Fila Manila scores $250K investment on ‘Shark Tank’
| PHOTOS: @eatfilamanila/Instagram, @sharktankabc/Instagram
Adding condiments and sauces to food is a common practice in Filipino dining experience. With brands such as Fila Manila, enjoying these delicious options is now effortless.
In September of last year, Fila Manila expanded the distribution of its authentic sauces to more US stores, including those nationally distributed in Whole Foods Market, select Target and Stop & Shop stores and all Meijer locations.
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Bottling essential Filipino sauces like adobo and kare-kare, and offering a range of products including banana ketchup, ube purple yam and coconut spread, the Filipino spreads and condiments company, led by first-generation Filipino American entrepreneur Jake Deleon, recently bagged a $250,000 investment on “Shark Tank.”
The founder of Kind Snacks Daniel Lubetzky’s investment secured him 20 percent equity in the company, valuing Fila Manila at approximately $1.2 million. He also offered an additional five percent equity back to Deleon if certain performance benchmarks are met.
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Despite concerns raised by “Shark Tank” investor Lori Greiner about the broader appeal of Filipino cuisine, the company’s growth prospects won Lubetzky over.
In the episode, Deleon highlighted the growing popularity of Filipino cuisine, comparing its current status to where Korean and Japanese cuisines were a decade ago. With $400,000 in annual revenue in 2022, representing a 700 percent increase year-over-year, Fila Manila proved its potential in the market.
While other Sharks passed on the opportunity, Deleon ultimately accepted Lubetzky’s offer, expressing his excitement about the partnership and the potential for growth with Lubetzky’s experience in building successful brands like Kind Snacks.
On Instagram, the Fil-Am company warmly welcomed Lubetzky, stating, “Daniel was an easy choice for us at Fila Manila. Welcome to the Fila Fam, @daniellubetzky – we couldn’t be happier to have you here!”
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Lubetzky also shared his excitement in a post, saying, “Salamat, or thank you, Fila Manila! It’s clear to me that @jakedeleon is an exceptional entrepreneur with passion and purpose. I can’t wait to watch him bring Filipino cuisine into the spotlight and represent his community in stores across the nation!”
With this investment, Fila Manila is poised to expand its presence in the market and introduce more consumers to the flavors of Filipino cuisine.
