Where Is Kodiak Cakes From Shark Tank Today?

It takes courage to turn down multiple offers from the Sharks on "Shark Tank." Kodiak Cakes is a company that specializes in traditional yet healthy breakfast items such as flapjacks, oatmeal, and waffles, with outdoorsy branding. Impressively, it was also one such business brave enough to swim away from Sharky deals in the tank.

Joel Clark and Cameron Smith went on Season 5 Episode 22 of "Shark Tank," seeking $500,000 in exchange for a 10% stake in their startup. The Sharks enjoyed the whole wheat breakfasts they were served, and Kevin O'Leary saw some potential in the simple commodity. Yet, he was afraid of the risk from competitors like "a famous aunt." So, Mr. Wonderful and Barbara Corcoran went in together on a $500,000-for-50% offer. Robert Herjavec, on the other hand, was willing to go a bit lower with $500,000 for 35%. Once Sharks Lori Greiner and Mark Cuban politely bowed out, Clark and Smith were left with only two options. Instead, they chose the third option — declining both deals in an effort to preserve the high valuation of their young enterprise.

Was this a mistake?

Joel Clark and Cameron Smith had a lot to say about "Shark Tank" in the years following their television appearance. In 2018, the duo recounted for CNBC how Kodiak Cakes had bootstrapped as a Clark-family business for a decade before adding Smith as a partner. He was the one with the bright idea of applying to ABC's hit entrepreneurial program to get an investment and free publicity. Yet, once the team actually arrived on set, they faced an uphill battle.

"When they low-balled us, and we walked away," Clark recalled, "I actually felt sort of [relieved], which is kind of funny." Later on in 2018, speaking with Entrepreneur, Clark elaborated, "Having a Shark on board could have helped accelerate the process somewhat, mainly because of additional exposure we would have gotten, but walking away helped us realize we could still get there without that."

Indeed, the business persevered and also got the usual "Shark Tank" bump. Clark and Smith informed CNBC the episode's premiere resulted in $1 million in revenue over just six weeks. Retrospectively, Clark told Entrepreneur, "The exposure we got was incredible. That, combined with rolling out a new product line," Protein Power Cakes, "was the perfect storm for Kodiak Cakes." Eventually, the brand was even able to beat out famous Aunt Jemima in Target sales!

"Good for them proving us wrong!" Corcoran told CNBC. "That's what makes entrepreneurs like them great." Would that momentum last forever, though?

Kodiak Cakes is one of the biggest food wins to ever come out of "Shark Tank." The company scored big in 2022 by bringing on "High School Musical" star Zac Efron as its Chief Brand Officer and Board Member, as reported by Forbes. "One of the coolest things about our partnership is [that] I'm not just lending my name to the brand," Efron told Forbes. "They're actually giving me the opportunity to roll up my sleeves and collaborate on everything from new products to ideas like branded apparel and several give-back [initiatives]." Additionally, the business even got acquired by a private equity group for an estimated $800 million just one year prior. If the Sharks had simply taken a risk, they could be rolling in dough and duetting with Troy Bolton right now.

Also in 2022, Kodiak Cakes brought in a new CEO, according to Food Dive. Despite this, Smith and Clark are both still involved in the enterprise, respectively as a Board Advisor and Chairman of the Board, according to their Linkedin profiles. As for Valerie Oswalt, the new CEO, she plans to further expand this growing brand into the breakfast market and increase consumer awareness. As Oswalt informed Food Dive, "We're premiumizing a typically commoditized category." Given that Kodiak Cakes can be purchased not only through its e-shop, but also through huge names like Amazon, Target, and Walmart, it appears that strategy is paying off big time.