Here’s what transpired following Shark Tank.

Not every restaurant offers a traditional in-person dining experience. Virtual restaurants, also referred to as ghost kitchens or dark kitchens, are exclusively digital and provide food that can be ordered through delivery apps like Uber Eats or DoorDash. This business model experienced significant growth during the pandemic, with meal delivery services seeing a 162% increase in April 2020 compared to the previous year, according to Bloomberg Second Measure, and it continues to rise each year, albeit at a more gradual pace.

In 2014, the concept of kitchens without dining rooms inspired entrepreneur Jeff Appelbaum to establish Salted. This restaurant company aimed to provide healthier options for pick-up and delivery, with no dine-in services available.

By 2020, Appelbaum had expanded the business to include six restaurant brands—Cauliflower Pizza, Moonbowls Korean Cuisine, Ginger Bowl Chinese Cuisine, the $5 Salad Company, F/ck Gluten, and the keto-friendly Thrive Kitchen—which operated in Los Angeles, San Francisco, Chicago, and Columbus. Believing that the technology-driven model represented the future of dining, he appeared on “Shark Tank” to seek investment for Salted’s expansion.

Salted appeared in season 11, episode 23 of “Shark Tank,” seeking a $500,000 investment for a 5% equity stake. Founder Jeff Appelbaum shared that this was the third iteration of the business, which had previously focused on offering online cooking classes and meal kits before transitioning to restaurant delivery services.

The various brands under Salted focused on healthier fast food options, ranging from gluten, soy, and nut-free cauliflower pizza to a Californian twist on Korean bowls and budget-friendly salads. The Sharks sampled the dishes and appreciated them—especially Lori Greiner, who noted that this type of venture appealed to her as a target consumer.

Salted received backing from venture capital partners. The company reported $1.1 million in sales the year it appeared on the show, with a $3 million run rate, indicating strong future potential. However, it also recorded a loss of $750,000 during the filming year, raising concerns for the Sharks, particularly as the investors had not yet realized a return. All Sharks declined to invest except Greiner, but Appelbaum’s tendency to overlook and speak over her led her to also withdraw her interest. Ultimately, the company left without securing a deal, citing market competitiveness, Appelbaum’s lack of SEO strategy, and his energetic demeanor as reasons for the Sharks’ hesitation.

Though Salted did not secure investment from the Sharks, it experienced success after the episode aired. By May 2021, just a year later, the company had raised $9 million in seed financing from partners like Kamine Development Corporation, Craft Ventures, Valor Equity Partners, Proof Ventures, and Wonder Ventures. At that time, Salted operated 17 locations across the country, with a goal of reaching 80 locations by the following year.

The company continued its upward trajectory with another round of funding in October 2021. By then, Salted employed 200 staff members and operated 19 locations across seven states, generating annual sales of between $1 million and $2.5 million.

In addition to expanding its delivery-focused kitchens, Salted launched its first brick-and-mortar Moonbowls location in Los Angeles in 2021. Founder Jeff Appelbaum had ambitious plans, sharing with QSR magazine that delivery was just one aspect of the business strategy; the long-term vision was to build “multi-channel brands that would endure for fifty years.”

Salted remains operational and now runs six distinct restaurant brands. These include the Hawaiian-inspired Lulubowls along with Cauliflower Pizza, Moonbowls, Ginger Bowls, the $5 Salad Company, and Thrive Kitchen. The company has a presence in Austin, Atlanta, Los Angeles, San Francisco, Chicago, Columbus, Houston, Philadelphia, and New York, with plans to establish 60 locations by 2024.

In October 2023, Salted secured an additional $14 million in funding. At that point, all individual restaurant locations were profitable, each generating approximately $1 million in annual sales. Although the umbrella company itself was not active on social media, its Moonbowls brand had nearly 10,000 followers on Instagram, showcasing special promotions for occasions like Father’s Day and New Year as well as marketing its delivery options and event catering services.

In the fall of 2023, CEO Jeff Appelbaum aimed to further diversify and expand the business model with the brand’s first acquisition of a Mediterranean-inspired restaurant called Xenia. By November 2023, the new acquisition was serving a menu featuring pita, crispy falafel, and tzatziki across six Salted locations.

As Salted continues to grow, so do founder Jeff Appelbaum’s ambitions for the company. Following the most recent round of funding in October 2023, the entrepreneur informed Techcrunch that he aimed for “thousands of locations” in the coming years. Previously, he had articulated his aspiration to “build the next Chipotle” (via Techcrunch).

Currently, the company operates solely in the U.S. (available in 10 states), but Appelbaum envisions expanding internationally, with a team of real estate partners scouting for viable locations. On his LinkedIn profile, he describes Salted as “scaling tomorrow’s restaurant brands” with remarkable ambition.

With a focus on rapidly evolving technology and minimal physical restaurant overhead, Salted possesses immense potential for future growth—whether through geographical expansion or by developing and acquiring additional restaurant brands. After all, the delivery model continues to thrive; as of March 2024, major meal delivery services collectively grew 8% year-over-year (according to Bloomberg Second Measure).