Bee Free Honee Shark Tank Net Worth 2023
Bee Free Honee appeared on Shark Tank in 2016, asking for a $100,000 investment in exchange for 10% of their company’s stock. The sharks valued the company at $1 million at the time of the pitch.
Mark Cuban, Barbara Corcoran, and Chris Sacca each gave $70,000 for a 10% stake in the company. They received $210,000 for a 30% stake. Bee Free Honee was in most Whole Foods stores and had $104,000 in sales to date as of 2023.
Bee Free Honee is a plant-based honey substitute that saves bees. It is made from apple and lemon juices to preserve the sample.
The product is environmentally friendly and sweet. It was created by chefs Melissa Elms and Katie Sanchez when Melissa attempted to make apple butter and failed.
Bee Free Honee has no competitors identified. Unfortunately, Bee Free Honee closed its doors in 2019.
What is Bee Free Honee? Who are the Founders of Bee Free Honee?
Bee Free Honee, which is made from apples, lemon juice, and cane sugar, is a vegan substitute for honey. It can be used as a replacement for honey in recipes and is safe for young children and people who are allergic to honey.
Bee Free Honee contains primary ingredients such as apple juice, cane sugar, and lemon juice, and it comes in various flavors, including Ancho chili, mint, and slippery elm.
The product is mainly available at organic and natural food specialty stores such as H-E-B, Sprouts Farmers Market, Vitamin Cottage Natural Grocers, Wegmans, and Whole Foods Market.
It was also showcased at the Specialty Food Association’s Summer Fancy Food Show in 2016 and Winter Fancy Food Show in January 2017.
Katie Sanchez unintentionally created Bee Free Honee in 1999 while preparing apple jelly. The company was founded in 2012, and it has a manufacturing facility in River Falls, Wisconsin.
The sales of Bee Free Honee doubled after it appeared on Shark Tank in February 2016, leading the company to relocate its operations from Wisconsin to Texas.
According to Melissa Elms, the co-owner of the company, the product benefits honeybee populations by not using bees in the manufacturing process.
Elms claims that commercial honey production frequently exposes honeybees to inappropriate circumstances.
Bee Free Honee is available in five flavors: original, Ancho Chile, Mint, Chocolate, and “Slippery Elm,” and costs around $12 per jar. It can be found in Whole Foods Markets and other natural food stores across the United States.
Bee Free Honee Shark Tank Pitch
Melissa and Katie went on Shark Tank Season 7 Episode 17 to secure a $100,000 investment for a 10% stake in their company, which was valued at $1 million.
The Sharks were informed that it takes 60,000 bees to produce one pound of honey. Melissa and Katie’s product was a unique honey substitute made from apples grown in the United States, and they were hoping to convince the Sharks to invest in their product.
When asked why the world needs their product, they explained that it was an excellent alternative for vegans who couldn’t consume honey.
Bee Free, their product, was made of apples, a bit of lemon juice to preserve it, and some cane sugar. They offered the Sharks samples of their product.
Daymond expressed his familiarity with bees and was curious about how their product compared to honey. The cost of producing Bee Free was $1.62 per bottle, and it retailed for $5.99 per bottle. In contrast, a jar of honey of a comparable size could cost $10.99 or more.
Melissa and Katie revealed that they had already secured a presence in nine of the 11 Whole Foods locations. They had earned $104,000 over two years, with $78,000 coming in the first year. They needed additional funds to expand their manufacturing capacity, as they had secured a contract with Costco.
Mark suggested that the brand could be worth $100 million if they marketed it as saving bees. Kevin, on the other hand, felt that they hadn’t made enough money to justify an investment and decided not to invest.
Barbara felt that Melissa and Katie had potential but needed to improve their branding. Daymond offered $100,000 for a 25% stake, while Sacca offered $200,000 for a 30% stake.
Daymond countered with $100,000 for a 15% stake or $200,000 for a 30% stake, with the added condition that he would handle all internet sales for a 20% commission.
Barbara accepted Daymond’s offer, and Mark offered to invest $210,000 alongside Sacca and Barbara for a 30% stake.
Mark would manage web sales, Barbara would handle grocery store sales, and Sacca would manage restaurant sales. Daymond was unhappy with the outcome, and Kevin was surprised that the product received funding.
By June 2016, Melissa and Katie had expanded their contract manufacturing deal and increased their workforce. They also introduced new flavors and redesigned their bottle and label.
They aimed to increase their manufacturing capacity by 600% by mid-July 2016.
The company had made deals with several grocery chains and had even secured a spot in Chris Sacca’s Veggie Grill chain. Mark had helped move the product forward on Amazon and Zulily.
Unfortunately, Bee Free Honee had to shut down in 2019, despite its early success on Shark Tank.
Bee Free Honee Net Worth
They accepted an offer from Three Sharks of $210,000 for 30% stake in the business which brings valuation to be $700,000.
Bee Free Honee Competitors
There is no competitor identified for Bee Free Honee.
Bee Free Honee Shark Tank Updates
Bee Free Honee is a vegan honey alternative that was pitched on Shark Tank in season 7, episode 17. The entrepreneurs, Katie Sanchez and Melissa Elms, asked for $100,000 for 10% equity in their business. They received a deal with Barbara Corcoran, Mark Cuban, and Chris Sacca for $210,000 for 30% equity.
With the investment from Shark Tank, the company was able to relocate their production to Texas, which provided them with facilities to produce more4.
By June 2016, they were hiring additional staff and expanding their contract manufacturing agreement. They aimed to increase their production by 600% by mid-July 2016.
Unfortunately, Bee Free Honee shut down in 2019 due to a lack of consumer awareness. The company ceased its operation and went out of business. It is unclear why the company shut down, as the circumstances are unknown.
