Must Love California Base is a plant-based frozen dessert company that offers a variety of flavors, including desserts, cookies, and ice creams. The company focuses on producing vegan, nutritional, and healthy foods.
The founders, Hannah Hong and Mollie Cha, are best friends who met during their undergraduate studies at UC Berkeley and have maintained their friendship for 15 years.
The idea for Must Love originated when Mollie made Banana Nice Cream with almond milk for dinner. Hannah loved it at first bite; this dairy-free treat featured simple ingredients and a delicious taste.
To turn this product into a brand, both Hannah and Mollie left their jobs to pursue the business full-time, officially launching Must Love in 2016.
The women entrepreneurs appeared on Shark Tank Season 13, Episode 11, seeking $600,000 for 7.5% equity at an $8 million valuation, which is quite high for a frozen dessert startup.
| Company Name | Hakuna Brands LLC |
| Founder | Hannah Hong and Mollie Cha |
| Founded | 2016 |
| Product | Plant base Vegan (N)ice cream, and Sprinkles. |
| Asked For | $600k for 7.5% Equity |
| Final Deal | No Deal |
| Shark | No Shark |
| Episode (Shark Tank USA) | S13 E11 |
| Air Date | Jan 14, 2022 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Los Angeles, California, United States |
| Lifetime Worth (Sales) | $3.7M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Must Love?
Must Love Business was co-founded by Hannah Hong and Mollie Cha, best friends from college who hail from California. Both left their jobs to launch the company in 2016.
Hannah Hong
Hannah worked as a Senior Associate at PwC Consulting for two years after earning her MBA from UCLA Anderson School of Management. She also held various positions at Bolthouse Farms for two years.
Mollie Cha
Mollie worked in strategy at Bolthouse Farms after completing her MBA at MIT Sloan School of Management. She was also the principal at Malibu Design Group for one year.
How Was The Shark Tank Pitch Of Must Love?
Hannah Hong and Mollie Cha entered Shark Tank seeking $600,000 for 7.5% equity. The sharks were surprised by the company’s valuation, and they conducted a demo of their plant-based indulgent treats.
The sharks enjoyed the taste; Kevin O’Leary initially thought it would be terrible but found it delightful.
Hannah and Mollie’s parents immigrated to the United States from Korea and started their own business. In their venture, Mollie focuses on operations, while Hannah handles marketing.
They began making sales in 2017, generating $35,000. Sales doubled each year, and by mid-2021, they had surpassed $1 million. They projected $1.7 million in sales by the end of 2021, although they were currently facing a loss of $400,000.
Their products are available nationally at Sprouts Farmers Market and Whole Foods, with plans to launch at Costco. The retail price of their frozen dessert is $5.99, while the production cost is $1.80.
Both founders invested $200,000 in the business and raised $1.4 million over five years at an $8 million valuation.
Kevin O’Leary expressed that the company wasn’t worth $8 million and opted out. Peter Jones mentioned his experience with a similar business on the British show Dragons’ Den, noting increased sales but decreased margins, leading him to exit as well.
Mark Cuban commented, “There’s not that one trigger that makes someone say, ‘Okay, I have to try this,’” so he also withdrew. Lori Greiner stated her familiarity with this market, citing a previous deal with Frozen Farmer in Season 11, which was projected to reach $20 million in sales. She felt they were too competitive and decided to exit.
Finalize: The Must Love ice cream brand didn’t get a deal in Shark Tank.
Must Love Shark Tank Update
Must Love did not secure a deal on Shark Tank due to concerns over the company’s $8 million valuation; Kevin O’Leary expressed skepticism about its worth.
Following the episode’s airing, they experienced a surge in orders through Whole Foods, Sprouts, and their online shop. By February 2022, their products became available at Costco Wholesale in Hawaii and Southern California.
As of August 2022, their ice cream bars were also set to launch at Westerly Natural Market, Westside Market, and Health Nuts in New York. Additionally, Dipped Banilla Bars became available at most Costco locations in the United Kingdom.
The Shark Tank episode featuring Must Love aired on January 14, 2022. Although the business did not secure funding, it benefited from significant national exposure.
The co-founders projected $1.7 million in sales by the end of 2021. To further grow this food and beverage business, they recognized the need to reduce profit margins as they expand.
We will continue to follow Hannah Hong and Mollie Cha for further updates on their journey.
What Is Must Love Net Worth?
Must Love was valued at $8 million during its appearance on Shark Tank. The company raised $1.4 million in 2016-2017 at this valuation, but additional funding is necessary for further growth.
The frozen food industry in the United States is estimated to be worth $40 billion in 2023, though the market is currently experiencing negative growth. This sector is highly competitive, with numerous brands holding significant market share.
Despite these challenges, Must Love has been in operation for several years and has recently expanded its dessert offerings internationally.
The startup has been featured in various media publications, including Food Business News, Go Dairy Free, and FoodNavigator, among others
Yes, Must Love is still in business as of April 2024.
