Yellow and ready-to-eat bananas are what everyone loves. They are tasty and can be eaten anytime. But as a fruit, it gets ripe easily. They start to get rotten easily in a very short time. They will look and taste different after two or three days as they ripen faster. But now they will not as Nana Hats is here.
Nana Hats are cute little silicon caps with a magnet that attaches with a cute cover. You can use them to cover the crown of the banana bundle. This helps them to slow down their ripe process. This is an easy and simple food science.
Entrepreneur Sean Adler invented this product as he considers himself Nana King. He demanded for $150,000 for 10% equity. The pitch was good and sales were good to impress all Sharks. But will the Sharks invest in banana caps? Let’s find out.
Nana Hats Net Worth 2024
Sean Adler asked for a $150k investment in exchange for 10% equity in his company, Nana Hats. This meant he valued his company at $1.5 million. He made a deal with Lori and Peter for $150k in exchange for 20% of his company. This new deal valued his company at $750,000. After the show aired, Nana Hats experienced a boost in sales and exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Nana Hats in 2024 is about $1.11 million.
Nana Hats Shark Tank Update
After the Shark Tank appearance, Nana Hats received 12,000 emails which were all related to proposals and sell deals. The business is still running online and moving way forward.
Yes, Nana Hats got a deal with Lori and Peter for $150,000 for 20% equity.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Peter Jones+Lori Greiner | #1: $150,000 for 30% equity #2: $150,000 for 20% equity | $ 150,000 for 15% equity | Yes |
| Kevin O’Leary | Out | N/A | No |
| Daymond John | Out | N/A | No |
| Mark Cuban | Out | N/A | No |
Nana Hats Shark Tank Pitch
Sean is an employee of one of the largest banks in the world. He then worked on this idea during the pandemic lockdown.
Sean introduced himself. He then placed a demand of $150,000 for 10% equity. He explained how yellow bananas soon turn into black ones. They release ethylene gas that rips veggies and fruits faster. This process needs to be slowed down. Here is where Nana Hats comes in.
Nana Hats is a company that helps bananas to ripes slower. It has a silicon cap with magnets to change their caps. You can choose from various designs to help them from ripping. Cute, adorable caps are placed on kitsch counters to save bananas. He then concluded the pitch by asking Sharks to join him, Nana King.
Lori inquired that the top crown of the banana releases the ethylene gas and covering it will stop the gas from being released. Sean replied that the crown slows down the process. Kevin inquired about the duration that slows down. Sean replied that there was a specific claim but the process slowed down to 8 to 10. Daymond inquired if is it why a green wrap is covered over the banana crown when purchased from the market.
Sean replied yes, that is the reason. Mark inquired about the cost to make and sell price. Sean answered that the cost to make is $1.95, and the sell price is 12.99 for a pair. Kevin questioned that without a silicon cap, it would be cheap and just put the cover on the banana crown. Sean answered you don’t see a sock on bananas in your house in a nonoffensive tone. Sharks laughed cheerfully.
Peter inquired about how he got his business idea. Sean replied that he got this idea in 2016 when he purchased some bananas and wanted them to stay fresher longer. He surfed online for the results but they result in plastic waste. He then inquired about his backstory. He then mentioned that he began the business from his living room during a pandemic. He created 15,000 units and launched the company.
Peter inquired about the business journey since then. Season stated the sales till 2021 are $400,000 and estimated $600,000 this year with a profit of $240,000. Sharks were impressed. Daymond asks Sean to break the prices for all sources of marketplaces. Sean begins to mention that 60% are direct-to-consumers and 40% are wholesale. Kevin inquired about their source in retail. Sean replied that 99% of wholesale sales are for an online retail seller and other local gift shops.
Lori inquired if he tried other grocery chains. Sean replied that he made emails and calls but it’s a new product. But then Mark jumped in.
Mark is the first Shark to step out as he doesn’t find this business fit to invest. But he appreciated his passion for the idea. Daymond stepped out as he thought that Sean didn’t need a partner. Peter inquired if he was still a full-time employee. Sean answered yes. Lori inquired who was running the business. Seans stated that he is the only employee running the business. Lori inuire dif he isn in 100%. Seans mentioned that he is in it 100% as his wife helps him, and he is a new father too.
Peter mentioned that he liked the product as it was great. But he will only invest half the demanded money. So Lori jumped in to join the deal. She mentioned that the Nana Hats can be patented internationally. Peter and Lori both offer $150,000 for 30% equity. Just then Kevin gave his deal. He offers $150,000 for 10% equity along with $1 on each sold unit as a royalty.
All three Sharks were cheerfully putting each other off the deal. Season mentioned that he would counteroffer. He counter-offered for 15%. Lori asked Peter if he would do 20%. Because she will. Peter asked Sean if he would do the deal for $150,000 for 20%. Sean agreed. Both agreed and left the stage happily.
What Went Wrong with Nana Hats on Shark Tank
The pitch was good and sales were impressive to all Sharks. But all Sharks stepped out due to their lack of interest and misfit field of investment. But Lori and Peter invested as partners which made the day.
Product Availability
Nana Hats is an online company to protects your bananas from getting ripe faster. A silicon cap with a cute and lovely cover that can be changed easily. You can purchase them online and from Amazon with 3.4 ratings. You can get your product delivered to your doorstep. Check their website to purchase it.
Conclusion
Entrepreneur Sean Adler is on Shark Tank Season 14 to save bananas around the globe. A silicon cap with a magnet with different covers can be used to save the bananas by covering their crown. It is cute and easy. He demands for $150,000 for 10% equity.
The pitch and sales were good. Sharks like the idea and his sales. But Sharks weren’t interested in investing in the product due to lack of interest and misfit field for themselves. But Lori and Peter split a deal for $150,000 for 30% equity. Which was reduced to the final deal of $150,000 for 20% equity, THe deal was sealed.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.
