Wicked Good Cupcakes are exactly what they sound like, however with a twist. The cupcakes are packed in mason jars to allow them to be shipped across the nation! Mother-and-daughter duo Tracey Noonan and Dani Desroches pitched the product to Shark Tank and obtained a take care of Kevin O’Leary. As of 2024, Wicked Good Cupcakes is price an estimated $100 million. The firm was acquired by Hickory Farms in June 2021.
About the Founders
Tracey Noonan, from Charleston, South Carolina, has been married thrice and is a mom of two. She didn’t attend school after highschool however she has tried her hand at completely different professions to supply for her youngsters.
Before turning into an entrepreneur, she was a photographer. Later on, Tracey labored as a contract public speaker and author. She was additionally employed as a gross sales affiliate and guide for Get Beyond.
Founding the Business
Tracey missed her daughter dearly when she moved out, and as a method for them to spend time collectively, she satisfied Danielle to take cake adorning courses along with her. Dani agreed with out realizing that it will result in a profitable baking enterprise.
After finishing the baking courses, they began a cupcake bakery in 2011 and known as it Wicked Good Cupcakes. Selling tasty cupcakes in a mason jar was a novelty and so they step by step constructed up a loyal buyer base.
The rookie bakers quickly realized they wanted higher packaging and to enhance shelf life. So, they saved them in mason jars and put them on show. Customers cherished it, and so they began promoting nationwide. With this, they made $150,000 after two years in enterprise.
Shark Tank Appearance
Tracey and Dani’s small bakery enterprise was struggling to scale and their margins have been tight. They have been working as much as 13 hours a day to maintain up with demand. The Bostonians pitched on season 4 of the present, looking for $75,000 for 20% fairness.
The Sharks cherished their scrumptious cupcakes however sadly, it was too small to be a worthwhile funding. All of the Sharks slowly dropped out till solely Mr. Wonderful was left. Fans of the present wouldn’t must be psychic to know what would occur subsequent.
Kevin O’Leary needed a grasping royalty that might destroy the enterprise in the long term. Kevin provided $75,000 and needed a $1 per unit royalty till he obtained his a reimbursement. Then the royalty would drop to 50 cents in perpetuity. The different Sharks didn’t just like the deal. Ultimately they agreed to a royalty deal of 45 cents per jar.
After Shark Tank
After the episode aired, Wicked Good Cupcakes noticed an enormous improve in orders. Fans of the present cherished the founder’s authenticity and have been rooting for them to succeed. The rise in gross sales helped them open two extra shops together with a baking facility in Massachusetts.
Kevin’s involvement helped them cut back the price of buyer acquisition to “practically nothing” in accordance with Tracey Noonan. She additionally acknowledged, showing on Shark Tank was like doing a $5 million industrial.
Within two years the enterprise made $3 million in annual income. Four years after the present, they hit $14 million in lifetime gross sales! In November 2017, Wicked Good Cupcakes launched a meals truck-primarily based franchise and it was an enormous success!
The founders later partnered with Cinnabon and several other wine firms for wine and cupcake present packages. Apart from their native outlets and companions, you should buy their cupcakes on their official web site, WickedGoodCupcakes.com.
They have a 2.5-star ranking from 202 opinions on Yelp. In 2021, Wicked Good Cupcakes was acquired by Hickory Farms for an undisclosed sum. Currently, Wicked Good Cupcakes is price an estimated $15 million.
Thanks to the sale, the founders grew to become multi-millionaires and Wicked Good Cupcakes is now considered one of Kevin O’Leary’s finest ever offers on Shark Tank. More than probably, Hickory Farms needed to pay extra cash to Kevin to finish his royalty deal.
