Many people don’t like eating raw fish, while some are vegetarian. Seeing a business opportunity in this food space, Zoya Biglary created a vegan, gluten-free, soy-free, cruelty-free, plant-based raw fish substitute by mixing various vegetables in her kitchen.
She then started her company, Fyshfoods, and began selling plant-based raw fish to various restaurants in Los Angeles.
Her company supplies vegan, plant-based raw fish to restaurants and catering services nationwide. This post will explore the Sharks’ response to this food business and its current growth trajectory.
| Company Name | Fysh Foods | |
| Founder/Co-Founder | Zoya Biglary | |
| Founded | Sep 2021 | |
| Product | Plant-based raw fish | |
| Asked For | $150K for 10% Equity | |
| Final Deal | $150K for 30% Equity | |
| Shark | Daniel Lubetzky | |
| Episode | S16 E4 | |
| Air Date | Nov 8th, 2024 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Los Angeles, California, United States | |
| Annual (Revenue) | $50,000 *estimated | |
| Worth / Valuation | $1.5 Million | |
| Watch On | Amazon Prime | |
What Is the Background of The Founder?
Zoya Biglary founded FYSH Foods, Inc. in 2021. A food content creator by profession, she enjoys trying different foods.
She worked for eight years as the Director of Business Development at LSTN Sound Co., a speaker company. Currently, she’s focused on expanding her fully vegan alternative to raw fish business.
Business Pitch Episode Recap
Alix Traeger and Zoya Biglary asked the Sharks for $150K in exchange for 10% equity in their plant-based Finneato raw fish food business, valuing the company at $1.5 million.
Their plant-based seafood tastes like tuna, salmon, and yellowtail fish. It’s packed with protein, Omega-3, iron, fiber, and vitamin B12. Additionally, it enhances the taste when used in dishes like ceviche, sushi, and poke.
Alix and Zoya both come from a food background. Alix works as a food content creator at BuzzFeed. Together, they have a combined following of 3 million in the food space.
The company’s current business model is B2B (Business-to-Business), primarily selling to restaurants and catering services. Due to a lack of funding, Zoya has not yet expanded into D2C (Direct-to-Consumer) sales.
Last year, in 2023, they sold $50,000 worth of raw fish in wholesale. The production cost per pound is under $4, and it is sold at a wholesale price of $10 to $13.
Kevin O’Leary believes that with 3 million social media followers, Zoya should be trying to tap into the D2C market, but she isn’t making the effort. He said, “Shame on you,” before declaring, “I’m out.”
Robert Herjavec said the product is very good, but the sales are too low, so he is out.
Lori Greiner believes this business is still in its early stages, so she is out.
Mark Cuban feels that scaling this business would be very challenging, so he is also out.
Now, Zoya’s last hope is Daniel Lubetzky. Daniel asked her about the competition in her business. Zoya replied that there are currently two main competitors—one based in Europe and another in Silicon Valley, which has raised $20 million in funding.
Zoya explained that she hasn’t raised VC funding because she believes many venture capitalists are biased, often judging based on gender, race, and sexual orientation when deciding on investments.
Daniel believes that the frozen food market is highly competitive and that growing the business will take significant time. He offered $150,000 for 40% equity. Zoya countered with $150,000 for 20% equity, but Daniel then offered 35% equity.
Zoya made another counteroffer at 25% equity, so Daniel made a final offer of 30% equity, which Zoya accepted.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Daniel Lubetzky | $150k for 30% equity |
| Kevin O’Leary | No Offer |
| Mark Cuban | No Offer |
| Robert Herjavec | No Offer |
| Lori Greiner | No Offer |
| Founder’s (Countered) | $150k for 25% equity |
| Final Deals | $150k for 30% equity |
Fysh Foods Shark Tank Update
The annual sales of this seafood business are very low, despite having 3 million followers. They have not focused on D2C sales.
Before this episode aired, the company was already selling saffron oil and a 2-pack spicy tuna with sauce on their website for $34.99 each.
After the episode aired, both products saw a significant increase in sales, and Zoya’s wholesale orders also grew.
The company has introduced its own merchandise apparel products under the Fysh Foods branding.
You can check out Season 16 for more business progress reports.
