Moink
Moink is a box subscription company started by an 8th generation farmer from La Belle, MO, that aims to help keep family farms viable in the face of large, corporate owned agriculture businesses. Subscribers can pick from a selection of boxes that contain farm raised beef, pork, or veal and even have an option for Alaska salmon. The subscribers can pick from a delivery frequency of ever three, four, or six weeks for a new box packed fully of tasty, tasty meats to arrive.
The entrepreneur behind Moink was inspired by by the hardships she saw when she was younger and growing up on a farm and she wanted a way to help farmers survive against the changing and consolidating industry. This same entrepreneur had started a separate box subscription business centered around vegetables that she sold to other investors.
The business is growing as evidenced by the fact that in 2017, Moink did only $85,000 but in 2018 did $730,000. The entrepreneur claims that Moink has an outstanding 71% customer retention rate but with an average customer acquisition cost of $97 when marketing, consultants, and SEO is factored in. However, the average order per box is $159 while the cost to produce the box is $127 including all credit card fees, shipping & handling charges, and meat acquisition (obviously). She estimates that Moink has "about" 10% margins and estimates that competitor Omaha Meat probably has them up around 20%.
This deal aired on Episode 10.15.
Making a Deal
Daymond exits the deal quickly because he says he feels the entrepreneur is too defensive. Lori says that 60-70% of her diet is really vegetarian and is out because a meat box just isn't what she wants to get. Mark, likewise, drops out, citing a conflict with his investment in Echo Valley Meats.
Guest shark Jamie Siminoff rides in for the rescue though, offering $400,000 for a 20% stake in the business. While the equity stake is twice what the entrepreneur had been offering, Jamie was also investing $150,000 more than the original offer because he said that he thought the company needed more capital. This represented a very modest bite from the company's value of $500,000 when the entrepreneur accepted.
Updates
Moink was featured in an update on episode six of Season Eleven. In it, investor and guest shark Jamie Siminoff visited Moink in Missouri. There, the entrepreneur behind the company explained that they had outgrown their operations facility and had needed to move to Kansas City in order to grow their packing operations. She said that while she had done $815,000 in sales before her appearance, in less than a year since making the deal she had done $2,800,000 in sales.