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
If you’re short on time, here’s a quick overview of what happened to Must Love after
Hannah Hong and Mollie Cha appeared 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 have been best friends since 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 love the taste. Even Kevin O’Leary, who usually hates the taste of vegan foods, thinks the ice cream is great.
Their huge valuation raises questions, though. Hannah and Mollie reveal that their year-to-date sales were $1 million, but that they are operating at a $400,000 loss.
This is obviously a huge red flag for the sharks. Even though they have shelf space in Whole Foods, Sprouts, and Costco, their in-progress seed round makes the sharks step back.
Further, the sharks see the seed round as the duo walking into the tank without any plans to negotiate, which leaves a bad taste in their mouths.
Daymond John is the first shark to formally drop out. He doesn’t think they are appreciative enough of the value a shark could bring to their business.
Kevin O’Leary agrees, stating that they are asking too much.
Guest shark Peter Jones shares a story about his previous negative experience in the frozen space. The low margins and tough competition cause him to go out, too.
Mark doesn’t think the product is different enough from the competition, so he goes out, as well.
This leaves Lori Greiner. She knows the space and has had huge success with another similar business.
Although she loves the products, it would be a conflict of interest with a deal she’d previously made. Because of this, she is out.
So, with all five sharks out, Must Love left
Despite not getting a deal, Must Love is still going strong. The exposure from the show helped bring new vegan food lovers to the company and has boosted sales.
When they aired on
However, Graham Cookies is the only product currently listed on their website. It looks like Must Love is focusing their marketing on cookies and sprinkles for the time being, with new frosted animal crackers being added to their product lineup soon.
Also, our Must Love update research found that they are still active on social media, frequently posting recipes and product updates on Instagram and TikTok. The company has a large customer base of vegan food lovers, with more than 13,500 followers on Instagram.
With such a tasty product, Must Love has a lot of potential to be successful. However, if they don’t find a way to stop hemorrhaging cash, our next Must Love update might not be a sweet one.
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Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!