Recently, Texas-based Press Waffle Co. made an appearance on the hit television show Shark Tank to pitch national development of its brand to the show’s group of investors known as “Sharks.” That episode, which aired on Sunday, March 24, revealed that the company has indeed earned a significant investment for its national expansion.
Brothers and co-founders Bryan and Caleb Lewis negotiated with the potential investors for over an hour, and had four competitive offers, before they eventually accepted an offer from Barbara Corcoran of $300,000 for 15 percent of the company.
Press Waffle Co. is the first Dallas-based restaurant to be funded on Shark Tank. The brothers had hoped for an offer from Corcoran, as she has a reputation for success with restaurant brands.
“We definitely went in with our eye on Barbara,” says Caleb Lewis. “We have seen how she has helped restaurant brands like Cousin’s Maine Lobster and Tom & Chee grow exponentially after Shark Tank, and we knew that she would be the right partner to help us accomplish the goals we have for this company.”
Press specializes in authentic Liege waffles. These dough-based waffles have a brioche-like texture and are loaded with caramelized clusters of Belgian pearl sugar. Waffles are fully customizable and can be served with a variety of fruits, sauces, and house-made whipped creams. Monthly specials at each Press location include limited-time offerings such as Cereal Waffles and Chicken & Waffles.
The investment will fund Press Waffle Co.’s plans to pursue franchisees outside of Texas. The company currently has three locations in the state (Plano, Fort Worth, and Friendswood) as well as a fourth location set to debut in Oklahoma City, Oklahoma.