In a move that may make some Australians’ eyes water, US entrepreneur Mark Cuban has invested $US200,000 ($253,000) in the ‘world’s first avocado bar’ in New York.
In a Shark Tank episode aired on February 11 in the US, Cuban and fellow shark Barbara Corcoran offered Alessandro Biggi, owner of Avocaderia, a combined $US400,000 for a 20% stake in the business, which is now valued at $US2 million. The business prides itself on offering a diverse range of avocado-based products, such as avocado toast, salad bowls, burgers and smoothies. According to Business Insider, the avocado bar serves around 250 customers a day.
On Shark Tank, Biggi offered the sharks a sample of the food sold at the bar, with Cuban gazing over the avocado toast, mango smoothie, and vegan chocolate mousse.
Biggi was initially seeking $US300,000 for a 10% stake from the sharks, to help expand the bar into a chain of outlets throughout New York. The long-term goal for Avocaderia, says Biggi, is to grow to other cities like Los Angeles and New Mexico. On its website, Avocaderia has already announced it will be setting up shop in Chelsea.
Cuban and Corcoran saw merit in the straight-forward product range and a business that specialises in doing one thing well.
As a counter offer, Cuban and Corcoran each offered $US200,000 for a 10% stake in the business. Biggi accepted and the deal was sealed. Cuban is seen going to the serving bar for seconds after the deal was made.
Avocaderia opened in April and was an immediate hit among younger diners, selling out of products three hours after opening, Munchies reports. When pitching to the sharks, Biggi said he has received 50 franchising requests since opening the bar in 2017, as well as securing a six-figure cookbook deal.
Biggi said on Shark Tank he hopes to expand Avocaderia to an additional 20 locations within the next five years.