Topsail Island, North Carolina, U.S.A.-based seafood boil company Topsail Steamer is planning a rapid brick-and-mortar expansion after landing a deal from the TV show “Shark Tank.”
During the company’s 25 October appearance on the show, Danielle Mahon, the founder of the make-at-home seafood boil company, made a deal with show host Lori Greiner, who plans to focus on the direct-to-consumer side of the business with her 18-percent investment in the company.
Topsail Steamer sold USD 4.5 million (EUR 4.2 million) worth of boils and other products last year and expects to sell USD 5.7 million (EUR 5.3 million) worth in 2024, according to Mahon.
Mahon, a former biotech sales professional, got the idea for the company during a 2016 trip to the Outer Banks on the Atlantic coast of North Carolina, where she visited a restaurant offering take-home seafood pots, according to Shark Tank Products.
Shortly thereafter, Mahon opened the first Topsail Steamer location in 2017 in Surf City, North Carolina, providing single-use steam pots filled with fresh seafood such as snow crab, peel-and-eat shrimp, and littleneck clams, as well as vegetables and homemade seasonings. Customers simply add liquid to the pot and steam for 40 minutes. A paper tablecloth is included.
After logistical challenges following Hurricane Florence in 2018, Mahon got an investment from Raleigh, North Carolina, U.S.A.-based Thread Capital, a community development financial institution, that she used to develop shipping capabilities.
Then, in March 2020, the company hit a significant turning point when Topsail Steamer joined the online marketplace Goldbelly. Orders from the e-commerce company surged from 25 to 400 buckets weekly during the Covid-19 pandemic. As a result, Topsail Steamer’s revenue jumped from USD 350,000 (EUR 323,000) in 2017 to USD 3.2 million (EUR 3 million) in 2020.
Now, the company operates 10 locations in the U.S. states of North Carolina, New Jersey, Alabama, Delaware, and Florida and ships to all 50 states via Goldbelly.
Mahon plans to open two to four new stores annually and maintain a family- and employee-run operation rather than franchising, according to Shark Tank Products.
Eventually, Mahon plans to grow the company to 400 brick-and-mortar locations, according to Star News Online.
“We’re going to take you to the moon fast,” Greiner said on Shark Tank.
“I’m ready to go to the moon,” Mahon replied.
