Frozen Yogurt Business: Sweet Kiwi Makes big deal on “Shark Tank”

Although frozen yoghurt is frequently promoted as a healthy alternative to ice cream, some claim that it lacks the mouth-watering flavour of their preferred frozen dessert. Ehime Eigbe, an entrepreneur, was motivated to start a Frozen Yogurt business after learning some unfavourable health news. With this business, she intends to influence the hearts, minds, and stomachs of customers. A healthy lifestyle requires certain nutrients, and Eigbe wanted to make a product that provided those elements while still providing the delicious taste that snack food lovers crave. The outcome was a frozen treat with fibre, protein, and probiotic benefits made with whipped Greek yoghurt and organic ingredients.

As a savvy businesswoman, Eigbe was aware that those looking for a healthy but delectable dessert would be interested in her offering. Since she appeared on “Shark Tank,” her instincts have proven to be accurate. According to Ebony, Eigbe’s brand of frozen yoghurt is offered both online and in more than 2,000 stores around the nation. The company is also on target to generate over $1,000,000 in sales by the end of the year. However, Eigbe had some challenges along the route to success, notably about one “Shark Tank” presenter.

Sweet Kiwi Negotiations Infuriated Kevin O’Leary

Sweet Kiwi was initially introduced by Eigbe back in 2011, according to CNBC. Eigbe’s product is available at several retail locations. She didn’t make an appearance on “Shark Tank” until this year, in 2023. In exchange for merely 5% of her company, Eigbe and her husband and business partner Michael Akindele approached the Sharks for a $250,000 investment. The couple claims that the money was required to improve the Sweetkiwi brand and increase the company’s profitability.

Kevin O’Leary was impressed by their main selling pitch, which emphasised the creamy product’s nutritional advantages. They were also present in Kroger supermarkets, which O’Leary characterise as being “very crowded” with other frozen yoghurt options. O’Leary consequently proposed a $250,000 investment in exchange for 20% of the company. The joy, however, was short-lived as Eigbe and Akindele continued to pitch their idea to other “Shark Tank” presenters. Robert Herjavec intervened and made the same offer of $250,000 for 20% of Sweetkiwi. He did this after O’Leary furiously withdrew his own which sparked a new round of talks.

A Frozen Yogurt Business Made an Even Sweeter Agreement

Herjavec’s initial offer was reached by the Sweetkiwi team with a counteroffer. It was $250,000 for a 7.1% stake in the business and 5% in advisory shares. Herjavec take the 5% in advisory shares as long as he gave a 16% overall share of the business in return for the $250,000 investment. Eigbe’s acceptance of Herjavec’s offer caused Sweetkiwi to be valued at more than $2.4 million.

While Sweetkiwi’s stint on “Shark Tank” was relatively recent, the company seems to be growing steadily. Products from the Frozen Yogurt business are now on sale and come in flavours including cookies & cream, chocolate hazelnut, and mango mojito. Several stores across the country, including Whole Foods, carry them as well. Additionally, the company’s Facebook and Instagram profiles are updated frequently, which suggests a strong clientele. Even for successful “Shark Tank” companies, the future is impossible to predict, but it seems that Eigbe and Akindele’s intentions are. In order to raise the profile of this delectable and healthy product Sweetkiwi’s appearance on the programme was effective.

Does the Frozen Yogurt Business still Operate?

Ehime started the company to expand it. The husband and wife are doing an excellent job expanding this firm. Major supermarket chains in the United States carry this product. The tale of Ehime and her business has been cover by several media outlets. It includes Black Entrepreneur, YNaija, George Towner, and others.

What Is Sweetkiwi’s Net Worth?

We currently estimate Sweetkiwi’s net worth to be $1.5 million. This business, which has been operating since 2011, is doing exceptionally well. The majority of consumers have expressed a preference for this brand’s yoghurt, and the Frozen Yogurt business intends to grow internationally. According to certain media outlets, the worldwide frozen yoghurt business will be worth $1.63 billion in 2020. According to projections, this sector will generate $2.14 billion by 2028.

Conclusion

During the first ten years of “Shark Tank,” about 900 business owners transacted with the show’s resident sharks in about 500 deals. It results in investments totalling more than $140 million and company valuations exceeding $1 billion. The typical businessperson leaves the tank with little around $250,000. Meanwhile, several have received much more because their concepts were truly great.

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