Mango Mango Shark Tank Net Worth 2023
The creators of the business went on Shark Tank to ask for an investment of $75,000 in exchange for a 20% stake in their company which valued the business at $375,000.
Since then, their business has seen incredible success; maintaining operations until July 2022 and generating an impressive annual revenue of $3 million.
This outcome was a huge testament to the creators’ hard work, dedication, and ability to create and maintain a successful venture.
What is Mango Mango?
Mango Mango is a natural and versatile mango preserve that can be utilized in numerous ways, including spreading on bread, blending into dips, mixing with salad dressings, incorporating into cocktails, and using as a marinade or cooking sauce.
The product is composed of only four ingredients, namely mango fruit, pure cane sugar, vanilla extract, and fresh lime juice. It does not contain any additional or thickening agents.
The creators of Mango Mango are three friends who work as event planners. They were inspired by the popularity of the preserve in their party organizing business called Simply Panache. The founders are Lakesha Brown-Renfro, Nzinga Teule-Hekima, and Tanecia Willis.
Due to its success, Mango Mango has expanded its production and distribution. The product is now available for purchase online and in various stores, including Whole Foods Markets and gourmet food stores throughout Virginia.
What Happened to Mango Mango at the Shark Tank Pitch?
On the show Shark Tank, Nzinga Teule-Hekima, Lakesha Brown-Renfro, and Tanecia Willis presented their product, Mango Mango Preserves, to the Sharks. Their product was a versatile mango preserves that could be used in a variety of ways.
They offered the Sharks several Mango Mango-based treats and sang their catchy slogan, “spread it, mix it, shake it, stir it.” In exchange for a $75,000 investment and 20% ownership, valuing the business at $375,000, they hoped to secure funding for production facilities.
They had already raised $138K in the past year and were determined to maintain control over their product and not use a co-packer.
However, Mr. Wonderful, who had experience with a jelly company, felt that the margins were not good and decided to exit. The ladies mentioned that they were working hard and selling at eight farmers markets each week. Robert, a big fan of mango, continued to express interest in the product.
The women stated that they could make money in other ways, but they still wanted to celebrate with the Sharks. Mark struggled to participate in the conversation due to his lack of knowledge.
Lori enjoyed everything she ate, even though she wasn’t particularly fond of mango. She believed that the women should finance themselves with their earnings, so she decided not to invest and left the pitch.
Daymond, who was surprised to learn that Kevin had experience in the jelly business, followed Kevin’s lead and also declined to invest. Robert was concerned that he would consume all their earnings and make poor decisions, so he also decided not to invest.
Lori expressed relief that the women did not receive an investment from the Sharks, as it allowed them to retain their equity. Despite not securing an investment, the women were still proud of their product and their hard work.
Mango Mango After the Shark Tank Pitch
After presenting their product on the television show Shark Tank, Mango Mango Preserves saw a significant increase in demand, receiving orders for more than 15,000 jars.
The product quickly gained popularity and became a sought-after item in various stores, including Whole Foods Market and Stop & Shop.
To further expand their business, Mango Mango Preserves also made their preserves available on QVC. But that was not enough for the creators, who went on to establish the Mango Mangeaux Cafe in the Phoebus area of Hampton in 2014.
As of August 2021, the cafe was still in operation, and the company reported yearly sales of $3 million.
Mango Mango Net Worth
The creators of the business went on Shark Tank to ask for an investment of $75,000 in exchange for a 20% stake in their company, valuing the business at $375,000.
Mango Mango Competitors
There is no competitors identified for Mango Mango.
Mango Mango FAQS
What is Mango Mango?
Mango Mango is a multipurpose mango preserves that goes well with almost everything.
They may spread it on breads, include it into dips, blend it with salad dressings, incorporate it into cocktails, or even use it as a marinade or cooking sauce.
Who are the founders of Mango Mango?
Lakesha Brown-Renfro, Nzinga Teule-Hekima, and Tanecia Willis.
