Cinnaholic Shark Tank Net Worth 2023
During the pitch, the company was valued at $1 million. However, after Robert’s transaction, the value dropped to $500,000. Since then, Cinnaholic has made a lot of sales, resulting in an increase in valuation. Cinnaholic was featured on Shark Tank America in May 2014, and since then, it has seen significant growth and success.
They have obtained additional funding and formed partnerships, leading to an estimated net worth of approximately $20 million as of 2023.
What is Cinnaholic?
Cinnaholic is a bakery located in Berkeley, California, which was founded and is currently owned by Christina Radke and her husband, Florian Radke. The bakery specializes in customizable cinnamon rolls, allowing customers to choose their own toppings, much like a frozen yogurt shop.
Shannon, a former veterinary assistant, became interested in baking to support her vegetarian lifestyle. Florian, on the other hand, was a former punk rock enthusiast from Germany. The couple met in 2008 through Couchsurfing.com while planning a trip to the California coast, and fell in love. They later decided to get married and start Cinnaholic.
Initially, the business operated as a food truck, but as their unique concept gained popularity, they expanded into a brick and mortar establishment in Berkeley. Despite being a fully vegan menu, the cinnamon rolls were well-received by customers.
The bakery’s success led to over 100 serious franchise inquiries, prompting the owners to consider partnering with a Shark to assist them in launching franchise operations.
What Happened to Cinnaholic at Shark Tank Pitch?
Once they finished innovating, Florian and Shannon decided to present their company, Cinnaholic, to the investors on Shark Tank. They proposed a deal for $200,000 in exchange for a 20% stake in their company.
During their presentation, they shared that their cinnamon rolls were free from dairy, eggs, and cholesterol, and contained 500 fewer calories than half of a standard cinnamon roll. The Sharks were impressed by the taste of their product and listened as they explained their plan to use the investment to open a second shop.
Barbara Corcoran opted out of the deal, but Robert Herjavec offered $200,000 for 40% of the company, on the condition that they did not open another store. Kevin O’Leary also offered $200,000, but for 20% of the company with a royalty of $1.20 per unit until he recouped his investment, after which it would drop to 60 cents in perpetuity.
Florian and Shannon declined Kevin’s offer but counter offered Robert’s offer, which he refused. Eventually, they agreed to Robert’s initial offer of $200,000 for 40% of the company.
After the show, the deal with Robert fell through, and Cinnaholic went on to sell its first franchise, the Berkeley shop. The company partnered with the Atlanta Franchise Group to focus on expanding their restaurants nationwide, with plans to open 25 facilities, including locations in Southlake, TX, Ocean City, MD, Las Vegas, Anaheim, and Dallas. They already opened a location in Atlanta, with plans to open more in the region.
As of 2021, Cinnaholic had 56 locations and aimed to establish 10 more before the end of the year. They had an additional 60 franchise locations in development, and same-store sales increased by an average of 137% across all locations. The company generates $1 million in annual sales through franchising.
Competitors of Cinnaholic
The company is competing with many competitors. These include; Allison’s Gourmet, Nooch, Dessert Gallery, Perfection, Great Sage, Sweet Loren’s, Candle 79 and The Sun.
Net Worth of Cinnaholic
The company valuation was $1 million during the pitch after the transaction was made by Robert the company valued $500,000 and current they have made a lot of sales therefore the valuation has increase due to increase in sales.
What is Cinnaholic?
Cinnaholic is a bakery that makes and sells cinnamon rolls, which are unique in their dessert flavors, and in their styles and vegan.
Who owns Cinnaholic?
Christina Radke and Florian Radke own and operate Cinnaholic, a bakery in Berkeley, California.
What is their offer at Shark Tank?
They were seeking for $200,000 for 20% of their firm in exchange for funding to open another location.
Did they get an offer?
Yes, they got an offer from Robert Herjavec of $200,000 for 20% of the company in exchange for a share of the profit.
Is still in business?
Yes, they are still in business and they have sold franchises to people and they have their own plant.
Does Cinnaholic offer coupons?
There are no current discounts and promotions available on their site.
What is listed on their site under the FAQs section is the official list of ingredients, nutritional information, standard shipping rates, and other frequently asked questions.
Do not give your email address unless you want to be added to their mailing list.
What is the value of Cinnaholic?
Their valuation was $1 million when they pitched the Sharks, which means that it has increased due to increase in sales.
Who are their Shark Tank competitors?
They are competing against many competitors including Allison’s Gourmet, Nooch, Dessert Gallery, Perfection, Great Sage Sweet Loren’s Candle 79 and The Sun.
How are they different?
Cinnaholic cinnamon rolls are similar to a frozen yogurt shop in that one may customize it with any toppings he or she likes.
What is their product?
Cinnaholic offers a delicious handmade cinnamon roll, various frosting flavors, and delicious toppings.
How is the business model?
It is a franchise based business model that offers franchises to those interested.
Is a private or public?
It is a private business.
How much does a franchise cost?
The franchise fee is not disclosed in the Show transcript.
What are their strengths?
They have a unique menu and they are considered as one of the best cinnamon rolls in the country.
What are their weaknesses?
They still offer only one type of business model at the moment.
What is their growth strategy?
They plan to expand nationally and they also plan on selling more franchises in different states.
How many franchises do they have?
They currently have 56 sites in 2021 and intend to establish 10 more before the end of the year.
How much do Cinnaholic employees make?
They have a lot of employees and they have gross sales that are more than 1 million dollars.
Is Cinnaholic profitable?
They are successful.
Is it legit?
Yes, it is legit.
Does Cinnaholic sell franchises?
They sell franchises to those interested.
Is any opportunity?
Cinnaholic is a unique bakery known for its mouth-watering cinnamon rolls that sell at a higher price than other shops.
They have been nominated as Best baked goods by QSR Magazine and it has been listed as one of the best bakeries to dine in the world by Huffington Post.
It has great reviews from various sources including Yahoo, Zagat, and Yelp.
How can I buy?
Customer can buy it at their website cinnaholicbakery.com
How often does Cinnaholic release new product?
They do not release new products on their menu.
Are they delivered?
Yes, they deliver for free for orders more than $10.00.
Is Cinnaholic part of a franchise group?
No, they are more like franchisees rather than franchisees themselves. They aim to offer franchises to those interested in owning one of their shops or cafes.