Bananas are best when paired with peanut butter or chocolate spreads. Unfortunately, it’s difficult to apply spreads to a banana. Entrepreneurs Renee Heath and Bechara Jaouden have come up with the solution, a device they call Banana Loca, which they pitched on
Shark Tank Banana Loca Update
- Entrepreneur: Renee Heath and Bechara Jaouden
- Business: Banana coring and filling tool
- Ask: $250,000 for 25% equity
- Result: $250,000 for 25% equity and a $3/unit royalty until investment is paid back
- Shark: Mark Cuban and Kevin O’Leary
Banana Loca is a simple kitchen tool that ‘cores’ and fills bananas, cucumbers, zucchinis, and even donuts. After the banana is cored, you can use the spread pump to get your favorite filling into the center of the banana. It’s mess-free and delicious.
The sharks were impressed with the product right off the bat. Renee and Bechara revealed that they hadn’t done much marketing, but their sales over the last five months were about $134,000. Each Banana Loca cost $6 to make and retailed for $26.99.
The sharks were surprised by the high retail price, especially for a relatively simple device, but were impressed with the overall sales. Meanwhile, Renee and Bechara assured them that the investment would go into inventory and marketing.
Mr. Wonderful (Kevin O’Leary) was the first to make an offer. He offered them $250,000 for a $3 royalty per Banana Loca sold in perpetuity. He didn’t want any equity.
After Kevin’s offer, Daymond John went out because he thought it was a one-use item and would sit in the cabinets most of the time. It wasn’t for him. It wasn’t for Lori Greiner, either. She thought it was too early and dropped out.
Robert Herjavec, on the other hand, offered $250,000 and 10% equity, plus a $3 royalty per unit until $350,000 was recouped.
Before Renee and Bechara could react, Mark Cuban had an idea. He wanted to work with Kevin, so he offered a deal that benefitted them both. Together, Mark and Kevin offered $250,000 for 25% equity, plus a $3 per unit royalty until the initial investment was paid back. The entrepreneurs tried to lower the royalty, but Mark and Kevin were sticking to their guns. In the end, Renee and Bechara accepted the deal.
So, where are they now? Here’s a quick Banana Loca update.
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When we get more news on a Banana Loca update, we will be sure to let you know.
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