In March 2021, Project Pollo founder and CEO Lucas Bradbury was presented an opportunity he couldn’t have ever imagined.
It started with an email from billionaire and serial investor Mark Cuban, who suggested the quick-service leader come on ABC’s Shark Tank to pitch his growing plant-based restaurant. For Bradbury, who claims to have watched every episode and be the biggest fan out there, saying “yes” was a no-brainer.
Project Pollo received a follow-up call in late summer, and its appearance was scheduled for September 18, the one-year anniversary of when the fast casual first opened. The season finale episode aired May 20, with comedian Kevin Hart as the guest shark.
“We were in a good place as a company,” Bradbury says. “We were still opening like a location every 34 days. We were financially in a good spot. We weren’t really needing any additional capital at that time, but we for sure wanted to go on and tell a story to an audience, and we wanted to get some feedback from some pretty relevant investors.”
Texas-based Project Pollo offers meatless chicken sandwiches made from TiNDLE and burgers from Beyond Meat. The menu features a “pay what you can” section, following through on Bradbury’s pledge to feed the community regardless of income or situation.
READ MORE: Project Pollo Pioneers a New Model in the Plant-Based Segment
For Shark Tank, the company set its valuation at $50 million, and asked for a $2.5 million investment for 5 percent equity.
The good news for Bradbury is that all of the judges—Cuban, Lori Greiner, Kevin O’Leary, Barbara Corcoran, and Hart—loved the meatless product. O’Leary even claimed it was the best fake chicken sandwich he’s ever had. However, the sharks took issue with the chain’s valuation, which was one of the biggest in the show’s history, according to Bradbury. They also felt the chain was growing too fast. At the time, the brand had opened eight restaurants in roughly a year.
Because of those sticking points, Project Pollo did not strike a deal with the sharks. Bradbury says some judges told him if the valuation was lower, the proposition would’ve been more intriguing to them, but the CEO refused to sell his brand short.
“That wasn’t the goal,” Bradbury says. “The goal was, if there was a deal to be made that a shark truly believed in what we’re trying to accomplish and wanted to come along for the ride, we’re all here for it. I can’t expect the sharks to understand how to grow massive restaurant brands. Not a shark on there has done that, and that’s OK.”