example, on Amazon, the Power Cakes Flapjack and Waffle Mix gets a 4.7-star rating out of over 11,000 reviews. Customers describe how they love the fluffy texture and heartiness of the pancakes, and can feel good about eating more whole grains and protein.