Plant-based diets have gained popularity in recent years, however, it is still not a lifestyle that many people can imagine themselves adopting. With his vegan fast food restaurant, Project Pollo, Lucas Bradbury aims to change this perception. The Texas-based restaurant chain offers a variety of plant-based sandwiches, nuggets, milkshakes, burgers, and other fast food products. Bradbury intends to attract guests who might assume the restaurant is a traditional chicken joint before informing them of their true nature, with an offer to even pay for the first meals of their more skeptical clientele.
The company quickly grabbed the interest of “Shark Tank” producers, who invited Bradbury to pitch on the show. Despite being in a strong financial position, the entrepreneur opportunity that the additional exposure and feedback could provide. Here’s what happened in the Shark Tank.
Bradbury’s sky-high valuation was a concern for the sharks
When Lucas Bradbury entered the “Shark Tank” stage, he asked for $2.5 million for a 5% stake in his vegan fast food business. That means he estimated the value of Project Pollo to be a staggering $50 million. Kevin O’Leary walks away after hearing this valuation. Mark Cuban agreed that it was too high and said that adding more plants to a dish doesn’t always make food better for you. Guest Shark Kevin Hart thought the venture was too risky.
However, the news wasn’t all terrible for the new plant-based food company. O’Leary contended that Project Pollo had the best fake chicken he had ever tasted and that Bradbury had a great business plan. Bradbury walked away with exactly what he was looking for after coming on the show for public exposure and advice from the entrepreneurial sharks.
What happened to Project Pollo after Shark Tank
After his appearance on the show, Bradbury spent time making sure all of his cards were in place before moving through with the company’s aggressive expansion efforts. This includes adding different vice president roles and even bringing on board former McDonald’s and Chipotle executives. During this time, the company was experiencing the “Shark Tank” impact, with up to 300 daily inquiries regarding franchising. Not only did this result in numerous new locations, but Bradbury also launched a new chain called Side Chicks in February, serving both plant-based and real chicken items. The reaction was mixed, with many seeing the change as contradictory to Project Pollo’s initial mission of offering sustainably sourced fast food.
It wouldn’t be long before the growth had some negative effects. Many of Project Pollo’s planned locations were either postponed or dropped completely in order to focus on improving their present locations. This eventually led to the shutdown of some existing restaurants. The company was acquired in April by an unknown national franchise group and the vast majority of their locations were to close soon after. Many people were confused by the announcement, not knowing whether it meant Project Pollo was being shut down or whether it was under new management.