Here’s how NJ company RoboBurger scored on ‘Shark Tank’

First, what’s a RoboBurger? It’s basically a vending machine that makes hot food. According to their website, they explain it this way:

Our technology helps operators reduce labor and rent costs, and increases margins. A RoboBurger operator can make a revenue of about $82 K/year at a 33% profit margin per machine, by only selling 33 burgers per day. RoboBurger is the plug-in, ventless restaurant of the future.

So picture a vending machine that cooks you a burger in under four minutes.

RoboBurger is a Newark-based company whose partners Audley Wilson, Dan Braido and Andy Siegel recently appeared on the TV show “Shark Tank” to get funding for their product.

Their pitch said they were the future of fast food and asked for $1.5 million in exchange for only a 5% share of the profits.

Each shark, Mark Cuban, Lori Greiner, Kevin O’Leary, Barbara Corcoran and guest “shark” Michael Rubin sampled a burger and they liked it. But they were skeptical. After a lot of haggling about the business model and pricing all sharks turned it down. But Wilson kept pushing and pitching.

Then Rubin had a change of heart and was suddenly offering $1.5 million but for a 10% share. Then O’Leary jumped back in the fray saying he would split with Rubin and each take 5%. The haggling went on and they finally settled at a 9% split.

Having RoboBurger make a hot and delicious burger live on TV was an exhilarating experience, and it was fantastic to see all the Sharks more than surprised by how good RoboBurger is,” Wilson told nj.com. “We’re ready to work with partners to bring 24/7 freshly cooked food to everyone – from colleges and airports to convenience stores, hospitals, offices, and factories across America.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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