What Happened To Fish Fixe After Shark Tank?
Although we frequently see interesting foods on "Shark Tank," food subscription services are a bit fewer and farther between. That being said, we have seen several over the course of the show, including the Yumble meal kit directed at kids, the ugly produce delivery service Hungry Harvest, and Moink organic meats subscription.
Furthering the notion that there's a subscription service out there for everyone, Fish Fixe appeared on "Shark Tank" in November 2021 with its seafood subscription. According to Shark Tank Tales, entrepreneurs Emily Castro and Melissa Harrington pitched to the sharks an idea for a delivery service for "perfectly portioned premium seafood."
Castro and Harrington asked for $200,000 in exchange for 15% of the company, which the sharks were initially leery of. Despite voicing a number of concerns, the sharks were eventually hooked, with Lori Greiner winning a deal of $200,000 for 25% equity. So where is Fish Fixe today?
Fish Fixe floundered during the COVID-19 pandemic
As shark Mark Cuban pointed out, Fish Fixe's biggest challenge is all the variables: market prices of fish, distributors, shipping costs. According to Shark Tank Recap, prior to appearing on the show, Fish Fixe had an annual profit margin of only $20k on $821k revenue. The COVID-19 pandemic only made costs soar, and not in the company's favor.
Another issue brought to light during the pitch was that of customer retention. About 75% of the company's revenue comes from subscription fees, per the Shark Tank Blog, but in 2021, Fish Fixe had a retention rate of only 55%. With customer acquisition costing up to $40, the sharks were hesitant to jump on board.
However, once Emily Castro and Melissa Harrington struck a deal with Lori Greiner, everything seemed to fall into place. As noted by Houston Culture Map, Fish Fixe applied the $200k to its distribution process, with hopes of cutting down fulfillment and shipping times. After all, no one wants to throw away 'fresh fish' immediately upon receiving it.
Where is Fish Fixe swimming these days?
After its successful "Shark Tank" pitch, Fish Fixe pressed onward. The company sweetened its subscription deal with not only pre-portioned, vacuum-sealed seafood, but also by providing cooking instructions and recipes for the whole family. And for customers who aren't sure which seafood to try, Fish Fixe offers suggestions (via All Shark Tank Products). The subscription boxes come in a few different sizes, depending on how much seafood you want. The Fish Fixe box, costing $149, contains 16 portions handpicked by the company. For $159, you can "Fixe your own box," and choose which 16 portions you'd like in your box.
Fish Fixe also offers a 24-portion box for $219, with seafood again chosen by the company, and an 8-portion box for $119, with the seafood of your choice. The latter is advertised as a gift box, but you can also order it for yourself if you want to try Fish Fixe without committing to a subscription package. Needless to say, Fish Fixe is "reely" thriving.