Who knew that oats and bananas could create great plant-based ice cream? Hannah Hong and Mollie Cha are on to something with their “nice cream” company, Must Love, and decided to pitch it on
Shark Tank Must Love Update
- Entrepreneurs: Hannah Hong and Mollie Cha
- Business: Plant-based vegan ice cream alternative
- Ask: $600,000 for 7.5% equity
- Result: No deal
- Shark: None
Hannah Hong and Mollie Cha were best friends at college. Together, they launched their plant-based “nice cream” brand, Must Love. It uses oats and bananas instead of chemicals and creates delicious flavor profiles sweetened with fruit. Just before appearing on the show, Must Love launched a collection of plant-based sprinkles to complement the ice cream.
After sharing it with the sharks, all of them loved the taste. Even Kevin O’Leary, who usually hates the taste of vegan foods, thought the ice cream was great. Their huge valuation raised questions, though. Hannah and Mollie revealed that their year-to-date sales were $1 million, but that they were operating at a $400,000 loss.
This was a huge problem for the sharks. Even though they had shelf space in Whole Foods, Sprouts, and Costco, their in-progress seed round made the sharks step back.
Mark Cuban was the first to voice concerns, but Daymond John was the first shark to formally drop out. He didn’t think they were appreciative of the value a shark could bring. Kevin O’Leary agreed, stating that they were asking too much.
Guest shark Peter Jones had previous experience in the frozen space. The low margins and tough competition caused him to go out, too. Mark didn’t think the product was different enough, so he went out.
This left Lori Greiner. She knew the space, but it would be a conflict of interest with a deal she’d previously made. As a result, she was out and Must Love left
Must Love was featured in several publications before appearing on
However, if they don’t find a way to stop hemorrhaging cash, our next Must Love update might not be a good one.
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