Bee D’vine Shark Tank Update (Season 12)

Bee D’vine, founded in 2009 and based in Sonoma, California, is a honey wine company that distinguishes its product from traditional mead. According to the founder, Solomon, Bee D’vine is made solely from two ingredients: raw local honey and spring water.

This unique honey wine undergoes a meticulous fermentation process, where the mixture is aged in barrels for 15 months and then bottled for an additional two years.

The result is a complex flavor profile described as a “layered bouquet of almond, honeysuckle, and jasmine.” It’s important to note that mead typically includes various fruits, herbs, spices, grains, and hops, while Bee D’vine uses only honey and spring water.

Bee D’vine is marketed as an eco-friendly alternative, featuring smooth, natural ingredients that cater to diverse palates, offering both dry and sweet options without the bitterness associated with some wines.

Each glass of this honey wine contains approximately 150 calories, with an alcohol content ranging from 11.5% to 12.5%. The price of Bee D’vine starts at $10 and can go up to $349, depending on the variant.

Who Is The Founder Of Bee D’vine?

Ayele Solomon, a native of Ethiopia and a U.S. citizen, is the founder and CEO of Bee D’vine Honey Wine Company. He moved to the Bay Area of California with his family at the age of 12. Ayele earned a degree in Environmental Economics from the University of California, Berkeley, and later pursued natural resource development at Michigan State University.

His career includes an internship at the Environmental Protection Agency, after which he returned to Ethiopia to consult on creating and promoting opportunities for the indigenous residents of the Kafa rainforest. It was this experience in the rainforest that inspired him to develop the honey wine product that Bee D’vine is known for today.

Did Bee D’vine Get a Deal on Shark Tank?

Ayele Solomon, the founder of Bee D’vine Honey Wine, appeared on Shark Tank seeking $750,000 for 20% equity in his company. During his presentation, he explained how his honey wine differs from traditional wines due to its unique ingredients, which impressed the sharks. When they sampled the honey wine, they praised both the taste and Ayele’s presentation.

Ayele shared that the retail price for the non-sparkling honey wine is $39, while the sparkling variant costs $49. In the six years leading up to 2020, the company generated $400,000 in sales, and in 2019, it reported $115,000 in sales over 12 months. He initially invested $600,000 into the business, sourcing funds from family and friends.

Mark Cuban expressed concern about the high pricing, suggesting it could deter potential customers from trying the product. Kevin O’Leary noted that 97% of wines sold in America cost under $14, highlighting the challenge of Ayele’s pricing strategy, which he described as a classical approach of small volume and high margins. Robert Herjavec echoed this sentiment, stating that the expensive price point makes it difficult for consumers to try the wine.

Despite these concerns, Lori Greiner, along with Mark, Robert, and Daniel, made a combined offer of $750,000 for 40% equity. Ayele accepted their deal, securing investment from four sharks.

Bee D’vine Shark Tank Update

After securing a deal on Shark Tank, Bee D’vine experienced a significant increase in sales. Ayele Solomon, the founder, noted that many consumers wanted to try the honey wine after hearing positive feedback about its taste. Within weeks of the episode airing, the company sold a million dollars’ worth of honey wine.

In response to customer demand, Bee D’vine made pricing adjustments, introducing two new products: the Berelé T’ej Flask for $10 and the Wancha (Grape Wine) Chardonnay for $28. Additionally, they launched a subscription model offering a flat rate of $25, which includes free shipping and two complimentary glasses.

Following the surge in sales, the company’s inventory quickly ran out, but they received new stock in March 2022. By May 2022, they celebrated the eighth anniversary of the business.

While specific revenue figures post-investment are not yet available, it is clear that the Shark Tank appearance significantly boosted sales, despite the higher price point of their wines compared to other options on the market. The product was out of stock shortly after the episode aired but was expected to be back on shelves in April 2022.

What Is Bee D’vine’s Net Worth?

Bee D’vine’s net worth is currently estimated at $1.2 million. Following its appearance on Shark Tank, the company’s valuation increased to $1.8 million, reflecting the potential for future growth. If sales continue to rise, Bee D’vine could see an increase in its net worth in the coming times.

Yes, Bee D’vine is still in business as of April 2024.