Banana Loca is a kitchen tool that is used for filling various kinds of stuff inside the Banana. Firstly the banana is put into the straightener and held straight with one hand after taking the tool called core and put’s them inside the banana after that twist them and push their outer clip that contains extra banana inside the core to pore it out after that takes them inside the tool called nozzle that contains the fillings and fill them inside the banana. That’s how Banana Loca works.
Owners told them that they can fill various items such as Doughnuts, Churros Donuts, and Cucumbers filled with Cottage Cheese, and also, they are used to fill bananas for cakes and cupcake decorating.
Banana Loca at a glance
| Season | Season-13, Episode-11. |
| Business Idea | Banana-Filling-Gadget. |
| Founders | Bechara Jaoudeh and Reene Heath. |
| Asked For | $250,000 for 25% of equity. |
| Accepted Deal | $250,000 for 25% of equity and royalty of $3 per unit until repayment of the investment amount. |
| Sharks | Mark Cuban and Kevin O’ Leary. |
| Business Status | In Business. |
| Website | Banana Loca |
| Buy now | Buy on Amazon |
Index:
Founder Story:
Banana Loca was founded and developed by 2 young entrepreneurs and best friends called Bechara Jaoudeh and Reene Heath they both have backgrounds in the digital marketing area and found each other at a trade show. They both love to eat bananas with various fillings in snacks, they find it difficult to put fillings inside the banana also filling anything inside the banana is very time-consuming, therefore they thought to create a fun and cool kitchen gadget that helps in filling various stuff inside the banana. That’s how they invented Banana Loca.
Did Banana Loca get a deal on Shark Tank?
Banana Loca is introduced as a fun and cool loving kitchen gadget that is used to fill various things inside the banana in ABC’s famous reality show Shark Tank in Season-13 and Episode-11, owner’s represented their pitch in front of Sharks and asked for an investment of $250,000 in exchange of 25% of their equity.
They represent their product functioning and their samples to the Sharks and also, teach them how to use these. Sharks love their representation and their product too and asked for their sales as they sell them online and done over $134,000 in sales in just 5 months before the show.
The cost of manufacturing a single unit is $6 and they sold it for $26.99, having a gross profit margin of approximately 45% to 50%. Also, they invested over $224,000 of their own money in inventing and manufacturing them.
Sharks were impressed with their profit margins and their cost and asked them what they did if they get an investment, they explain that they wants investment towards their inventory and paid marketing. Initially, Kevin o’ Leary offers them a deal of $250,000 but as a royalty of $3 per unit they sold, they don’t want any equity in their company.
Later Damon and Lori backed themselves as they didn’t find any relevant business in it. Robert also offers them $250,000 as a royalty of $3 per unit until they get $350,000 back and 10% of the equity in their company.
Mark and Kevin jointly offer them $250,000 as royalty of $3 per unit sold until they get their investment back and equity of 25% of their company. They accepted Mark’s and Kevin’s offer and here they get a deal on Shark Tank.
What Happened to Banana Loca after Shark Tank?
After the show, they get a major hike in their demand and sales as every household wants a tool like this in their house. The company received 100 times more orders than usual immediately after the show is aired on TV. They made all efforts to fulfill their orders on time as they delivered over 10,000 orders successfully in just a year after the show. Sharks sooner get their investment back.
They also started selling on various other online e-commerce platforms too such as Amazon, etc. They also raised their prices from $26.99 to $28.99. Later, in May 2020, they started their Kickstarter campaign and raised $13,958. That they shipped their products in Jan 2021.
Competitors of Banana Loca
Banana Loca Is a new and unique product in their area as a product like this is never been invented before as they don’t have any competitors in the market.
Net Worth of Banana Loca
The Net Worth of Banana Loca was initially been recognized at a valuation of $1 Million when they appeared in the show, currently, their valuation is estimated over 5 times more than when they appeared in the Show, however, the net amount is not been disclosed by the company.
Is Banana Loca still in Business?
Banana Loca is still in business and doing great as they are one of its kind of fun and unique kitchen gadgets in the market peoples love to buy them whenever they required their products.
Banana Loca social links:
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FAQs:
What is Banana Loca?
Banana Loca is a kitchen tool that is used for filling various kinds of stuff inside the Banana.
Who founded Banana Loca?
Banana Loca was founded and developed by 2 young entrepreneurs and best friends called Bechara Jaoudeh and Reene Heath they both have backgrounds in the digital marketing area and found each other at a trade show.