|
Net Worth |
$1 million |
|
Company Name |
Banana Loca |
|
Founders |
Bechara Jaoudeh and Renee Heath |
|
Nationality |
American |
|
Gender |
Male and Female |
|
Profession |
Entrepreneurs |
|
Age |
No Info |
|
Marital Status |
No Info |
On Shark Tank, Banana Loca net worth was valued at $1 million by both Mark Cuban and Kevin O’Leary as well as the company’s founders. Banana Loca is a kitchen device that has a banana holder that securely holds or ‘cores’ and fills bananas, zucchinis, cucumbers, and even donuts. After the banana is cored, you can use the spread pump to get your favorite filling into the center of the banana.
This mess-free device is made primarily for those people who enjoy stuffing their bananas with a variety of fillings, which include peanut butter, yogurt, or jams.
Banana Loca Net Worth
The net worth of Banana Loca is estimated to be more than $1 million.
Banana Loca Founders
The founders of Banana Loca are Bechara Jaoudeh and Renee Heath. They both have an educational background in digital marketing and have met at several trade exhibitions. One day, Bechara and Renee were discussing eating Nutella and peanut butter with a banana.
Both commented that it would be fun to create a gadget that would allow you to fill your bananas with your favorite fillings, be it peanut butter or Nutella.
Bechara Jaoudeh and Reene Heath started creating the device in May 2020 after they launched a Kickstarter campaign, which successfully raised about $13,000. After mass manufacturing their product, Bechara and Renee started delivering their product in January 2021.
Banana Loca During Shark Tank
Renee and Bechara entered Shark Tank seeking $250,000 in exchange for a 25% stake in their business. This showed that the duo valued their business at $1 million. In the pitch, Bechara started discussing how he, with a lot of other people, enjoys filling bananas with a variety of fillings, like Nutella and peanut butter.
Further, he narrated how he and Renee designed and created the product. After that, the Sharks are presented with the device to try out filling bananas with their favorite fillings.
Mark Cuban described the process as abnormally pleasurable, clearly pleased with the device and how it functioned. The other Sharks also enjoyed the filling in the banana, and Robert described it as brilliant.
Kevin O’Leary, also commonly known as Mr. Wonderful, offered $250,000 in exchange for a perpetual royalty of $3 per unit. Daymond John believed that people will not use this product a lot and the hype around it will die soon, so he went out.
Lori Greiner felt the same as Daymond John and left. Robert Herjavec then offered $250,000 and a $3 royalty every month until he recouped $350,000 at a 10% rate. Meanwhile, Mark Cuban was curious about the business’ social media presence.
Bechara Jeoudeh replied that they are on the lookout for additional followers and aim to be a star power on social media platforms. After hearing this, Mark Cuban and Kevin O’Leary teamed up and offered $250,000 in exchange for a 25% equity and a $3 per unity royalty until the initial investment was repaid.
Bechara tried to counter with an offer of $2 royalty, but Mark Cuban refused. Despite the refusal, Bechara and Renee accepted the offer and went out with a deal.
Frequently Asked Questions
What Is Banana Loca On Shark Tank?
Banana Loca is a product that allows you to easily core and stuff bananas. It is a kitchen device that has a banana holder that securely holds or ‘cores’ and fills bananas, zucchinis, cucumbers, and even donuts. After the banana is cored, you can use the spread pump to get your favorite filling into the center of the banana.
Who Is the Founder Of Banana Loca
Banana Loca was founded by two best friends Renee Heath and Bechara Jaouden. The company is based in King of Prussia, Pennsylvania.
When Did Banana Loca feature On Shark Tank?
Banana Loca featured on Season 13, Episode 9 of Shark Tank. The show originally aired on December 13th, 2021.
Did Banana Loca Get A Deal On Shark Tank?
Banana Loca got a deal with Mark Cuban and Kevin O’Leary for $250,000 for 25% equity, The exact amount the founders had originally asked for.
What Happened to Banana Loca After Shark Tank Deal?
Although there was no indication of any contract between Banana Loca, Mark Cuban, and Kevin O’Leary, the business stated in a press statement that it was overjoyed with its new partners.
Apart from that, the business has definitely grown and expanded. Demand for its products has increased, increasing sales and revenue generation. The business is reported to be performing well as of August 2022.