Gatsby Chocolate Shark Tank Update – Shark Tank Season 15
Brothers Doug and Ryan Bouton launched Gatsby Chocolate, a plant-based, low‑calorie chocolate brand, on Shark Tank Season 15. They landed a deal with two of the Sharks!
Brothers Ryan and Doug Bouton wanted the Sharks to bite on Gatsby Chocolate, their plant-based, low-calorie chocolate bars and peanut butter cups, in Shark Tank Season 15 Episode 1.
The brothers were no strangers to low-calorie foods and entered the Tank hoping to build national awareness for their growing chocolate brand.
Would the Sharks believe Gatsby Chocolate could become the next Halo Top success story and invest in the brothers’ vision?
About Gatsby Chocolate
| Category | Details |
|---|---|
| Business Name | Gatsby Chocolate |
| Founders | Ryan Bouton and Doug Bouton |
| Industry | Chocolate (Food & Beverage) |
| Product | Chocolate brand with less sugar and calories |
| Investment Asked | $500,000 for 5% equity |
| Deal Status | Deal secured with Mark Cuban and Lori Greiner |
| Deal Outcome | $250,000 for 20% equity + $250,000 as a loan for 6% interest. Stake increases to 30% at $10 million in sales and again to 40% at $50 million in sales |
Doug founded Halo Top, a low-calorie ice cream brand that outsold Ben and Jerry’s in 2017 and 2018. Blue Bunny Ice Cream’s parent company acquired that business in 2019 for an undisclosed amount.
The brothers created Gatsby Chocolate with half the calories of other chocolate bars and peanut butter cups. Their secret was that the “chocolate” was entirely plant-based. A serving of a Gatsby bar had 65 calories, whereas regular chocolate bars had 150 calories or more.
Gatsby was available at Walmart stores nationwide and on Amazon. The bars cost around five dollars each, but customers could try a bar for free.
With a successful acquisition already behind them, the Bouton brothers likely had a fair amount of cash on hand, making many wonder why they needed a Shark.
Gatsby Chocolate Shark Tank Pitch
Ryan and Doug entered the Shark Tank and explained that people loved chocolate, but it was loaded with sugar, calories, and fat. They created a chocolate bar with half the calories and 75% less sugar than most other chocolate bars.
The founders said their products focused on health without compromising on taste. They called Gatsby the “Halo Top of chocolates,” and Doug revealed that he was the co-founder of Halo Top. The brothers asked the Sharks for $500,000 in exchange for 5% equity.
Daymond John immediately said, “I’m out!”
The Sharks sampled the products, and Doug explained that Peanut Butter Madness was their best-selling flavor. The Sharks enjoyed the samples, and Doug shared that they used allulose as their sugar substitute.
He explained that Gatsby was sold in Albertsons, Walmart, Safeway, and Sprouts and was available in more than 6,000 stores. Sales reached $2.5 million in 2022, with most of the revenue coming during the fourth quarter.
Each bar retailed for $3.99, wholesaled for $2.70, and cost $1.90 to produce. The company was working toward a 50% margin.
The founders revealed that they had no free cash flow and projected 2023 sales of around $2 million. The founders projected lower sales for 2023 as they focused on expanding distribution and building national brand awareness. They also shared that they lost $3.5 million in 2022.
Kevin O’Leary questioned the company’s $10 million valuation. Daymond said the valuation was fair but felt he could not add value, so he was out.
When Candace asked Doug why he started another company. He replied, “Stupidity”.
What Made Gatsby Chocolate Unique?
Gatsby Chocolate stood out in the chocolate market through a combination of product innovation and healthier ingredients:
- Plant-based chocolate with half the calories of traditional chocolate.
- 75% less sugar while maintaining the taste of regular chocolate.
- Sweetened with allulose and sold in more than 6,000 stores nationwide.
- Created by the founders behind Halo Top.
Did Gatsby Chocolate Get a Deal on Shark Tank?
Lori Greiner offered $250,000 for 20% equity along with a $250,000 loan at 6% interest.
Kevin O’Leary offered $500,000 as venture debt at 12% interest.
Candace believed the calorie-focused messaging could trigger a “toxic diet culture,” so she decided she was out.
Mark Cuban asked if the founders were open to giving up 20% equity, and Doug replied that he wanted someone to become the face of the brand.
