Banana Loca Shark Tank Net Worth 2023
Banana Loca Shark Tank Net Worth
Banana Loca is a gadget that allows users to easily core and stuff bananas. The founders, Renee and Bechara, went on Shark Tank in December 2021 asking for an investment of $250,000 for 25% equity, valuing the business at $1 million.
Mark Cuban and Kevin O’Leary invested in Banana Loca, offering $250,000 for 25% equity plus a $3 per unit royalty until the initial investment was paid back.
Banana Loca’s net worth in 2023 is estimated to be around $0.5 million. After appearing on Shark Tank, the founders used the funding to grow their business and have since relied on internet and social media influencers to bring in sales.
They have also started a Kickstarter campaign which raised over $13,958, and are now selling their product through their website and Amazon.
What is Banana Loca? Who Founded Banana Loca?
The Banana Loca is a kitchen tool designed to hold a banana securely after snipping its ends. The tool includes a banana holder that straightens the fruit and a second suction tube that scoops out the insides.
The tube can then be filled with various creamy fillings, such as jams, jellies, Nutella, peanut butter, or yogurt, before being reinserted into the banana for a delicious snack.
Bechara Jaoudeh and Renee Heath, the owners of Banana Loca, met at trade exhibitions and bonded over their shared love for gadgets.
They came up with the idea for Banana Loca while discussing their love for bananas filled with peanut butter and Nutella.
In May 2020, they successfully raised $13,958 through a Kickstarter campaign and began selling the product on their website and on Amazon.
A single Banana Loca costs $28.99, while a pair costs $55, with free shipping throughout the United States. Despite running Banana Loca, both Renee and Bechara continue to work full-time jobs.
Banana Loca Shark Tank Pitch
Renee and Bechara made their debut on Shark Tank with a man who disguised himself as a banana. They aimed to raise $250,000 for a 25% stake in their business, which valued the company at $1 million.
Bechara talked about his love for bananas and Nutella, but mentioned that it was a time-consuming process. They presented their product, which involved stuffing samples inside bananas.
Mark described the process as “abnormally pleasurable,” and the Sharks enjoyed the taste, with Robert describing it as “brilliant.”
Renee explained that their product could be used with a variety of foods, including cucumbers, zucchini, and hot dogs.
The Sharks were impressed with the product, and Renee and Bechara disclosed that they had made sales of around $134,000 in the past five months, with each Banana Loca costing $6 to make and sold for $26.99.
They had invested $224,000 of their own money into the business, and they were seeking $250,000 to invest in merchandise and promotion to boost sales.
Mark believed that they did not need sponsored promotion, while Kevin offered $250,000 for a perpetual royalty of $3 per unit.
Daymond believed that the product would be used only once or twice and then discarded, while Lori thought it was too early and declined to invest.
Robert offered $250,000 plus a $3 royalty per month until he recouped $350,000 at a 10% rate. Mark was interested in their social media presence, and Bechara noted that they needed more followers and were seeking “star power.”
Mark and Kevin made a joint offer of $250,000 in exchange for a 25% equity stake and a $3 per unit royalty until the initial investment was repaid. Bechara countered with a $2 royalty, and Renee and Bechara accepted the offer despite Mark’s initial reluctance.
While there is no confirmation that the deal with Mark and Kevin was completed in early January 2022, the business announced in a press statement that they were thrilled with their new partners. They also mentioned a major event on April 20th, 2022, for National Banana Day.
Banana Loca Net Worth
Renee and Bechara make their Shark Tank debut with a man disguised as a banana. They are seeking $250,000 for a 25% stake in their business. This equates to a $1 million valuation.
They accepted an offer of $250,000 in exchange for 25% equity and a $3 per unit royalty until the initial investment was repaid thus the same valuation.
Banana Loca Competitors
There are no competitors identified for Banana Loca Competitors.
Banana Loca FAQS
What is Banana Loca?
Banana Loca is a simple kitchen device that has a banana holder that securely holds the banana once its ends have been snipped.
The holder next straightens the fruit before scooping out the insides with a second suction tube.
fter cleaning and packing the tube with the stuffing of one’s choosing, it may be reinserted into the hollowed-out banana for a delightful snack.
Who Founded Banana Loca?
Banana Loca is owned by Bechara Jaoudeh and Renee Heath.
How much were they seeking in the Shark Tank?
They are seeking $250,000 for a 25% stake in their business.
How much were they offered in the Shark Tank?
They accepted an offer of $250,000 in exchange for 25% equity and a $3 per unit royalty until the initial investment was repaid.
How much is Banana Loca?
It costs $26.99 and they provide free delivery throughout the United States.
What episode of Shark Tank was Banana Loca featured?
They were featured on Season 13 Episode 9
Where is Banana Loca located?
Banana Loca, headquartered in King of Prussia, Pennsylvania, is a kitchen device that enables users to inject spreads and toppings such as Nutella, peanut butter, or caramel into bananas for a convenient snack.
How do they pay?
They accept payment via credit card or check.
Is Banana Loca easy to use?
Yes. All they have to do is place the first tube into their banana; the walls of the tube have been snipped, so it will fit snugly.
After filling the first tube, they put it back in their banana. The second tube is then gently pushed into the first to inject more filling.
How did they come up with the idea?
They were discussing eating peanut butter and Nutella with bananas one day and thought it would be fun to build a gadget that allowed them to load their bananas with filling.
What is the Banana Loca Shark Tank worth?
Renee and Bechara seeking $250,000 for a 25% stake in their business. This equates to a $1 million valuation.
Where are Banana Loca sold?
Banana Loca is sold on their website and on Amazon.
How can they contact Banana Loca?
They can contact them at;
Website: www.bananaloca.com or
Email: [email protected]
Do they ship?
Yes. They ship for free throughout the United States
Where is Banana Loca made?
They are made in the United States.