Feeding the Sharks
Hot Austin restaurant chain hooks huge money on Shark Tank
Korean barbecue favorite Chi'Lantro is the latest Shark Tank success story from Austin. Founder Jae Kim appeared on Friday's episode of the ABC show to pitch his award-winning food truck, restaurant, and catering concept to big-name investors.
He hooked a deal with real estate maven Barbara Corcoran and will receive $600,000 in exchange for 20 percent equity in the growing restaurant endeavor, which is on track to reach $6 million in sales this year.
"Barbara is the perfect person for Chi'Lantro's growth," said Kim in a release. "She values the culture of Chi'Lantro and sees and trusts my vision to grow our company into a billion-dollar company. Barbara grew her company from having nothing, so she was able to relate [to] how I continue to grow my company today."
In just six years Kim has grown Chi'Lantro from a lone food truck to a successful chain with four brick-and-mortar locations in Austin, as well as a catering department and kimchi facility. With the investment, Kim looks to expand across Texas and beyond. The first stop? A restaurant in Houston.
This isn't the only Austin company to hook big money on the hit show. PrideBites scored a deal with Lori Greiner and Robert Herjavec, and young Mikaila Ulmer wooed Daymond John with her sweet lemonade.