During Season 10 Episode 4 of
Shark Tank Cave Shake Update
- Entrepreneurs: Holly Heath and Billie Cavallaro
- Business: Healthy diet vegan shakes
- Ask: $250,000 for 10% equity
- Result: $250,000 for 20% equity
- Sharks: Charles Barkley
After talking a little bit about the nutritional facts of their Cave Shake beverage, Holly and Billie started talking a little bit about their sales and manufacturing costs. They revealed that they currently have a price point of $7.99 in the Southern California stores that they currently sell in, while only having an average cost of production of just under $2 per unit.
Net sales were just above $270,000 in 2017 and were expected to double in 2017 to around $450,000. The biggest problem started when they revealed to the sharks that an incubator had equity in their business. This raised a whole lot of problems with Kevin O’Leary specifically because he claimed that there was no way to invest in Cave Shake given their current situation with the incubator. He decided to drop out and not make an offer to them.
Robert Herjavec also dropped out because he didn’t like the taste of the beverage. Mark Cuban and Lori Greiner also dropped out, but Charles Barkley remained in and made an offer of $250,000 for 20% equity. Holly and Billie decided to accept the offer from Charles after taking a few moments to think about it.
Now for that Cave Shake update that we promised you. It turns out that the company was rebranded into Space Shake. On its website, you can find a lengthy list of health food stores that currently carry their products. These retail stores include Bristol Farms and Whole Foods Market.
Given the geographics of Southern California, it’s not surprising that the revamped Space Shake is having success in this region, although there’s still no sign of nationwide expansion in the ways that Billie and Holly probably would have wanted. Though, maybe we will tell you about that in a future Cave Shake update.
You can find the other company updates from Season 10 here:
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