'Shark Tank' contestants get two judges to invest in a berry that makes anything taste sweet
Some products that end up on "Shark Tank" are so fascinating that they leave the investors in awe. The co-founders of "Nature's Wild Berries," Hank Watt and Juliano Bonanni, managed to impress the Sharks beyond measure with their miraculous berries that made everything taste sweet. As the company was small at the time, four out of the five Sharks decided to pull out, but Mark Cuban and Lori Greiner sealed an $80,000 joint deal with them.
Watt and Bonanni came to the show seeking $80,000 for a 15% equity in their business. They started their pitch with Watt sucking on a sour lemon, like it was candy. Describing the origins of the business, the co-founder said that their berries contain a glycoprotein that binds to the taste receptors in the mouth, blocking anything sour.
They then presented the Sharks with a platter of sour foods and asked them to sample each before trying the berry. Once done, the Sharks chewed the miraculous berries and were stunned to see how everything tasted sweet after that. "Wow! The lemon tastes like an orange now!" Kevin O'Leary said. "The pickle is like candy," Greiner added.
After tasting the samples, the sharks asked the co-founders how they came across the product. Watt shared that he weighed over 250 pounds when his friend, Bonnani, introduced them to the berries. He shared that with the help of the berries, he could enjoy healthier foods freely and eliminate sugar from his diet altogether to lose weight and manage his diabetes. O'Leary then asked for the numbers, and the co-founders shared that each jar of berries cost them $2.64 to assemble, and they sold for $26.99.
With everything laid out, Mr Wonderful extended the first offer. He put up $80,000 for a third share of 33% plus with an added royalty component of $5 per unit royalty until he recoups $160,000. To make things difficult for O'Leary, Daymond John jumped in, saying he had a newfound passion for fitness. He then offered $80,000 for 30% with no royalty.
To stay competitive, O'Leary modified his offer to $80,000 for 20% equity but with the same royalty arrangement. With this, Barbara Corcoran quietly bowed out to keep things clear, but Greiner jumped in to offer $80,000 for 20% with a $3 per unit royalty until she recoups $80,000.
At this point, Cuban too jumped in to ask the entrepreneurs about the target market. "It's been great for your weight loss, but you can't make that claim." Cuban then said that he would be willing to go in with another Shark, and Greiner said that she would do it for the same deal of $80,000 for 20% and a $3 royalty until the investment is paid back. As soon as they teamed up, the co-founders accepted the deal.
According to the Shark Tank Blog, after their episode aired, Nature's Wild Berry sold out due to great demand. By 2024, they hit $1 million in lifetime sales, and their website continues to sell the products.
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