One month before Christmas, entrepreneur Miranda Vaughn received a gingerbread house decorating kit that she found useless. It was nearly impossible to assemble, and the taste was terrible. This experience inspired her to create The Tomte Cake, a 3D gingerbread house baking pan designed to make it easy to bake and decorate gingerbread cakes for Christmas.
Miranda is highly creative and has achieved impressive sales despite lacking an advertising background. Her focus is now on launching a new product line, and she seeks mentorship from the Sharks to achieve this goal. That’s why she appeared on Shark Tank. Let’s find out if any Shark decided to add her business to their portfolio.
| Company Name | The Tomte Cake | |
| Founder/Co-Founder | Miranda Vaughn | |
| Founded | Dec 2021 | |
| Product | Gingerbread house baking pan | |
| Asked For | $200k for 10% equity | |
| Final Deal | $200k for 15% equity | |
| Shark | Kevin O’Leary | |
| Episode | S15 E8 | |
| Air Date | Dec 8th, 2023 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Portland, Oregon, United States | |
| Annual (Revenue) | $1 Million *estimated | |
| Worth / Valuation | $2 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
What Is the Background of The Founder?
Miranda Vaughn is the founder of The Tomte Cake, a business she established in December 2021. Before starting her venture, she worked as a legal assistant at the law firm Perkins Coie LLP.
Now, she is not only an entrepreneur but also a dedicated mom who enjoys making festive occasions like Christmas more fun and enjoyable.
Business Pitch Episode Recap
After entering Shark Tank, Miranda asked the Sharks for $200,000 in exchange for 10% equity in her company. She demonstrated her gingerbread house baking pan product and explained that each kit includes one Tomte Gnome and a storybook, making it a complete and engaging package.
Each kit costs $15 to produce and is sold online directly to consumers for $60. In 2022, the company sold 5,000 units, generating $200,000 in just 35 days. Miranda achieved this by spending $40,000 on Facebook advertisements, resulting in a significant profit.
Surprisingly, she managed this success despite having no prior experience in online business.
Daymond John asked Miranda why she needed the Sharks’ help beyond just the money. She explained that she has a solid concept and growth plan for her business but needs mentorship to take it to the next level.
Miranda also shared that she has personally invested $150,000 into her business by mortgaging her house and taking out a loan against her car.
Kevin O’Leary made the first offer of $200,000 for 25% equity plus 25% of any distributions. Lori Greiner showed interest in the business idea and offered $200,000 but for 33.33% equity.
Mark Cuban stated he couldn’t provide a better offer, so he was out. Barbara Corcoran, who has invested in several Shark Tank seasonal businesses, also made an offer of $200,000 for 20% equity.
Daymond John approached Barbara and Lori to team up, but they declined, so Daymond made an individual offer of $200,000 for 25% equity.
Miranda countered Lori with $200k for 22% equity, but Lori insisted on 24%. During the negotiations, Kevin revised his offer to $200,000 for 15% equity. Miranda ultimately decided to go with Kevin’s offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Barbara Corcoran | $200k for 20% equity |
| Kevin O’Leary | $200k for 15% equity |
| Mark Cuban | No Offer |
| Daymond John | $200k for 25% equity |
| Lori Greiner | $200k for 24% equity |
| Founder’s (Countered) | $200k for 22% equity (Lori) |
| Final Deals | $200k for 15% equity (Kevin) |
The Tomte Cake Shark Tank Update
During the Christmas season, this episode aired, leading to a significant increase in sales for The Tomte Cake. Within one month, the company sold 20,000 gingerbread house baking pan sets, amounting to $1.2 million in sales.
Miranda also launched a new product, the Gingerbread Baking Kit, priced at $32. The kit includes cake mix (for 2 cakes), 2 frosting pouches, and sprinkles.
As of December 2024, the price of The Tomte Cake Set is $64.
Check out Shark Tank Season 15 Business Update.
You can see some businesses from Season 15 here.
