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Shark Tank season 14 episode 19 showcased an impressive pitch by Sweetkiwi founders, Michael Akindele and Ehime Eigbe. For their yogurt dessert business, the couple was seeking $250,000 for 5% equity. The founders explained that the purpose of their business was to promote a healthy diet as SweetKiwi consisted of protein and probiotics along with organic ingredients.
Shark Tank investor, Kevin O'Leary, was the first shark to place an offer, however, he backed out after the founders seemed to look for more offers. Kevin stated he was "pissed" that they were expecting an offer from other sharks despite having an offer already on the table, he said:
"Alright, I'm out. Gone. I don't know what you're doing. You see you're an entrepreneur, you focus on the money, they're all out, and there's only one guy left. Mr. Wonderful is pissed, okay, I'm out. I don't care, I'm out.'
Shark Tank investor Kevin backs out from investing in SweetKiwi
The SweetKiwi founders revealed that their business had been flourishing in Africa since they opened their stores in Nigeria back in 2011. Now, the husband and wife were looking to expand their business in the US and navigate the already cluttered frozen yogurt market. The founders revealed that SweetKiwi was in 1,700 stores, including Walmart and Kroger. The business was estimated to make $1.2 to $1.4 million at the end of the year.
The Shark Tank investor. Kevin O'Leary. was the first shark to make an offer. He agreed to give $250,000 but for an equity of 20%. Mr. Wonderful stated how impressive it was that Sweeet Kiwi was already in Kroger. He continued:
"I've heard enough, I'm going to make you an offer. It's going to reflect the risk I see inherent in this deal. This category is very crowded, very hard to get in. I'll give you $250,000 for 20 percent."
The founders told Mr. Wonderful that they wanted to hear the other offers as well. Both, Lori and Daymond John backed out however they noted how impressive Michael Akindele and Ehime Eigbe's journey was. Daymond said:
"My thoughts are that you are extremely impressive to open a business in a whole another country but at the valuation as well as it being one of my first journeys heading down this route, it's an expensive education for me. I love the product but as for the business I'm out."
The Shark Tank investor, Mark Cuban, on the other hand, wanted to know how SweetKiwi was to be marketed in the US. Cuban stated that Michael Akindele and Ehime Eigbe were unable to come up with a proper answer regarding the marketing of their product which is why he backed out from investing as well. Viewers sensed that the SweetKiwi founders were attempting to impress Mark so that he could place an offer. Kevin got annoyed at this and backed out, meanwhile, Daymond chimed in stating:
"You got an offer on the table you know. I'm rooting for you, you have an offer on the table."
At the end, Robert and SweetKiwi founders agreed to a deal of $250,000 with 16% equity.
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