'Bee Free Honee' Impresses Investors, Wins Big on Shark Tank!
Last Friday, Bee Free Honee co-owners Katie Sanchez and Melissa Elms presented their vegan honey alternative on the reality TV series Shark Tank.
Shark Tank features a celebrity panel of investors, who make the decision on whether or not to invest in a company. The panel included Kevin O’Leary, Mark Cuban, Barbara Corcoran, Daymond John and guest shark Chris Sacca. The Bee Free Honee duo focused on three main points in order to get the investment of the sharks: their apple-based honey is a great substitute for vegans, it is cheaper than locally made honey, and with the alarming decline of honey bees, it is an important alternative that can help strengthen bee populations by removing some of the demand.
Sanchez had stated the product was actually based on a mistake she made when attempting to make apple jelly, but did not follow the instructions. She canned the product, and in the morning realized what she was left with was much more similar to honey than to apple jelly.
The pair had initially asked for $100,000 for 10 percent equity in their company, and while O’Leary didn’t quite understand the product, they received a multi-shark offer (Cuban, Corcoran, and Sacca) of $210,000 for 30 percent of the business!
The money will go towards increasing production of the product and expanding it to different markets. On the experience, Sanchez stated:
“It was intense and nerve-wracking, but we were also very confident and the folks on the production were incredible at keeping the atmosphere friendly, yet professional and calming. We understand why they have won several Emmys.”
Having Bee Free Honee increase production is good news for the owners, vegans and the bees!
Photo Credit: http://cartermatt.com/