Photo: Michael Desmond
Rumi Spice, which sells saffron from Afghanistan, makes a pitch on the TV show “Shark Tank.” It takes 150 Saffron Crocus flowers to make one gram of the coveted spice.
Most cooks know that the spice called saffron, essential for dishes like paella, is expensive. But much of what is available in the US is fake. That’s where some military veterans come in.
Catherine Clifford at CNBC has the story.
“Rumi Spice appeared on ‘Shark Tank’ seeking a $250,000 investment for five percent equity. The three co-founders — Emily Miller, Kim Jung and Keith Alaniz — all served in the military in Afghanistan. They learned that the war-torn country is covered with the purple flowers that make saffron, one of the most expensive spices in the world. They also learned that Afghan saffron is some of the best quality saffron in the world. …
“To bring more business and more money to the farmers in Afghanistan, Rumi Spice built an infrastructure to sell saffron harvested in Afghanistan to consumers in the United States.
“Rumi Spice sells one gram of saffron for $18, one ounce for $140. ‘It’s so expensive because there is no automation, it all has to be hand processed,’ says Jung, who, along with Miller, is both a West Point and Harvard Business School graduate. …
” ‘I don’t think there is a political risk because we are operating with the farmers, we are giving them incentive to produce and we are giving them an incentive to protect their investment,’ said Alaniz [in answer to a question]. …
“[Dallas-based tech entrepreneur Mark] Cuban offered the entrepreneurs a $250,000 investment for 15 percent equity, more than three times what the founders were hoping to give away of their company for the cash. However, he insisted there is no room for negotiation.
“Cuban gave two reasons for making the deal, despite the problems other sharks see in the young company: He respects their work to empower Afghani farmers and he likes to work with veterans.
“The entrepreneurs accepted the deal. …
” ‘Striking a deal with Mark Cuban is a game changer, for the women in Afghanistan who work for us, for the farmers in Afghanistan,’ Miller said.”
More here. The CNBC story has beautiful pictures from Rumi Spice’s twitter feed, @rumi_spice. And the company’s blog is fascinating.
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