Benoit Chaigneau, the founder of Chuben.fishsauce, made an appearance on Shark Tank Vietnam’s seventh season with a pitch to secure $500,000 in funding in exchange for 12.5% of his company’s equity.
Chaigneau identified a gap in the market for premium fish sauce and created his own unique formula, which he claims has been hailed by chefs as “the best fish sauce they’ve ever tasted.” 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.
According to Chaigneau, the global fish sauce market is massive, with an estimated 1.5 to 2 billion daily users and a market value of $17 billion. The premium segment, which his product targets, accounts for 2% or $400 million of this market, and the startup aims to capture 0.5% of this segment in its first year, equivalent to $2 million.
In addition to their premium fish sauce, Chaigneau intends to introduce other varieties of Vietnamese fish sauces, including those from Cat Ba, Quang Nam, and Phan Thiet.
Benoit Chaigneau, 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, suggesting that it could be messy and cause an unpleasant odor. However, Chaigneau stood by his product, arguing that the spray format is not inconvenient and that he, along with many chefs, believes that the aroma is an essential part of the dining experience.
When asked about the company’s performance and order volume, Chaigneau shared that he had meetings with a distribution company in France, and while most of his sales have been to high-end chefs and restaurants, he also mentioned selling 100 bottles in France in July 2024. He acknowledged that he is still in the early stages of his journey and that the company currently consists solely of himself.
The pitch garnered praise for its unique product but also sparked strong reactions from the Sharks regarding investment.
Shark Tillman Schulz, a food industry entrepreneur supplying to Carrefour and E.Leclerc in France, predicted challenges in getting these retailers to stock Chaigneau’s expensive fish sauce. He questioned the founder’s $500,000 valuation request, given the lack of business metrics presented.
In response, Chaigneau justified his valuation based on the company’s potential, the uniqueness of the product and brand, his extensive network, and positive feedback from customers and chefs. When pressed for specific numbers, he provided an estimate based on tourist arrivals in Hoi An, claiming that out of the 4 to 6 million annual visitors, around 2.3 million could potentially purchase his product.
Chaigneau also shared his motivation for appearing on Shark Tank: “I’m here to meet the Sharks because you 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 people I can shake hands with, work with, and build the company together.”
Shark Minh Beta advised Chaigneau to ensure he had a financial plan and future projections to facilitate a meaningful conversation about the company’s valuation, making it more likely to secure a deal.
Shark Tillman Schulz declined to invest, citing too many unanswered questions. Shark Binh also chose not to invest, stating that he still didn’t favor the spray idea and felt there was a lack of a clear strategy for the product’s commercial success.
The Sharks offered valuable advice to the startup founder.
Shark Phi Van appreciated the idea of creating a luxury fish sauce but advised Chaigneau to find a co-founder with a commercial background to support him and reassess the company’s value before approaching investors. Ultimately, all five Sharks declined to invest, and the startup walked away without securing the desired investment.
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