Benoit Chaigneau, the founder of Chuben.fishsauce, made an appearance on the 12th episode of Shark Tank Vietnam’s 7th 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 Chaigneau created his own unique formula, which, according to him, has been praised by chefs as “the best fish sauce they’ve ever tasted.” As a result, the startup’s fish sauce product retails at 450,000 VND per bottle and is designed to be sprayed.
Speaking about the market, Benoit Chaigneau mentions that there are 1.5 to 2 billion people who consume fish sauce daily, representing a market worth $17 billion. The premium segment accounts for 2% or about $400 million, and the startup is initially targeting 0.5% of this market in the first year, equivalent to $2 million.
In addition to its premium fish sauce line, Benoit Chaigneau states that the company will simultaneously introduce other types of Vietnamese fish sauces, including those from Cat Ba, Quang Nam, and Phan Thiet.
Benoit Chaigneau, founder of Chuben.fishsauce, seeks $500,000 in investment for 12.5% of the company’s equity on Shark Tank Vietnam.
Shark Nguyen Hoa Binh expresses his concern that the spray format may be inconvenient as it could cause the fish sauce to splatter and create a strong odor.
However, Benoit Chaigneau disagrees, stating that it is not inconvenient. He and many chefs believe that to entice people to try their food, the aroma must capture their senses first. Additionally, he mentions that their fish sauce can also be poured into a small dish for dipping, although the flavor may differ slightly from the sprayed version.
Shark Le My Nga then inquires about the company’s operational efficiency and order volume. Benoit Chaigneau responds that they have pending orders and that he has met with a distribution company in France. However, their product currently only has food safety certification in Vietnam, and they still need certifications from Europe and the US to export to those markets.
When asked about the specific number of products sold, Benoit Chaigneau admits that it is very limited, mainly selling to high-end chefs and restaurants. In July 2024, they sold 100 bottles in France, but he had to hand-deliver them himself as the company is currently a one-man operation. He also acknowledges 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, predicts that these retailers would be hesitant to stock Benoit Chaigneau’s fish sauce due to its high price for the average consumer.
He requests that the founder explain the rationale behind seeking $500,000 in investment for 12.5% equity when the business has no financial data to support it.
In response to Shark Tillman Schulz, Benoit Chaigneau justifies the valuation based on the company’s immense potential, the product and brand he has built, his extensive network, and the positive feedback received from customers and chefs. When pressed for specific numbers, Benoit Chaigneau provides an example from a shop in Hoi An: ” I calculated that there are between 4 and 6 million tourists visiting Hoi An each year. Out of that number, I estimate that around 2.3 million could potentially purchase this product,” the founder speculates.
Benoit Chaigneau also shares his motivation: “I came here to meet the Sharks because they know things I don’t. I’m looking for 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 the company together.”
Shark Minh Beta offers advice, suggesting that if the founder wants to raise capital, he should ensure he has a financial plan and future projections to facilitate a meaningful conversation about the company’s valuation. This would make it easier to reach an agreement.
Shark Tillman Schulz candidly declines to invest, feeling that there are too many unanswered questions to make any decision. For an investment of $500,000, Shark Tillman Schulz requires more information.
“I still don’t favor the spray idea, but more importantly, I don’t see a clear strategy for the commercial product,” says Shark Binh, explaining his decision not to invest.
The Sharks offer valuable advice to the startup.
Shark Phi Van appreciates the idea of creating an upscale fish sauce but honestly advises the founder to find a co-founder with a commercial background to provide support. She also recommends reevaluating the company’s value before approaching investors and declines to invest in this deal.
With five rejections, the startup fails to secure an investment from the “sharks,” concluding an unsuccessful pitch.
