Benoit Chaigneau, the founder of Chuben.fishsauce, made an appearance on Shark Tank Vietnam’s seventh season with a pitch for $500,000 in funding in exchange for 12.5% of his company’s equity.
Recognizing a gap in the market for premium fish sauce, Benoit crafted his own unique formula, which, according to him, has been hailed by chefs as “the best fish sauce they’ve ever tasted.” Consequently, the startup’s fish sauce product retails at 450,000 VND per bottle and is designed to be sprayed, a unique feature in the market. 
Speaking about the market potential, Benoit estimates that there are 1.5 to 2 billion people who consume fish sauce daily, representing a market value of $17 billion. The premium segment accounts for 2% of this market, approximately $400 million, and the startup aims to capture 0.5% of this segment in its first year, equivalent to $2 million.
In addition to its flagship premium fish sauce, Benoit reveals that the company will simultaneously introduce various other Vietnamese fish sauces, including those from Cat Ba, Quang Nam, and Phan Thiet.
Benoit Chaigneau, the founder of Chuben.fishsauce, pitched for $500,000 in funding for 12.5% equity on Shark Tank Vietnam.
Shark Nguyen Hoa Binh expressed concern about the spray format, arguing that it could lead to messy splatters and strong odors, making it inconvenient for users.
However, Benoit disagreed, stating that he and many chefs believe that the aroma of the sauce should reach the diner’s nose first to enhance the dining experience. He also mentioned that their fish sauce could be used in the traditional way of pouring it into a small bowl for dipping, but the flavor profile would differ slightly from the sprayed version.
Shark Le My Nga then inquired about the company’s operational efficiency and order volume. Benoit shared that they have pending orders and that he had recently met with a distribution company in France. However, their product currently only has food safety certification in Vietnam, and they are working on obtaining the necessary certifications for exporting to Europe and the US.
When asked about the specific sales figures, Benoit admitted that they were relatively low, with most of their sales coming from high-end chefs and restaurants. In July 2024, they sold 100 bottles in France, but Benoit had to hand-deliver them himself as the company is currently a one-man operation. He acknowledged that they are still in the early stages of their journey.
The pitch received praise for its unique product but also sparked strong reactions from the Sharks regarding investment considerations.
Shark Tillman Schulz, a food industry entrepreneur supplying to Carrefour and E.Leclerc in France, predicted challenges in getting these retailers to stock Benoit’s premium-priced fish sauce as it may be too expensive for their typical customers.
Mr. Schulz requested that Benoit justify his valuation of $500,000 for 12.5% equity, especially considering the lack of substantial business figures.
In response to Shark Schulz, Benoit explained that his valuation was based on the vast potential of the company, its products, and its brand, as well as his extensive network and the positive feedback received from customers and chefs. When pressed for specific numbers, Benoit provided an example from a shop in Hoi An: ” I estimated that out of the 4 to 6 million tourists visiting Hoi An each year, around 2.3 million could potentially purchase this product,” the founder calculated.
Benoit also shared his motivation for appearing on Shark Tank: “I came here to meet the Sharks because they know things I don’t. I’m seeking a partner, not just money. I don’t see the Sharks as a wallet but as individuals with whom I can shake hands, collaborate, and build a company together.”
Shark Minh Beta advised that to attract investors, it would be beneficial to have a financial plan and future projections to facilitate a meaningful conversation about the company’s valuation. This would increase the chances of reaching a deal.
Shark Tillman Schulz candidly declined to invest, feeling that there were too many unanswered questions to make an informed decision. For an investment of $500,000, Shark Schulz needed more information and clarity.
“I still don’t favor the spray idea, but more importantly, I don’t see a clear strategy for this product’s commercial success,” Shark Binh shared as he also decided against investing.
The Sharks offered valuable advice to the startup founder.
Shark Phi Van appreciated the idea of creating a luxurious fish sauce but advised Benoit to find a co-founder with a commercial background to support him and help reevaluate the company’s valuation. She suggested that with a more realistic valuation, they could then approach investors and declined to invest in this round.
With five rejections, the startup failed to secure an investment from the Sharks, concluding an unsuccessful funding pitch.
