Bee Free Honee is a traditional sweetener that tastes like honee but made from other products. They are giving the bees a break.
Bee Free Honee makes the pitch in Shark Tank Season 7. Melissa Elms and Katie Sanchez met at a food conference, where they became business partners.
Bee Free Honee is 100% plant-based made from Apples
Honey is one of the most contested ingredients in the Vegan community.
Bee Free Honee cost $1.60 per unit, and sells for $5.99 at retail. The product is in 9 of the 11 regions of Whole Foods and just completed testing with Costco. The money they are asking for will handle the rollout in the new stores. The honey substitute is available on Amazon.
Sales this year to date, are $104,000 and $74,000 the previous year. They put all their money back into the company, and they have a cap on sales because they have a cap on production hours.
Mark thinks they have a 100 million dollar brand if the packaging says buy this and save a hundred thousand bees.
Company: Bee Free Honee
Entrepreneur: Melissa Elms and Katie Sanchez
From Minneapolis, Minnesota
Ask: $100k for 10% equity
Companies in this episode: SmartPlate, Float Baby, MTailor
Season: Season 7 Episode 717
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, Chris Sacca
First Aired: 02/12/2016
Deal: Mark Cuban, Chris Sacca and Barbara Corcoran for $210,000 for 30%
What do the Shark Tank Investors say about Bee Free Honee
Mark Cuban thinks he needs Chris in their restaurant, and Barbara for handholding. Mark wants to do $70,000 from Chris, Barbara, and Mark for 30% of the company.
Daymond John believes they need to put their product will save bees, he will give them $100,000 for 25% equity. Daymond John matches Chris's offer giving them a $100,000 for 15% or $200,000 for 30%. He makes a better offer for $100,000 for 10% and 20% of the online sales.
Kevin O'Leary is going to allow Barbara Corcoran to give her money. He is out.
Barbara Corcoran thinks they need them for her marketing and food expertise. Barbara wants half of Chris's deal.
Chris Sacca is an investor in Veggie Grill, and spent years as a Vegan. He thinks that a million dollar valuation is a stretch, and he believes they need more than $100,000. He offers $200,000 for 30%
Bee Free Honee after Shark Tank
Bee Free Honee rebranded their product saying how their honey substitute saves thousands of bees. They are now creating new Bee Colonies through a non-profit foundation. The investment from the Sharks took them in a new direction, and their sales are consistently growing with sales passing $300,000 in 2017.
Bee Free Honee is available on Amazon. Get your Honey Substitute