Joyebells Shark Tank Latest Update (Season 16)

Singer and self-made businesswoman Joye B. Moore pitched her delicious pies business, Joyebells, on Shark Tank Season 16. She started her pie business using a family recipe passed down from her third great-grandmother. Joye sells a variety of pies, including Apple Lattice, Peach, Pumpkin, and Sweet Potato. Her products are available in major retail chains like Kroger, Schnucks, and Costco.

She asked the Sharks for $600,000 in exchange for 10% equity in her company, valuing it at $6 million. Unfortunately, none of the Sharks showed interest in investing in her business, so she had to leave without a deal.

Who Is The Founder Of Joyebells?

Joye B. Moore founded the Joyebells pie baking business in 2019. Before starting this venture, she worked as a professional singer at her own Joyebells Music Production and created several music pieces.

Additionally, she served as the Operations and Development Officer at NEXTUP RVA for four years. Joye also graduated from Virginia Commonwealth University with a degree in Nonprofit Organization management.

How Was The Shark Tank Pitch Of Joyebells?

Using her beautiful voice, Joye B. Moore explained her baking business on Shark Tank, sharing the story behind her family recipe.

She also gave the Sharks a taste of her pies, which they all loved. Kevin O’Leary even said he had never tasted a pie like that before. Joye revealed that she has been in the baking industry for 30 years.

Kevin showed great interest in understanding the $6 million valuation of her company. To justify this, Joye explained that her lifetime sales are $16.1 million. Breaking down the numbers, she shared that her 2023 sales were $7.7 million with a gross profit margin of 8.85% and a net profit of 1.38%. She also projected $4.3 million in sales for the current year.

Regarding her product pricing, the making cost of a Sweet Potato Pie is $5.23, which she sells for $7.84 to distributors. In retail stores, the pie is sold for $10.99.

The business has a very low-profit margin. It can only become profitable by either reducing the making cost or increasing the wholesale price. Robert Herjavec said he couldn’t help lower the product’s cost, so he was out.

Kevin O’Leary felt the business model wasn’t profitable from a growth perspective, so he also opted out. Mark Cuban believed the company’s valuation was too high, leading him to decline.

Lori Greiner thought the $600,000 request was a lot of money, so she decided not to invest. Joye’s last hope was Barbara Corcoran, but she also chose not to invest.

Joyebells Shark Tank Update

The Sharks loved the taste of Joyebells pies, which was a positive sign for the business. However, none of them invested due to the low profit margins and high valuation. Despite this, Joye is determined not to give up and plans to work even harder to make her business profitable.

Currently, Joyebells products are available at Kroger in the Mid-Atlantic region, Schnucks in the Midwest region, and Costco Wholesale in the Northeast region. Additionally, the pies will launch on the official website on February 28, 2025, at a price of $19.99.

What Is Joyebells Net Worth?

The company’s lifetime sales are over $18 million, but it currently shows limited growth potential. However, there is hope that with the Sharks’ suggestions, Joye will increase her profit margins and make the business more scalable. Currently, Joyebells’ estimated net worth is $7.5 million.