Lori Greiner increased her equity request to 25% for that type of deal. When Doug asked Cuban if he would help find the face of the brand, Lori returned to her original offer.
Mark Cuban then spoke privately with Lori.
Together, they offered a combined $500,000, consisting of $250,000 in debt and $250,000 in equity for 20% ownership. Their original proposal included increasing their ownership by 10% if the company reached $10 million in sales and another 10% if it reached $20 million in sales.
Doug suggested moving the second equity trigger to $50 million in sales, and the Sharks agreed. The final accepted deal increased the Sharks’ ownership at $10 million and again at $50 million in sales.
The brothers accepted the deal with Mark Cuban and Lori Greiner.
Gatsby Chocolate Shark Tank Update
After appearing on Shark Tank, Gatsby Chocolate continued expanding its reach and benefited from increased consumer awareness.
Just weeks after the episode aired in October 2023, the company announced on Instagram that almost 100% of Walmart stores were back in stock with at least one Gatsby Chocolate flavor, suggesting the business experienced the well-known “Shark Tank effect.”
This was especially important because the founders had stated during their pitch that their biggest challenge was national awareness.
In January 2024, Gatsby launched its Dulce de Leche flavor, followed by Chocolate Crème Pie in February 2024. During the same month, Gatsby partnered with the Cavinder twins, women’s college basketball stars and social media influencers.
The company also promoted limited-edition products and special offers through its Facebook page.
Retail Expansion and Popularity
As of May 2024, the deal had not yet closed. However, the bars were available nationwide at Walmart and Sprouts Markets.
In June 2024, Yahoo reported that Gatsby Chocolate was the most searched-for product from Shark Tank Season 15.
Before signs of the company’s decline emerged, Gatsby Chocolate was estimated to be worth between $3.5 million and $5 million.
Business Challenges
By December 2025, there was no official announcement that Gatsby Chocolate had closed, but several signs suggested the company was no longer operating.
The brand’s official website became inactive, its last Facebook post was published in August 2024, and many customers reported on Reddit that the products had gradually disappeared from store shelves throughout 2024 and 2025.
One possible reason was the company’s apparent dependence on EPG, a reduced-calorie fat substitute produced by Epogee. After Linus Technology acquired Epogee in 2025, competitor access to EPG became severely restricted.
Several food companies, including Defiant Foods and OWN Your Hunger, later filed an antitrust lawsuit against Linus Technology and Epogee, claiming the restricted access prevented them from producing products that relied on the ingredient.
Although Gatsby Chocolate never confirmed this as the reason for its decline, some observers speculated that the restricted availability of EPG may have contributed to the company’s challenges.
What Happened to the Founders?
Ryan Bouton left Gatsby Chocolate in February 2025. According to his LinkedIn profile, he became Head of Growth at Pawco Foods in May 2025.
Doug Bouton continued to list himself as Founder & CEO of Gatsby Chocolate on LinkedIn. He previously co-founded Halo Top, which was acquired in 2019. His continued association with Gatsby left open the possibility that the brand could return in the future.
Current Status
As of late 2025, Gatsby Chocolate appeared to be inactive, although the founders had not officially announced the company’s closure.
Where Can You Buy It?
Gatsby Chocolate had previously been available through its official website, Amazon, Walmart, Sprouts, and other retailers. Though their social media pages appear to have no recent activity since 2024, users can check for earlier updates on Facebook.
However, by late 2025, the company’s official website became inactive. The products were no longer widely available in stores, suggesting that the brand was no longer operating.
Posts about Gatsby Chocolate on Shark Tank Blog
Check out more details on Gatsby Chocolates.
Quick Summary
- Ryan and Doug Bouton pitched Gatsby Chocolate, a plant-based chocolate brand offering bars with half the calories and 75% less sugar than traditional chocolate, and secured a deal with Mark Cuban and Lori Greiner.
- Following its Shark Tank appearance, Gatsby expanded its retail presence to more than 6,000 stores, introduced new flavors, and partnered with the Cavinder twins to increase brand awareness.
- By late 2025, Gatsby Chocolate appeared to be inactive, with its website offline and products becoming unavailable in many stores, although the founders never officially announced the company’s closure.
Check out other Shark Tank Season 15 Episodes.
Curious to know about other businesses that appeared in the same episode? Check out their business updates!
