As per the latest update from Shark Tank, Frozen Farmer has a net worth of $15 million.
Lori Greiner invested $125,000 for a 30% equity in the company. Katey Evans, founder of The Frozen Farmer, appeared on Season 11, episode 17 of Shark Tank.
Frozen Farmer Net Worth
- Net Worth: $15 Million
- Annual Revenue: $3 Million
- Profits: $1.8 Million
- Lifetime Sales: $20 Million
- Employees: 11
- Investor: Lori Greiner
Growth after Shark Tank
After achieving success in online sales, Katey was approached by Walmart, leading to a swift rebranding process. The brand is now known as Frobet, and her ice cream products are now available in 4,300 Walmart stores.
Additionally, her products can be found in Stop & Shop and Kroger as well. In our investigation for the Frozen Farmer update, we discovered that she now generates an annual revenue exceeding $3 million.
Shark Tank Episode Recap
Former Ms. Delaware Katey Evans married a third-generation farmer in Bridgeville and noticed a lot of food waste.
Seeing imperfect but edible fruit discarded, she created The Frozen Farmer, making ice cream and “nice cream” from these fruits.
Since 2015, Katey has been the driving force behind The Frozen Farmer, and her products are now available in 70 grocery stores that also carry their farm’s produce. This local charm translated into $310,000 in sales the year before appearing on the show.
Katey wants a shark’s help to find a co-packer and grow the business. The sharks loved the ice cream, despite its unique ingredients, but hesitated due to the challenges of selling refrigerated products.
Response from the Sharks
Barbara Corcoran bowed out, wishing Katey success but feeling she wasn’t the right fit. Mark Cuban also declined, citing tough competition.
Daymond John stepped away due to business challenges and shipping issues with frozen goods. Kevin O’Leary passed, uninterested in the ice cream industry and the business model.
Lori’s Offer
Lori Greiner, though rarely investing in healthy foods, makes an exception for The Frozen Farmer. Despite not loving ice cream, she enjoyed it and offered $125,000 for 30% equity, promising to help with retail expansion and packaging. Katey quickly accepts.