What Happened to Banana Loca after Shark Tank Pitch?
What is Banana Loca?
Banana Loca is a basic kitchen tool with a banana holder that securely retains the banana once the ends have been clipped.
The holder then straightens the fruit before using a second suction tube to scoop up the insides.
After cleaning and filling the tube with the desired stuffing, it may be reinserted into the hollowed-out banana for a tasty snack.
The Banana Loca is promoted to consumers who prefer stuffing bananas with a range of fillings such as jams, jellies, Nutella, peanut butter, yogurt, or anything with a creamy texture.
Who Invented Banana Loca?
Bechara Jaoudeh and Renee Heath run Banana Loca. Both have backgrounds in digital marketing and met at a number of trade shows. The show’s funny devices captivated them.
One day, they were talking about eating peanut butter and Nutella with bananas and decided it would be great to design a gadget that allowed you to load your bananas with filling.
They kicked things off in May 2020 with a successful Kickstarter campaign that garnered $13,958. The product is scheduled to be delivered in January 2021. They now sell on their own website as well as on Amazon.
It costs $28.99 for one, and $55 for a pair. They provide free shipping across the United States. Renee and Bechara both keep their full-time employment.
What Happened to Banana Loca on Shark Tank?
Renee and Bechara make their Shark Tank debut with a banana-dressed dude. They are looking for $250,000 for a 25% ownership in their company. This translates to a $1 million valuation.
Bechara talks about how much he loves bananas and Nutella, but it’s a time-consuming process. They display the product.
Then they try to shove their samples inside bananas. The operation is described as “abnormally enjoyable” by Mark. The Sharks like the flavor, which Robert calls “wonderful.”
Renee goes on to say that it may be used on a number of foods, including cucumbers, zucchini, and hot dogs.
The product quickly impressed the sharks. Renee and Bechara acknowledged doing little advertising, despite the fact that their sales in the previous five months were roughly $134,000. Each Banana Loca cost $6 to make and $26.99 to sell.
They invested $224,000 of their own money in the business.
They are seeking $250,000 to invest in products and paid marketing in order to increase sales. Mark is of the opinion that they do not require paid promotion.
Kevin is giving $250,000 in return for a $3 per unit everlasting royalty.
Daymond feels it will be used once or twice before being tossed, therefore he is out. Lori decides it’s too early and leaves.
Robert offers $250,000 plus a $3 monthly royalty until he recoups $350,000 at a 10% rate. Mark is interested in their social media presence.
Bechara claims that they need more followers and are looking for “star power.”
Mark and Kevin presented a $250,000 combined offer in exchange for 25% equity and a $3 per unit royalty until the initial investment was repaid.
Bechara reacts with a $2 royalties charge. Despite Mark’s denial, Renee and Bechara embrace the offer.
What Happened to Banana Loca Following Shark Tank Pitch?
While there is no evidence that the arrangement with Mark and Kevin was concluded in early January 2022, the company declared in a press release that they were “overjoyed” with their new partners. “Keep your eyes ‘peeled’ for our main activities on April 20th, 2022, for National Banana Day,” they said.
What is the Net Worth of Banana Loca?
Renee and Bechara make their Shark Tank debut with a banana-dressed dude. They are looking for $250,000 for a 25% ownership in their company. This translates to a $ 1 million valuation.
They accepted a $250,000 offer in return for 25% stock and a $3 per unit royalty until the initial investment was repaid, resulting in the same valuation.
Who are the Competitors of Banana Loca?
There are no known competitors for Banana Loca Competitors.
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Banana Loca FAQS
1. What is Banana Loca?
Banana Loca is a basic kitchen tool with a banana holder that securely retains the banana once the ends have been clipped.
2. Who Invented Banana Loca?
Bechara Jaoudeh and Renee Heath run Banana Loca. Both have backgrounds in digital marketing and met at a number of trade shows. The show’s funny devices captivated them.
3. How do they came up with the Banana Loca?
One day, they were talking about eating peanut butter and Nutella with bananas and decided it would be great to design a gadget that allowed them to load their bananas with filling.
4. Where can they get a Banana Loca?
They can get them on their Amazon, or they can visit their website www.bananaloca.com
5. What is the price range for the Banana Locator?
Each Banana Loca cost $6 to make and $26.99 to sell.
6. Do they free shipping?
They do provide free shipping across the United States.
7. How do they contact Banana Loca?
They can contact them on their Email: [email protected]
8. What is the purpose of the Banana Loca?
It is a smart device that allows them to stuff their bananas with Nutella, chocolate, cream cheese, and peanut butter.
9. Do they come with banana?
No they don’t come with a banana.
10. How much were Bechara Jaoudeh and Renee Heath seeking in the Shark Tank?
They were seeking $250,000 for a 25% ownership in their company.
11. How much did they invest in their business before Shark Tank Episode?
They kicked things off in May 2020 with a successful Kickstarter campaign that garnered $13,958.
12. Who invested in Banana Loca?
Mark Cuban and Kevin O’Leary offered a $250,000 offer in return for a 25% share and a $3 per unit royalty until the initial investment was repaid.
13. What episode of Shark Tank was Banana Loca featured?
They were featured on Season 13 Episode 9.
14. Where is Banana Loca located?
Banana Loca, headquartered in King of Prussia, Pennsylvania.
