Sweetkiwi Shark Tank Update – Shark Tank Season 14
Michael Akindele and Ehime Eigbem pitch Sweetkiwi, their all-natural healthy frozen yogurt on Shark Tank Season 14. They secured a deal with Shark Robert.
Husband and wife team Michael Akindele and Ehime Eigbem give the Sharks a taste of Sweetkiwi, their all-natural, healthy frozen yoghurt, in Shark Tank Season 14 Episode 16.
About Sweetkiwi
| Category | Details |
|---|---|
| Business Name | Sweetkiwi |
| Founders | Michael Akindele, Ehime Eigbem |
| Industry | Food, Frozen Desserts |
| Product | All-natural frozen yogurt with functional nutrients |
| Deal Status | Deal secured with Robert |
| Investment Asked | $250,000 for 5% equity |
| Deal Outcome | $250,000 for 16% equity |
| Valuation | $5 million (at the time of Shark Tank pitch) |
Eigbem started the business in 2011 after she reevaluated how she was eating after a “food scare” in 2009. She started learning about food that “supports our bodies’ development.” Back then, it was an African company. She brought the brand to the USA in 2019.
Part of the success of Sweetkiwi is the ingredients. All ingredients are from “trusted farmers” and are clean and organic. They contain “functional nutrients like protein, probiotics, fibre, and immune-boosting superfoods.” They’re low calorie, too!
When she first started the business in Nigeria, she wanted to support the Nigerian dairy industry and local farmers. Her company’s mission was so impactful that she was named one of Nigeria’s top 100 most influential women.
The yogurt is whole Greek yogurt whipped into various flavors: vanilla, cookies and cream, chocolate hazelnut, hibiscus ginger, raspberry rose, and mango mojito. A case of six pints costs $50 on the company website, and it’s also available in select Whole Foods and Walmart stores. Michael and Ehime likely want Shark’s help getting broader retail distribution.
Check out other Shark Tank Season 14 Episodes.
Video
Sweetkiwi Shark Tank Pitch
Michael and Ehime enter the Shark Tank seeking $250,000 for 5% of their company. They say people balance eating healthy and what tastes good. All the indulgent stuff people love isn’t good for them. They introduce their product and say it supports gut health and wellness. The Sharks taste their samples and they like them. Robert likes the raspberry. Each pint has 25-40 grams of sugar.
Lori asks about their backgrounds. Ehime was raised in Nigeria and moved to Dallas. She explains how an illness made her eat healthier, but she struggled with desserts.
When she realized how much sugar was in frozen yogurt, she started making her own at home. Eventually, she got educated about making the frozen yogurt. She had plans on opening a store in Dallas, but she went back to Nigeria for her brother’s wedding. She decided to open a store in 2011 in Nigeria and grew the business to one of the biggest frozen yogurt chains in Africa. The African chain is not part of their deal.
They came back to America to start their business anew. They currently have products in 1700 stores. Sweet Kiwi launched in Walmart and Kroger nationally in 2022. So far in 2022, they have $650,000 in sales, and they’re on track to do $1.2-$1.4 million in sales. A pint sells for $4.97 up to $6.99. They are breaking even for now, but their focus is on building their brand.
Did Sweetkiwi Get a Deal on Shark Tank?
Kevin offers $250,000 for 20%. Daymond has issues with the valuation; he’s out. Currently, a pint costs $2.25 to make, but they’d like to lower that cost with economies of scale. Michael explains how their pricing structure works.
Their biggest objectives are marketing, branding, and telling their story in a “cluttered world.” That’s what they plan to use the Sharks’ money for. Lori goes out due to her relationship with Frozen Farmer. Mark says there’s huge uncertainty, and Michael didn’t give a good answer as to what they’d do for marketing; he’s out.
The couple keeps talking to the other Sharks, and Mr. Wonderful abruptly goes out. Robert says business is about making money, not emotion. He’s been looking to get into this space for a while and wants to learn it with someone.
Robert says he can help them get to a $50 million to $100 million business. He offers $250,000 for 20%. They counter with $250,00 for 7.1% equity and 5% advisory shares. Robert counters with $250,000 for 16%, and they accept.
Sweetkiwi Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. As of the first rerun of this episode in June 2023, just three months after the original air date, there is no evidence that the deal with Robert has closed. There is still no evidence that the deal closed in May 2024. After appearing in the Tank, the company doubled its retail presence.
In addition to Walmart and Whole Foods, they are in Kroger, Mom’s Organic Markets, Giant, and Ralph’s. Annual revenue as of July 2024 is over $2 million per year. The estimated net worth of Sweetkiwi is $4 million.
The Shark Tank Blog will follow up on Sweetkiwi & Michael Akindele and Ehime Eigbem as more details become available.
Posts about Sweetkiwi on Shark Tank Blog
Where Can You Buy It?
Sweet Kiwi can be purchased through their official website or major US grocery chains like Whole Foods, Target, and Kroger. Check out their social media pages: Facebook and Instagram.
Quick Summary
- Sweetkiwi offers low-calorie, high-protein frozen yogurt made from organic ingredients sourced from trusted farmers.
- Secured a deal with Robert Herjavec for $250,000 for 16% equity, but the deal ultimately did not close.
- The company now has over 1,700 stores, including Wal-Mart and Whole Foods, with annual revenue surpassing $2 million as of July 2024.
Curious to know about other businesses featured in this episode? Check out their business updates!
