Mango Mango Preserves Update | Shark Tank Season 5
Mango is one of the most popular tropical fruits, and it goes well well with everything. That’s why Lakesha Brown-Renfro, Nzinga Teule-Hekima, and Tanecia Willis have created a versatile mango preserves product that’s not only delicious, but its uses are endless. With they earn a deal on
Shark Tank Mango Mango Update
- Entrepreneurs: Lakesha Brown-Renfro, Nzinga Teule-Hekima and Tanecia Willis
- Business: Mango preserves
- Ask: $75,000 for in exchange for 20% equity
- Result: No deal
- Sharks: None
Lakesha, Nzinga and Tanecia brought their mango preserves to the tank with a fun song and dance about their product. They passed out samples of different dishes incorporating Mango Mango preserves, and the sharks raved over the taste.
The company had grossed $138,000 in sales, in the 18 months prior to filming, but production costs were high. Each jar cost $2.18 to make, wholesales for $3.96, and retails for $6.99. The women were asking for an investment so they could purchase manufacturing equipment for their own production space.
Kevin O’Leary advised the ladies that they needed to cut production costs by nearly half, before ultimately deciding to go out. Mark Cuban told the women that he wouldn’t be a good fit for their business because he didn’t know enough about the preserves industry, so he went out next.
Lori Greiner said they were already well on their way to success, and recommended that Mango Mango not give a slice of their equity to investors. Instead, they should use some of the money coming in to fund their facility, and retain the equity for themselves. With that advice, Lori was out. Daymond John was out next, admitting he didn’t know much about the jelly business.
Robert Herjavec, who had eaten nearly everything the women had brought to sample, worried he wouldn’t be able to give good guidance as an investor and advisor, making him the last shark to go out. With no offers from any of the sharks, Lakesha, Nzinga and Tanecia were forced to leave the tank without a deal. What happened next for their company? Keep reading our Mango Mango update to find out!
Research for our Mango Mango update revealed that in the month after appearing on
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