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
Melissa and Katie appear on Shark Tank Season 7 Episode 17 in search of $100,000 for a 10% stake in their company. This equates to a $1 million valuation.
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 FAQS
What is Bee Free Honee?
Bee Free Honee was a vegan alternative to honey made from apples. 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.
Who was the founders of Bee Free Honee?
Melissa Elms and Katie Sanchez were the founders of Bee Free Honee.
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.
Did they get the deal from the Shark Tank?
They accepted an offer from Three Sharks (Mark, Sacca and Barbara) of $210,000 for 30% stake in the business which brings valuation to be $700,000.
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.
What happened to Bee free Honee?
Bee Free Honee closed its doors for good in 2019, leaving many of their devoted followers heartbroken.
As Katie said to Compassionate Action for Animals, there was a lot less interest in bee-friendly sweetener options when they first started, which most likely caused difficulties.
What happened to Bee free Honee after shark tank?
The firm was able to shift their manufacturing to Texas thanks to the financing from Shark Tank, which gave them with the resources to create more.
In 2019, the firm stated that it would cease manufacture of Bee Free Honey.
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.