Despite the company’s closure, Katie Sanchez continues to share her experience and her journey to spread awareness to save the bees. Bee Free Honee was made from cane sugar, apples, and lemon, all products that were produced in the United States.
At the time the company’s founder appeared on Shark Tank, it was for sale in stores like Whole Foods and even went on to become an item in the Swag Bag for the 2014 Oscars.
Bee Free Honee Shark Tank Table Summary:
|Product||Plant-based honey substitute|
|Founders||Katie Sanchez and Melissa Elms|
|Ingredients||Apple juice, cane sugar, and lemon juice|
|Flavors||Original, Ancho Chile, Mint, Chocolate, and “Slippery Elm”|
|Cost||Around $12 per jar|
|Availability||Whole Foods Markets, H-E-B, Sprouts Farmers Market, Vitamin Cottage Natural Grocers, and Wegmans|
|Shark Tank||Appeared on Season 7 Episode 17 and received $210,000 for a 30% stake from Mark Cuban, Barbara Corcoran, and Chris Sacca|
|Sales||$104,000 as of 2023|
|Closure||Closed its doors in 2019|
Bee Free Honee FAQS
What Is Bee Free Honee And How Does It Work?
Bee Free Honee was a vegan alternative to honey that was made from apples, lemon juice, and cane sugar. It was created by Katie Sanchez, a pastry chef who accidentally left her apple jelly in a container overnight and discovered that it had turned into a honey-like liquid.
The product was designed to be used as a replacement for honey in recipes and could be consumed by young children and people with an allergy to honey.
Bee Free Honee was sold in stores that specialize in organic and natural foods, including Whole Foods Market, Wegmans, and Sprouts Farmers Market. The company had made a profit of $750,000 in 2015 and had an annual gross revenue of $1 million in 2018.
The product was sold at 9 out of 11 regions of Whole Foods stores and was about to supply their product at Costco. The production of the product costs $1.56 and retails for $5.99 across the nation.
Unfortunately, the company shut down in 2019 due to a lack of consumer awareness.
What Are The Ingredients In Bee Free Honee?
Bee Free Honee is made from organic apple juice concentrate, water, non-GMO/vegan cane sugar, and lemon juice. The product is vegan and can be consumed by young children and people with an allergy to honey. The ingredients in Bee Free Honee are free from any declaration of obligatory allergens.
The product was designed to be used as a replacement for honey in recipes. Bee Free Honee was sold in stores that specialize in organic/natural foods, including Whole Foods Market, Wegmans, and Sprouts Farmers Market.
Who was the founders of Bee Free Honee?
Melissa Elms and Katie Sanchez were the founders of Bee Free Honee.
What Was The Outcome Of The Bee Free Honee Shark Tank Pitch?
During their Shark Tank pitch, Bee Free Honee founders Melissa Elms and Katie Sanchez asked for $100,000 for 10% equity in their business.
They explained that their product was a plant-based honey substitute that saved bees and was the only alternative to honey. The sharks were impressed with the product and its potential, and Barbara Corcoran, Mark Cuban, and Chris Sacca agreed to invest $210,000 for a 30% stake in Bee Free Honee.
After the show, the company aimed to increase its production by 600% by mid-July 2016 and expanded its contract manufacturing agreement. However, the company shut down in 2019 due to a lack of consumer awareness.
Did Any Sharks Invest In Bee Free Honee?
Yes, three sharks invested in Bee Free Honee during the Shark Tank pitch. Mark Cuban, Barbara Corcoran, and Chris Sacca agreed to invest $210,000 for a 30% stake in the company.
The founders of Bee Free Honee, Melissa Elms and Katie Sanchez, had asked for $100,000 for 10% equity in their business.
The product was a vegan honey alternative made from apples, lemon juice, and cane sugar. Despite the investment, the company shut down in 2019 due to a lack of consumer awareness.
What Happened To Bee Free Honee After Its Appearance At The Shark Tank?
After appearing on Shark Tank, Bee Free Honee received a $210,000 investment from Barbara Corcoran, Mark Cuban, and Chris Sacca for a 30% stake in the company.
The company increased its workforce and expanded its contract manufacturing agreement. Bee Free Honee moved all production from Wisconsin to Houston.
The product was sold in stores that specialize in organic/natural foods, including Whole Foods Market, Wegmans, and Sprouts Farmers Market. However, the company shut down in 2019 due to a lack of consumer awareness and market challenges.
How much were seeking in the Shark Tank Pitch?
Melissa and Katie appeared on Shark Tank in search of $100,000 for a 10% stake in their company. This equates to a $1 million valuation.
Is Bee Free Honee still in business?
Sadly, the firm was forced to close its doors in 2019.
What is the website for Bee Free Honee?
They are no longer available in business.
What episode of Shark Tank was Bee Free Honee featured?
They appeared in Shark Tank season 7 episode 17.
How can they find Bee Free Honee in stores?
They are out of business.
When was Bee Free Honee aired on Shark Tank?
They appeared on Shark Tank in February, 12th 2016
Where was Bee Free Honee based?
They are based in Minneapolis, Minnesota.
Was Bee Free Honee saving bees?
Melissa and Kate created a product that can be used in place of genuine honey in any recipe.
Be Free Honee not only helps to safeguard the world’s bee population, which is under threat, but it is also much cheaper than raw honey.
What was bee free Honee made from?
Bee Free Honee was a vegan alternative to honey made from apples that received attention and money from Shark Tank.
It may be used as a substitute for honey in recipes because it is made from apples, lemon juice, and cane sugar. Young children and those who are allergic to honey can ingest the product.
Why did bee free Honee closed?
Katie and Melissa did not explain why they decided to close the business.