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.
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Katey Evans, the former Ms. Delaware, entered into matrimony with a third-generation farmer in Bridgeville, where she witnessed a significant amount of food going to waste.
She observed that fruits not meeting certain cosmetic standards were often discarded, motivating her to find a way to minimize such losses.
This led to the creation of The Frozen Farmer, a brand specializing in ice cream and “nice cream” made from these otherwise perfectly good 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.
However, the challenge lies in expanding the business, and Katey is eager to partner with a shark who can help her find a co-packer.
The sharks sampled the ice cream and were pleasantly surprised by its taste, despite being made from “unconventional” fruits.
Yet, like many refrigerated products, the business faces logistical challenges that gave the sharks reason to pause.
Response from the Sharks
Barbara Corcoran was the first to bow out, expressing her desire for Katey’s success but recognizing that she might not be the right shark to facilitate it.
Mark Cuban shared similar concerns, citing the competitive nature of the ice cream market as a potential obstacle.
Daymond John, noting issues with the business and the complexities of dealing with refrigerated goods concerning freezer space, freshness, and shipping, also decided to step out.
Kevin O’Leary follows suit, choosing not to invest in a business with a structure resembling this one. Additionally, he has no interest in entering the ice cream industry.
Lori’s Offer
This leaves Lori Greiner, who has a deep affection for healthful foods but seldom invests in them.
However, she makes a special case for The Fresh Farmer. Despite not being a huge fan of ice cream herself, she thoroughly enjoyed the product.
Lori extends an offer to Katey, proposing $125,000 for a 30% equity stake in the business, with a commitment to venture into chain stores and revamp the packaging. Katey promptly accepts this offer.