Have you ever heard about snacks for diabetic patients? I have exciting news for you. Now you can fulfill your sugar cravings with energy bars that are free from sugar, gluten, milk, and soy. In the episode of Shark Tank an ambitious entrepreneur named Kendra Banette presented her venture of her energy bars that are totally made from natural ingredients.
Kendra’s father was a fighter pilot in Vietnam and got by on candies and cola and thus became diabetic and hyperglycemic. So her mother created a “Honey based” snack which is not only tasty but also proves to be a healthy source of energy. 35 years later, her Father tried to create that same snack but did not succeed. In fact, he made something even better.
Kendra was looking for a $200k investment in exchange for 10% equity in her family business. Did the entrepreneur get a deal on Shark Tank? Check out our Honey Bunchies update to find out!
Bon Bee Honey (Honey Bunchies) net worth
Kendra was looking for an investment of $200k in exchange for 10% equity in her company. At the time of the show, she valued her company at $2 million. Although she couldn’t secure a deal, Honey Bunchies received a good boost in website traffic, sales, and social media exposure.
For a quick Honey Bunchies update, after the appearance on Shark Tank, the company was rebranded as Bon Bee Honey and expanded its distribution network to over 1,200 locations, including Safeway, Krogers, and independent retailers. As per my rough estimate, with a 10% growth rate (typical business growth) over the years, the current net worth of Honey Bunchies is estimated at over $5.19 million.
Honey Bunchies Shark Tank Update
In the competitive snack market, Honey Bunchies was established even after not getting a contract on Shark Tank. The company is rebranded now and named Bon Bee Honey. They are currently available in 1,200 locations, with various Safeway, Krogers, and independent retailers. The company became famous after it appeared in the shark tank. Their sales increased and as a result, they got a high profit margin.
The sharks finally decided not to invest in Honey Bunchies despite its amazing pitch. Although sharks liked the product, no one got attracted to the deal because of market saturation and intense competition in the snack market. After being rejected from the sharks Bennette was successful in making sales. Keep reading our Honey Bunchies update to see what happens next!
| Shark(s) Name | Offer and Demand |
| Mark Cuban | Out |
| Lori Greiner | Out |
| Kevin O’Leary | Out |
| Barbara Corcoran | Out |
| Damon Dash | Out |
Honey Bunchies Shark Tank pitch
Kendra’s father created a bar that is completely unique to all other energy bar markets. 42% of every Honey Bunchies gourmet honey bar is pure honey mixed with crunchy nuts, covered in slightly roasted and salted sunflower kernels. It’s a perfect source of honey-based energy. It’s free from gluten, soy, and grain. It aims to change the boring world of bars.
Her father started the company in 2010, and the retailing started in 2013. Their first major retailer was Whole Foods. Their retail price is $2.99, which costs them ¢81, and their current sales are $300k. They expect to end the year at $519k. Out of $519k, they estimate they will make around $22k in profit. And projecting their company to $2.2 million to $4.3 million next year.
The initial pitch focused on their unique product which was combined with honey, peanuts, and sunflower seeds to make a crunchy and chewy snack bar. Kendra highlighted all the natural ingredients in the healthy snack bar. She emphasized the quality of her product.
Kendra has brought in $300k, with projections of $519k by the end of the year. Although, they predicted $2.2 to $4.2 million for the coming year. Sharks talked about the unique selling point of energy bars, but one was convinced because of the high competition in the snack market.
The Sharks were curious about Honey Bunchies and questioned Kendra regarding the product’s components, market potential, and method of distribution.
Kevin O’Leary‘s basically wanted to ask about the sales and profit they were making so he asked how much do you earn to make it sell? Kendra focused on revenue growth and good profit margins.
Mark Cuban asked about the expansion of the business like if they had any plans to sell their products in more places. Kendra highlighted the expansion of new markets.
Lori Greiner wanted to know about the specialty of their product and why even a person would buy this product. Kendra explained how her venture invested in top-quality packaging and eye-catching designs to grab customers’ attention.
Robert Herjavec was interested in the story behind the brand. How are people excited to buy your product? Kendra highlighted her passion for how she created the nutritious bar.
Daymond John was interested in how the business is running and what are their future plans for growth. Kendra talked about her company’s innovation and product development. She mentioned the unique flavor and premium ingredients.
Although the sharks were interested in Honey bunchies none of them made an offer to invest in the venture. They decided not to sign a deal with Kendra because no one was ready to invest in her company as they were thinking of not getting enough profit in the market. They were more concerned about market value, market size, execution risks, and dynamics as the energy bars business is already common these days.
What went wrong with the company on Shark Tank?
Their primary decision was about market competition and distribution challenges that’s why they decided not to invest in Honey Bunchies. They appreciated the product’s uniqueness but the above-mentioned factors prevented them from making the investment. Sharks might perceive that valuation could be high, but sustainability in the market could be low.
Product availability
From our Honey Bunchies update research, Honey Bunchies (Bon Bee Honey) are available for online purchase and in selected retail stores. The energy bars are made with premium ingredients as they are free from milk, gluten, soy, and peanuts to offer customers a healthy and nutritious snack choice. For more information, visit the official website.
Bennett ultimately walked away without an investor. Their distribution network is expanded. However, the company is serving 1,600 retailers across the United States of America.
Conclusion
Despite not landing an agreement on Shark Tank, Kendra Bennett’s path as an entrepreneur is far from ending with Honey Bunchies. With its tasty product and interesting history, Honey Bunchies is making headlines in the snack market and attracting customers with its special combination of honey and healthy components.
Kendra is firm in her commitment to providing premium products that promote health and wellness. Honey Bunchies are named Bon Bee Honey. Without getting a deal from the Sharks Honey Bunchies, which is now Bon Bee Honey, got a high rate of success nationwide. After the appearance in the show this brand grew successfully and it is the most requested brand by the customers.
Hello, I’m Fizza Gulzar. I’m an MBA graduate specialized in Human Resource Management (HRM). I love the exciting Shark Tank business ideas and pitches on the show. My goal is to share stories and lessons to inspire and help other fellow entrepreneurs. Through my writing, I hope to make the business world a little easier to understand and navigate. Read more About me.