Where Is Sweetkiwi From Shark Tank Today?
Frozen yogurt is often touted as a healthier alternative to ice cream, but some say that it lacks the pleasing flavor of their favorite cold treat. Entrepreneur Ehime Eigbe hopes to change the hearts, minds, and stomachs of consumers with Sweetkiwi, a company she was inspired to create after receiving some unpleasant health news. Eigbe's goal was to create a product that contained nutrients needed to support a healthy lifestyle, but that also offered the wonderful taste snack-food enthusiasts demand. The result was a frozen dessert consisting of whipped Greek yogurt and natural ingredients while also providing fiber, protein, and probiotics.
As an enterprising businesswoman, Eigbe knew that her product would resonate among other people in search of a wholesome yet delicious dessert. And her instincts have proven correct since her "Shark Tank" appearance. As reported by Ebony, Eigbe's line of frozen yogurt is available in more than 2,000 retailers all over the country, as well as online. The brand is also on track to accumulate over $1,000,000 in revenue by year's end. However, Eigbe's journey to success wasn't without a few obstacles on the way, particularly when it came to one "Shark Tank" host.
Sweetkiwi negotiations angered Kevin O'Leary
According to CNBC, Sweetkiwi was actually launched by Eigbe all the way back in 2011. And yet, despite having her product in numerous retail spaces, Eigbe didn't appear on "Shark Tank" until this year — 2023. Along with her husband and business partner Michael Akindele, Eigbe asked the Sharks for a $250,000 investment in exchange for just 5% of her business. According to the couple, the funds were needed to enhance the Sweetkiwi brand while also boosting the profitability of the enterprise.
Their key selling point, which focused on the nutritional benefits of Eigbe's creamy product, was enough to wow Kevin O'Leary — as did Sweetkiwi's presence in Kroger grocery stores, which O'Leary described as "very crowded" when it comes to existing frozen yogurt products. As a result, O'Leary offered an investment of $250,000 for 20% of the business. However, the good feelings were short-lived, as Eigbe and Akindele continued their pitch to other "Shark Tank" hosts who'd already gone out (including Lori Greiner, Daymond John, and Mark Cuban). After O'Leary angrily took back his offer, Robert Herjavec stepped in and made the same offer, i.e., $250,000 for 20% of Sweetkiwi, which kicked off another round of negotiations.
A sweet company struck an even sweeter deal
The Sweetkiwi duo responded to Herjavec's initial offer with a counteroffer of $250,000 for a 7.1% share in the company as well as 5% in advisory shares (which are stock options provided to company advisors that take the place of cash). Herjavec was willing to accept the 5% in advisory shares, provided that he be afforded a 16%-total share of the company in exchange for the $250,000 investment. Upon Eigbe's acceptance of Herjavec's offer, Sweetkiwi's valuation rose above $2.4 million.
While the company's "Shark Tank" appearance happened relatively recently, Sweetkiwi appears to be on a steady ascent. Sweetkiwi products, which include flavors like cookies & cream, chocolate hazelnut, and mango mojito, are currently available for purchase. They can also be found in numerous retailers throughout the nation, including Whole Foods. The business' Facebook and Instagram pages are updated regularly, too, which indicates a thriving customer base. While there's no telling what the future holds, even for successful "Shark Tank" businesses, it appears that Sweetkiwi's stint on the show accomplished Eigbe and Akindele's goal of boosting the profile of this tasty and wholesome product.