Female entrepreneur and University of Denver adjunct professor Chennelle Diong pitched her ready-to-eat food business, GoodLove, on Shark Tank Season 16. GoodLove offers frozen foods free from gluten, soy, nuts, tree nuts, eggs, oats, seeds, and more.
Their product lineup includes Buttermilk Biscuits, Cinnamon Rolls, Puff Pastry, and a Vegan line. To ensure safety and quality, all ingredients are sourced from manufacturers with 100% gluten-free certification.
On September 21, 2023, at the Denver Startup Week event, GoodLove Foods was named the winner. As a result, the DSW organizing committee awarded them a grant of $48,000.
She initially asked the Sharks for $150,000 in exchange for 5% equity, valuing her company at $3 million. Eventually, she secured a deal with Lori Greiner for $150,000 in exchange for 18% equity. Lori assured her that she would help get the product into major retail stores and assist in resolving production-related challenges.
| Company Name | GoodLove Foods | |
| Founder | Chennelle Diong | |
| Founded | Jul 2021 | |
| Product | Gluten free Frozen Foods | |
| Asked For | $150K for 5% equity | |
| Final Deal | $150K for 18% equity | |
| Sharks | Lori Greiner | |
| Episode (Shark Tank USA) | S16 E12 | |
| Air Date | March 7th, 2025 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Littleton, Colorado, USA | |
| Lifetime Worth (Sales) | $500k *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
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- Gluten Free, Vegan, Paleo, Keto
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Who Is The Founder Of GoodLove Foods?
The frozen food company GoodLove was founded in July 2021 by Chennelle Diong and her husband, Justin Beaver. Before starting the business, Chennelle worked at several event companies, including ROKK Creative, Crush Studio, and Impact Finance Center. She also completed her MBA in Marketing from the University of Denver.
Justin, the co-founder and COO of GoodLove, previously worked as a Quality Technician at Norgren, Rapid Production Tooling, Inc., and AG Machine Shop.
How Was The Shark Tank Pitch Of GoodLove Foods?
After seeking investment, Chennelle Diong pitched her gluten-free frozen food line to the Sharks. The Sharks loved the taste of her products.
She revealed that 85% of her sales come from direct-to-consumer (D2C), but shipping frozen food with ice packs is expensive. Over the last 12 months, she generated $360,000 in sales with a 75% profit margin.
Her gluten-free buttermilk biscuits retail for $11.99 in stores and $12.99 online, plus shipping. The business has a customer retention rate of 30% to 35%.
Chennelle also shared that she sold her home to fund her own production facility to meet demand. When Daniel Lubetzky questioned her $3 million valuation, she explained that she is on track to exceed $500,000 in sales but on profit she is currently breaking even.
She expects to reach $1.5 million in sales by 2025. However, Daniel felt she hadn’t figured out how to scale the business properly and decided not to invest.
Kevin O’Leary was concerned about the high valuation and production logistics. He also felt she wasn’t ready for retail expansion, so he chose not to invest. Mark Cuban admitted he lacked expertise in frozen foods and also declined.
Lori Greiner was Chennelle’s last hope. She offered $150,000 for 20% equity and promised to help get the products into major retailers like Target, Walmart, and Whole Foods. Chennelle countered with $150,000 for 18% equity, and Lori accepted the deal.
Breakdown Sharks Offer
Note: Here’s a quick summary of the offers and counteroffers between the Sharks and Chennelle Diong:
| Sharks | Offers |
| Kevin O’Leary | No Offer |
| Daniel Lubetzky | No Offer |
| Mark Cuban | No Offer |
| Lori Greiner | $150k for 20% equity |
| Barbara Corcoran | No Offer |
| Founder’s (Countered) | $150k for 18% equity |
| Final Deals | $150k for 18% equity |
GoodLove Foods Shark Tank Update
Chennelle’s gluten-free frozen food products are now available in major retail stores across the United States, including Lucky’s Market Colorado, Leevers Locavore, Cheese Importers, The Hive Kitchen/Market, and PineMelon. She also mentioned that the products will soon be available in two more retailers, Roots Local Goods and Calvert’s Mini Market.
With the expansion into more retail stores, the logistics costs are expected to decrease, making shipping more efficient. However, as availability increases, the demand for the products is also expected to rise.
What is GoodLove Foods Net Worth?
GoodLove Foods has an estimated net worth of $1.8 million. However, the company is not generating significant profits due to management challenges. With Lori Greiner now on board, there is hope for better growth potential and improved business operations.
