Plant-based milk alternatives have exploded in popularity in recent years and one company uniquely positioned to take advantage of the trend is Numilk. Numilk is currently a leading manufacturer of devices that allow consumers to make plant-based milk alternatives at home, but most people know the name from the company’s founders’ successful pitch on the popular TV show “Shark Tank.” The stated goal of the company is to make plant-based milk affordable for everyone but many people are curious about the exact net worth of the founders of Numilk.
What Is Numilk?
Food-tech company Numilk makes kiosk machines and Keurig-type gadgets for making plant-based milk alternatives with a particular focus on fresh almond milk. The machines use almonds and purified water with maple syrup optional as a sweetener. Users simply grab a bottle, place it into the proper position in the machine, and choose between sweetened and unsweetened options. In less than a minute, the machine produces fresh plant-based milk with a hassle-free and eco-friendly process.
Numilk’s kiosk machines are marketed to grocery stores, food vendors, and cafes and are approximately the size of two refrigerators. They also offer a smaller version of the machine for home use and milk pouch options that include almonds, cashews, pistachios, and oat milk. Some pouches have sweetened and unsweetened options and also come with latte, protein, and mocha versions.
Numilk Founders And History
Numilk was founded as a joint venture between Joseph Savino and Ari Tolwin. When they merged forces, both came to the table with experience in the beverage industry. The visionary entrepreneurs wanted to revolutionize the consumption of plant-based milk and seem to be succeeding with their pioneering creation.
Ari Tolwin grew up in Southfield, New York, and had entrepreneurial ambitions early in life. He completed a Master’s in Business at Duke University and in 2013, he co-founded beverage company Happy Tree Maple Water. He served as CEO of the company for five years before shutting the company down to pursue other endeavors.
Joe Savino is also from New York and completed his university education by earning a Bachelor’s in Business Administration from Pace University’s Lubin School of Business. He served as an Operation Manager at 121 Inflight Catering and in 2013, he co-founded beverage contract packer Harvest Beverage Group.
In 2017, Tolwin and Savino joined forces to launch Numilk. At first, they struggled to get the business off of the ground but an appearance in front of the wealthy investors on “Shark Tank” in 2021 turned their fortunes around. Esteemed investor Mark Cuban was interested in the company’s potential to capitalize on the increasing interest in plant-based milk alternates and agreed to invest in the company.
Today, the company’s products are sold in 133 stores across the US. The company maintains an active online presence on Twitter, Instagram, and Facebook to inform its customers about the latest product offerings and promotional updates.
Founders of Numilk Networth And Assets
The Numilk company is not publicly traded, so there is no public information about its finances available to review. However, the company has an estimated value of between $55 million and $70 million, according to published reports. The company is believed to earn between $8 million and $13 million in revenue annually.
The net worth of the founders of Numilk is even more difficult to pin down. It has been reported that Mark Cuban made an estimated $1.9 billion from his holdings in the company in 2018. His “Shark Tank” agreement with the founders was for $2 million with $1 million in cash in exchange for 7% equity and the rest as a loan with 3% interest. The company also raised $12 million from investors and raised over $222,000 from a Kickstarter campaign. Since then, NuMilk has had consistent growth in both net worth and sales.
Future Effects On Networth
While Numilk has struggled with supply chain issues, the company is still banking on expanding the business. Towards the end of 2022, the company reached a deal with Hamilton Beach for manufacturing their Home and Pro machines. The founders are also reportedly negotiating with Whole Foods and looking for more wholesale partners with grocery stores and coffee shops. The company notably uses no preservatives, gums, processed sweeteners, or fillers, attracting interest from those who want to live a healthier lifestyle. The promise of Numilk’s products is substantial.
What do you think the net worth of the founders of Numilk will be in 2025? Let us know in the comments below!
Toi Williams began her writing career in 2003 as a copywriter and editor and has authored hundreds of articles on numerous topics for a wide variety of companies. During her professional experience in the fields of Finance, Real Estate, and Law, she has obtained a broad understanding of these industries and brings this knowledge to her work as a writer.
