What is Slate? Slate is a brand of low-sugar, lactose-free, protein-rich chocolate milk designed as a healthier alternative to traditional chocolate milk.
Summary
- Slate, a healthier chocolate milk alternative, was pitched on Shark Tank Season 11.
- The founders, Manny Lubin and Josh Belinsky, did not secure a deal.
- Despite this, Slate has thrived, reformulating their product and securing partnerships with the UFC and others.
- Slate has raised $25 million in funding and is available nationwide in various retail locations and online.
- The company has significantly grown its distribution and team since appearing on the show.
Slate Shark Tank Update | Shark Tank Season 11
Remember that episode of Shark Tank where the entrepreneurs walked in with a cooler full of chocolate milk? That was Slate Milk, a company aiming to revolutionize a childhood favorite with a healthier twist.
While they didn’t snag a deal on the show, their journey since then is a testament to resilience and the power of a good idea. Let’s dive into what Slate Milk is all about and where they are now.
Slate: A Healthier Chocolate Milk
Slate Milk was born from a simple desire: to enjoy chocolate milk without the guilt.
Founders Manny Lubin and Josh Belinsky recognized that traditional chocolate milk, while delicious, is often loaded with sugar and lacks nutritional value.
They set out to create a better-for-you alternative that could be enjoyed by both kids and adults.
1. The Pitch
| Entrepreneurs | Manny Lubin and Josh Belinsky |
|---|---|
| Business | Slate Milk – Low-sugar, lactose-free, protein-rich chocolate milk |
| Ask | $400,000 for 10% equity |
| Deal | No deal |
| Sharks | Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner, Rohan Oza |
| Season | Season 11 |
| Original Air Date | 2020 |
| Website | Slate Milk |
| Key Points of Pitch |
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| Why Sharks Declined |
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2. The Product
Slate Milk distinguishes itself from traditional chocolate milk in several key ways:
- Low in Sugar: Slate Milk contains significantly less sugar than regular chocolate milk, making it a healthier choice.
- High in Protein: With a substantial protein boost, Slate Milk helps you feel fuller for longer and supports muscle recovery.
- Lactose-Free: By using an ultra-filtration process, Slate Milk removes lactose, making it suitable for those with lactose intolerance.
- Shelf-Stable: The unique canning process allows Slate Milk to be stored without refrigeration, making it convenient for on-the-go consumption and shipping.
3. Target Audience
Slate Milk appeals to a broad audience, including:
- Health-conscious individuals: Those looking for a healthier alternative to traditional chocolate milk.
- Athletes: The high protein content makes it an excellent recovery drink.
- People with lactose intolerance: Slate Milk provides a delicious way to enjoy chocolate milk without digestive discomfort.
- Busy individuals: The shelf-stable nature of the product makes it perfect for those with on-the-go lifestyles.
- Parents: A nutritious and convenient option for children’s lunchboxes or after-school snacks.
Slate Milk Shark Tank
Manny Lubin and Josh Belinsky stepped into the Shark Tank with high hopes and a cooler full of Slate Milk.
Their goal was to secure an investment to help take their healthier chocolate milk alternative to the next level. Let’s recap how their pitch unfolded.
1. The Ask
Manny and Josh entered the tank seeking $400,000 in exchange for a 10% stake in their company. This placed a $4 million valuation on Slate Milk, a figure that immediately raised eyebrows among the Sharks.
2. The Sharks’ Feedback
The Sharks were intrigued by the concept of a healthier chocolate milk, but several concerns arose during the pitch:
- Taste: While some Sharks found the taste acceptable, others were not impressed. This raised concerns about the product’s mass appeal.
- Valuation: The $4 million valuation, particularly given that Slate Milk had no sales at the time, was a major sticking point for the Sharks. They felt it was unrealistic for a company in the pre-revenue stage.
- Market Validation: The Sharks wanted to see evidence that consumers were receptive to the product and willing to pay for it. The lack of sales data made it difficult to assess the market demand.
3. The Outcome
Despite a passionate presentation, Manny and Josh faced tough questions and ultimately failed to secure a deal with any of the Sharks.
The combination of an ambitious valuation, concerns about the taste, and the absence of sales data proved to be insurmountable obstacles.
However, as we’ll see, their Shark Tank experience was just the beginning of their journey.
Slate Update: Where Are They Now?
Leaving the Shark Tank without a deal can be disheartening, but for Manny Lubin and Josh Belinsky, it was just a bump in the road.
Slate Milk has achieved remarkable success since their appearance on the show. Here’s a look at their impressive growth.
1. Company Growth
Slate Milk has gone from a small startup to a thriving business. They’ve expanded their team significantly, now employing 30 people full-time.
Their story is a testament to the fact that success can be found even without securing a Shark Tank deal.
2. Product Reformulation
One of the key criticisms from the Sharks was the taste of the original Slate Milk. The founders took this feedback to heart and reformulated their product.
They now boast 20 grams of protein and only 1 gram of sugar per can, making it an even healthier and more appealing option.
3. Partnerships and Investments
Slate Milk has attracted significant attention from investors and partners. They’ve raised a total of $25 million in funding to support their growth and distribution efforts.
Notably, they’ve become an official partner of the UFC, a move that has significantly boosted their brand visibility.
4. Distribution
Slate Milk is no longer a niche product. They’ve expanded their distribution network and can now be found in over 5,000 locations nationwide, including major retailers like Whole Foods, Giant, and Publix.
Their products are also available online through their website and Amazon, making them accessible to a wide range of consumers.
FAQs
Is Slate Milk still in business?
Yes, Slate Milk is thriving! They’ve expanded their team, reformulated their product, and secured distribution in thousands of stores across the US.
Where can I buy Slate Milk?
You can find Slate Milk in various retail locations, including Whole Foods, Giant, and Publix. You can also purchase it online through their website or Amazon.
What are the main benefits of Slate Milk?
Slate Milk is a healthier alternative to traditional chocolate milk. It’s low in sugar, high in protein, lactose-free, and shelf-stable, making it a convenient and nutritious option.
Did Slate Milk get a deal on Shark Tank?
No, Slate Milk did not secure a deal on Shark Tank. However, they have experienced significant growth and success since their appearance on the show.
The Bottom Line
Slate Milk’s journey is an inspiring example of how entrepreneurs can overcome setbacks and achieve success. Despite facing rejection on Shark Tank, they used the experience as motivation to improve their product and build a thriving business. Their story highlights the importance of resilience, adaptability, and a commitment to creating a high-quality product that meets consumer needs.
Whether you’re a health-conscious individual, an athlete, or simply someone who loves chocolate milk, Slate Milk offers a delicious and nutritious option. With their continued growth and innovation, Slate Milk is poised to become a household name in the beverage industry.