How much were they asking in the Shark Tank?
The founders of Mango Mango were asking for a $75,000 investment in exchange for a 20% ownership.
Did they get the deal from the Shark Tank?
No, the founders of Mango Mango did not receive a deal from the Shark Tank.
Is Mango Mango still in business?
Yes, Mango Mango is still in business with yearly sales of $3 million as of August 2021.
Are their preserves sweet?
Yes! Mango Mango is a fruity concoction made of mango, sugar, vanilla, and lime juice.
While their preserves are sweet, comparable to other jams or jellies, they were created to be used as an ingredient, similar to a special sauce, without the corn syrup or other unpronounceable substances found in other goods.
Why is Mango used?
Mangoes are such a versatile fruit, and they’ve simplified their preparation. Their mango preserves may be used in a variety of ways… sweet, savory, and spicy; in fact, over 100.
Distribute it! On toast or bread; combine it! Shake it! Combine cream cheese and fruit for a delectable fruit dip.
Mix red wine vinegar and olive oil to create a Mangolicious salad vinaigrette; Stir it! Combine mango, ginger, and spices for a delectable Mango Ginger Shrimp.
Where do they obtain their mangoes?
Mangoes are a tropical fruit, which they import from tropical locations such as Florida and Peru.
What makes ‘Mango Mango’ Mango Preserves unique from other mango-flavoured jams and jellies? What are the ingredients?
In ‘Mango Mango’ Mango Preserves, the mango fruit is the first and major component.
As a result, each jar includes far more fruit than comparable goods.
Other mango jams/jellies use key components such as passion fruit, orange juice, or sugar/high fructose corn syrup.
What’s the difference between jelly, jam, chutney, and preserves?
Fruit juice is used to make jelly.
Jam is formed from pureed fruit.
Chutney is a condiment made using fruit puree and other components such as vinegar and spices.
Preserves are created from genuine fruit and have a similar consistency to the others but contain a greater proportion of fruit bits.
What is the shelf life of ‘Mango Mango’?
Their preserves have a shelf life comparable to that of other preserves, jams, and jellies, which is around 15-18 months unopened.
When properly refrigerated after opening, the preserves can keep for up to a year.
Does ‘Mango Mango’ Mango Preserves need to be refrigerated?
Yes, after opening, ‘Mango Mango’ Mango Preserves should be refrigerated…if they last that long.
Why is ‘Mango Mango’ more expensive than other jams, jellies, or preserves?
Mangoes are a tropical fruit that is inherently more expensive than other fruits. The mango fruit is the primary component in this recipe.
After they place their order of ‘Mango Mango’, how long will it be until they receive it?
Orders will normally be processed within 7-10 business days. If an item is out of stock, please allow additional processing time.
Is their ‘Mango Mango’ perishable?
Due to the strong acidity of their mango preserves, spoilage is nearly impossible if the jar has not been opened or the top has not been compromised.
Each jar of mango preserves has been heat sealed in an FDA-approved procedure that ensures they will remain shelf stable unopened for at least 15-18 months under the jam/jelly standard.
What is their refund policy?
Their Mango Mango orders are final and non-refundable. The cost of shipping is non-refundable.
As a tiny, emerging business, they do not have the same latitude in terms of taste and return policies as other larger merchants.
What if they want to cancel their order or switch a product after they have placed it?
All orders are final and cannot be cancelled or modified after they have been submitted.
Orders are sent directly to their fulfilment centre, which ensures that they are processed and dispatched to customers as quickly as possible.
As a result, they are unable to make cancellations or adjustments.
The ‘Mango Mango’ jar size or product that they want to order says “out of stock” or “back-order” what does that mean?
If they order an item that is out of stock or on back order, this simply means that the order will take slightly longer to process since the item must be restocked before it can be shipped to them.
Their turnaround time for restocking items is varied, depending on the availability of their jars and other materials, etc.