Nuchas is a food company specializing in Argentinian empanadas, founded by Ariel Barbouth in 2010. The company gained popularity after setting up a kiosk in the iconic Times Square, quickly becoming a favorite destination for locals and tourists alike.
As of 2024, Nuchas is valued at $8 million and generates over $5 million in annual revenue.
Ariel Barbouth’s Background
Ariel Barbouth, originally from Argentina, moved to the United States with his wife, Leni, with just $9,000 in savings. He first worked as an analyst at Republic National Bank, then as a manager at Aconcagua Capital Group, before transitioning into entrepreneurship.
Ariel and Leni’s shared dream was to bring traditional Argentinian empanadas to New York City, which led to the founding of Nuchas.
Founding Nuchas
In 2010, the couple opened their first kiosk in Times Square, a bustling location where they served their signature empanadas alongside other international dishes.
The kiosk quickly became a success, with Nuchas achieving an average of $800,000 in annual sales at that location alone. Over the years, they expanded, opening a food truck and multiple locations in Wall Street and Greeley Square Park.
Appearance on Shark Tank
In 2019, Ariel appeared on Shark Tank, seeking $2 million in exchange for an 8% equity stake in the company, valuing Nuchas at $25 million.
Despite the impressive sales numbers, the Sharks were hesitant due to the high valuation. Daymond John made an offer of $2 million for 25% equity, while Barbara Corcoran proposed $1 million cash and a $1 million loan for 100% of Nuchas’ retail business, aiming to grow the company through franchising.
However, after several counteroffers, a deal was not reached.
Post-Shark Tank Success
Despite the setback, Nuchas continued to thrive. The pandemic did impact the business, but the company bounced back by launching an online store and expanding into high-traffic locations like the Jacob Javits Center and Georgia World Congress Center.
Additionally, Nuchas started delivering through DoorDash’s DashMart, a program for startup food businesses.
Today, Nuchas operates five physical locations, along with various food trucks and mobile units. It has maintained a 3.5-star rating on Yelp from over 267 reviews. The company now makes over $5 million annually, with an estimated net profit of between $800,000 and $1 million.
