Banana Loca is a unique gadget designed to fill bananas with spreads like peanut butter and jam without breaking them. Featured on Shark Tank Season 13, Episode 9, founder Renee Bechara sought $250,000 for 25% equity in the company.
Background:
- Location: King of Prussia, Pennsylvania
- Registered Name: NA Market Direct LLC
- Founders: Renee Bechara and her close friend, both passionate about inventing gadgets.
Inspiration: The idea for Banana Loca stemmed from childhood memories of enjoying bananas with Nutella or peanut butter. The gadget aims to transform bananas into healthy and delicious snacks and desserts easily.
| Company Name | Banana Loca |
| Founder | Renee Heath and Bechara Jaouden |
| Founded | 2020 |
| Product | Banana coring and filling tool |
| Asked For | $250k for 25% Equity |
| Final Deal | $250k for 25% Equity + $3 royalty until $250,000 is repaid |
| Shark | Kevin O’Leary and Mark Cuban |
| Episode (Shark Tank USA) | S13 E9 |
| Air Date | Dec 17, 2021 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Pennsylvania, United States |
| Lifetime Worth (Sales) | $1.6M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Did Banana Loca Get a Deal on Shark Tank?
On Shark Tank Season 13, Episode 9, founders Renee Bechara and her co-founder presented their gadget, Banana Loca, aiming to secure $250,000 for 25% equity in the company.
Kevin O’Leary showed immediate interest, proposing a $3 royalty per unit but continued negotiations. Daymond John appreciated the product but believed it was a one-time purchase, leading him to opt out.
Lori Greiner felt the business was too early for her and decided not to invest. Robert Herjavec was enthusiastic about the product and proposed $250,000 for $3 per unit until $350,000 was recouped, along with 10% equity, but his offer was not accepted.
In the end, Mark Cuban and Kevin O’Leary teamed up to offer $250,000 for 25% equity along with a $3 royalty per unit until $250,000 was repaid. Despite a counteroffer from Renee and Bechara for a $2 royalty, Mark and Kevin held firm on their original terms, leading to the final deal being secured.
What Happened To Banana Loca After The Shark Tank?
After securing funding from Shark Tank investors Kevin O’Leary and Mark Cuban, Banana Loca plans to use the $250,000 investment to drive business growth. Co-founder Bechara acknowledges that their current marketing efforts are inadequate, which has affected sales.
Their immediate strategy involves investing in paid marketing to boost visibility and expanding sales channels to include retail stores. Previously available only online, Banana Loca has experienced a surge in orders post-Shark Tank, with customers finding the product both practical and entertaining due to its unique feature of enhancing the enjoyment of eating bananas.
As of October 2022, there was no confirmation of the deal’s closure with O’Leary and Cuban, and by December 2022, there were no updates on product launches or improvements on their website.
We will continue to monitor updates from Renee Bechara and Banana Loca for further developments.
What Is Banana Loca Net Worth?
Following its funding on Shark Tank, Banana Loca is estimated to be worth $0.5 million. The company has achieved impressive sales growth through effective paid marketing strategies.
Initially reliant on online sales and social media influencers, Banana Loca has since expanded its sales channels and is experiencing a steady increase in both sales and overall growth.
Yes, Banana Loca is still in business as of July 2024.
frequently asked questions
Who owns Banana Loca?
Renee Heath and Bechara Jaouden are the owners of Banana Loca Business.
Is Banana Loca successful?
Banana Loka was successful before coming to Shark Tank and was generating profits.
Did Banana Loca get a Shark Tank deal?
Banana Loca got a deal in Shark Tank, Kevin and Mark invested in this company.
