'Shark Tank' judge Kevin O'Leary gets angry at founders — they still end up getting a $250,000 deal

It’s no secret that most of the food habits that most people like to indulge in, be it fast food or sugary treats, aren’t completely healthy. Therefore finding that balance between health and taste becomes all the more important as one gets older. Thankfully, there is an option in the dessert industry today that provides that balance to customers, Sweetkiwi. In 2023, the founders came to pitch their product on “Shark Tank” but got on the wrong side of celebrity investor Kevin O’Leary.

Ehime Egibe and her husband Michael Akindele presented a fun and energetic pitch to the Sharks who all seemed to enjoy the show. They even seemed to enjoy Sweetkiwi’s product. The company manufactures flavored frozen yogurt which they claim has been “whipped to perfection.” Sweetkiwi was founded back in 2011 when Egibe was looking to shift to a healthy diet due to health concerns.

Egibe, a Nigerian-born mother of two started making money from her business in her home country. The 39-year-old mother of two said that they have opened several retail shops in Nigeria, a piece of information that seemed to highly impress the sharks. The unfortunate part was that it would be a separate entity from the United States-based business. However, that did not stop the couple from bagging an offer.

Egibe shared how she became one of the biggest low-sugar dessert brands in Africa and how she studied at Penn State University to perfect her craft. The couple had asked for $250,000 for a 5% stake in the company. Kevin O’Leary offered them the money for 20%. It’s understandable that the owners were a bit hesitant to give up that much of their brand and took too long to respond to the offer.

O’Leary was visibly upset and rescinded the offer. “Alright, alright, I’m out. Out. Gone,” he said. “I don’t know what you’re doing ... Mr. Wonderful is pissed.” Egibe and Akindele’s faces told the story of disappointment as they realized how big a chance they had lost. However, it wasn’t the end just yet. With no offer on the table, Robert Herjavec stepped up and offered the same terms.

“I don’t have a lot of investment in this space, but I love this space and I want to learn,” the investor said. “There are no two better people that I’m going to put my money into than the two of you.” Herjavec made a fantastic speech leading up to it as well so you could imagine his surprise when the couple decided on a counteroffer of $250,000 for a 7.1% stake, plus 5% in advisory shares. He thought about it for a moment and decided to meet in the middle - $250,000 for a 16% stake in the company (5% advisory shares). It would take the company’s valuation to $2.4 million and the couple happily accepted the offer.

As Herjavec went to hug his new partners, the camera cut to O’Leary who still seemed disappointed that he was rejected. “It didn’t matter what Mr. Wonderful had to say. We’re going to keep pushing and keep trying to close a deal,” Egibe said after the episode as per CNBC. “I hope that Robert and I, and the team, can build a billion-dollar company.”