Bananas are a universal favorite, especially when combined with chocolate or peanut butter spreads, but making this delicious snack can be a little messy. Whether making a quick treat for themselves or a kid-friendly snack, many individuals have encountered the difficulty of spreading something inside a banana without making a mess.
Lay the possibility recognized by businesswomen Renee Heath and Bechara Jaouden. Banana Loca is a useful kitchen tool that the two friends invented that makes it simple to core bananas and fill them with your preferred spread. You may eat it mess-free and the banana stays intact!
The entrepreneurs brought their idea to Shark Tank in search of funding to expand their company. They requested $250,000 for 25% equity in their business. Did the entrepreneur get a deal on Shark Tank? Check out our Banana Loca update to find out!
Banana Loca Net Worth 2024
Renee Heath and Bechara Jaouden asked for a $250k investment in exchange for 25% equity in their company. This meant they valued their company at $1 million. They made a deal with Mark Cuban and Kevin O’Leary for $250k in exchange for 25% of their company, plus a $3 royalty per unit sold until the investment was paid back.
This new deal valued their company at $750,000. After the show aired, Banana Loca saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Banana Loca in 2024 is about $1.1 million.
Banana Loca Shark Tank Update
As for the Banana Loca update, today, Banana Loca is still operating, and business has been doing well ever since Shark Tank. The product has gained a lot of traction, particularly on TikTok, where it has repeatedly gone viral.
Although precise sales figures are unavailable, tens of thousands of copies are said to have been sold. They sell over 400 copies a month on Amazon alone, and the product has received over 1,000 evaluations from customers. Despite conflicting reviews, Banana Loca is still gaining popularity and drawing in new clients.
Although it’s unclear if the agreement between Mark Cuban and Kevin O’Leary was formally closed, their sales and visibility have undoubtedly increased because of Shark Tank’s publicity.
Yes, Banana Loca successfully closed a deal on Shark Tank. Kevin O’Leary didn’t request stock when he first made an offer of $250,000 for a $3 per unit royalty. But Mark Cuban suggested teaming up with Kevin to give the same $250,000 for 25% ownership and a $3 royalty on each unit sold until the loan was paid back. Renee and Bechara finally agreed to the terms after a considerable negotiation.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin O’Leary and Mark Cuban | $250,000 for 25% stock + a $2 royalty for each unit until the investment was paid. | Lori Greiner | Yes |
| Robert Herjavec | $250,000 for 10% equity + a $3 royalty per unit, until $350,000 was recovered. | N/A | No |
| Kevin O’Leary | $250,000 in exchange for a $3 royalty on each unit sold | N/A | No |
| Daymond John | Out | N/A | N/A |
| Lori Griener | Out | N/A | N/A |
Banana Loca Shark Tank pitch
Friends Renee Heath and Bechara Jaouden were looking for a method to make nutritious snacks more enjoyable and portable when they had the concept of Banana Loca. Their goal was to develop a solution for the widespread issue of disorganized snack preparation.
The idea was to create a device that was simple to use and could transform an ordinary banana into an enjoyable treat that was loaded with delectable spreads. They did, however, initially encounter difficulties, just like other business owners did. It took a lot of trial and error and hard work to locate the correct vendors and techniques to manufacture a device such as Banana Loca and make their dream a reality.
Renee and Bechara described Banana Loca’s operations during their Shark Tank pitch. It comes and straightens bananas while they’re still in their peels, readying them to be filled with your favorite spread (like peanut butter or Nutella). It is also possible to use the instrument in zucchini, cucumbers, and even doughnuts!
They focused on the positive and mess-free aspects of snack time their product could bring. They were certain that the investment would enable them to expand their marketing and manufacturing capabilities, so they requested $250,000 in exchange for 25% ownership of their company. Keep reading our Banana Loca update to see what happens next!
Every shark had different inquiries concerning the merchandise and its possibilities.
Robert Herjavec enquired about their profit margins and sales figures. In just five months, Renee and Bechara disclosed they had generated $134,000 in sales with limited marketing.
Kevin questioned about their cost and price. The founders replied that each Banana Loca costs $6 to produce and sell for $26.99.
Daymond John inquired about their investment in the business. The founder revealed they invested $224,000 of their own money.
Robert Herjavec wanted to know what the entrepreneurs would do with Shark’s investment. Bechara replied they would use the money for inventory and increase marketing strategies to reach larger audiences.
Lori Greiner felt that since the company had done no marketing yet, it was too early to invest in it.
Daymond John doubted the product’s long-term viability, fearing it would become a gadget that people buy but hardly use.
The first to submit an offer was Kevin O’Leary, who offered $250,000 in exchange for a $3 royalty on each unit sold and did not require stock.
Daymond John withdrew, stating that he didn’t believe the product would be popular in the long run.
Lori Greiner also declined to invest because she believed the business wasn’t prepared and it was too early to invest.
Robert Herjavec offered $250,000 for 10% equity plus a $3 royalty per unit until $350,000 was recovered.
Kevin O’Leary and Mark Cuban came up with a collaboration, and they offered $250,000 for 25% stock and a $3 royalty for each unit until the investment was paid back.
Mark and Kevin refused to give in to Renee and Bechara’s attempts to reduce the royalty. Ultimately, the entrepreneurs agreed to take the offer.
Product Availability
From our Banana Loca update research, Both Amazon and the company’s official website offer the goods for sale. With shipping included, the suggested retail price is $28.99 for a single product or $55 for two pieces. The product is still selling well online and has received a lot of attention because of its TikTok viral popularity.
Conclusion
With an agreement with two of the top sharks, Mark Cuban and Kevin O’Leary, Banana Loca’s Shark Tank trip was a success. Customers love the product because of its creative design and the entertaining twist it offers to snack preparation.
Banana Loca appears to have a bright future with tens of thousands of units sold and ongoing exposure through viral TikTok videos. Even while the company’s agreement with the sharks may still be in flux, there’s no denying that they’ve received the attention required to expand.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
