Wicked Good Cupcakes are precisely what they sound like, but with a twist. The cupcakes are packed in mason jars so they can be shipped around the country! Mother-and-daughter duo Tracey Noonan and Dani Desroches pitched the product to Shark Tank and got a deal with Kevin O’Leary. As of 2023, Wicked Good Cupcakes is worth an estimated $100 million. The company was acquired by Hickory Farms in June 2021.
About the Founders
Tracey Noonan, from Charleston, South Carolina, has been married three times and is a mother of two. She didn’t attend college after high school but she has tried her hand at different professions to provide for her kids.
Before becoming an entrepreneur, she was a photographer. Later on, Tracey worked as a freelance public speaker and writer. She was also hired as a sales associate and consultant for Get Beyond.
Founding the Business
Tracey missed her daughter dearly when she moved out, and as a way for them to spend time together, she convinced Danielle to take cake decorating classes with her. Dani agreed without knowing that it would lead to a lucrative baking business.
After completing the baking classes, they started a cupcake bakery in 2011 and called it Wicked Good Cupcakes. Selling tasty cupcakes in a mason jar was a novelty and they gradually built up a loyal customer base.
The rookie bakers soon realized they needed better packaging and to improve shelf life. So, they stored them in mason jars and put them on display. Customers loved it, and they started selling nationwide. With this, they made $150,000 after two years in business.
Shark Tank Appearance
Tracey and Dani’s small bakery business was struggling to scale and their margins were tight. They were working up to 13 hours a day to keep up with demand. The Bostonians pitched on season 4 of the show, seeking $75,000 for 20% equity.
The Sharks loved their delicious cupcakes but unfortunately, it was too small to be a worthwhile investment. All of the Sharks slowly dropped out until only Mr. Wonderful was left. Fans of the show wouldn’t have to be psychic to know what would happen next.
Kevin O’Leary wanted a greedy royalty that would destroy the business in the long run. Kevin offered $75,000 and wanted a $1 per unit royalty until he got his money back. Then the royalty would drop to 50 cents in perpetuity. The other Sharks didn’t like the deal. Ultimately they agreed to a royalty deal of 45 cents per jar.
After Shark Tank
After the episode aired, Wicked Good Cupcakes saw a huge increase in orders. Fans of the show loved the founder’s authenticity and were rooting for them to succeed. The rise in sales helped them open two more stores along with a baking facility in Massachusetts.
Kevin’s involvement helped them reduce the cost of customer acquisition to “practically nothing” according to Tracey Noonan. She also stated, appearing on Shark Tank was like doing a $5 million commercial.
Within two years the business made $3 million in annual revenue. Four years after the show, they hit $14 million in lifetime sales! In November 2017, Wicked Good Cupcakes launched a food truck-based franchise and it was a huge success!
The founders later partnered with Cinnabon and several wine companies for wine and cupcake gift packages. Apart from their local shops and partners, you can buy their cupcakes on their official website, WickedGoodCupcakes.com.
They have a 2.5-star rating from 202 reviews on Yelp. In 2021, Wicked Good Cupcakes was acquired by Hickory Farms for an undisclosed sum. Currently, Wicked Good Cupcakes is worth an estimated $15 million.
Thanks to the sale, the founders became multi-millionaires and Wicked Good Cupcakes is now one of Kevin O’Leary’s best ever deals on Shark Tank. More than likely, Hickory Farms had to pay extra money to Kevin to end his royalty deal.