Founders Billie Cavallaro and Holly Heath devised a ready-to-drink low-carb shake free of dairy and sugar to stay ahead of one of the hottest diet fads in recent history. The duo tinkered with coconut milk until they came up with a healthy, nutritious shake that would serve as a meal replacement for keto followers. The product retailed for $7.99 a jar and is available in four flavors at stores across California.
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The entrepreneur duo pitched the business to the Sharks at the show’s taping in 2017 and was hoping for a $250,000 investment in return for 20% equity in the company. They estimated that the company would make $750,000 in sales in 2018. Unfortunately, they could not share actual sales figures, which made some of the Sharks wary.
After the Sharks heard their pitch, a few of them opted out. Lori Greiner and Robert Herjavec were not interested in investing, and Mark Cuban did not think the product was unique enough to stand out from the competition. However, Charles Barkley was impressed with the entrepreneurs and offered them a deal.
Charles Barkley agreed to invest $250,000 for 20% equity in Cave Shake. He also gave the company a three-year contract with LA Libations, a Coca-Cola-affiliated incubator, to assist them in distribution and market expansion. The incubator is providing the duo with marketing, packaging design, and production support. Moreover, they are also getting shelf space at select Whole Foods locations.
Since their Shark Tank appearance, Cave Shake has experienced tremendous growth and success. It has gone on to secure additional funding and partnerships, including an investment from a major retailer. As a result, the company’s net worth has increased to $10 million.
During their appearance on the hit show, the entrepreneurs introduced their brand and explained its benefits to consumers. They also shared their personal stories and how the shakes were developed. Billie explained that she was a competitive athlete and the ketogenic diet helped her manage inflammation. Similarly, Holly used the keto-paleo diet to minimize delayed onset muscle spasms after an auto accident.
Following their Shark Tank appearance, Cave Shake’s sales and revenue skyrocketed. The company has now rebranded as Space Shake and is available in Southern California health food stores and online. Currently, the company is preparing to launch its first nationwide distribution.
The new brand has a wide range of flavors and is made with high-quality ingredients. Moreover, it is gluten-free and has no artificial sweeteners. Additionally, the company offers its customers a variety of subscriptions and rewards.
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The Sharks were impressed with the product’s nutritional value and its potential to reach a large audience of health-conscious consumers. However, the Sharks were concerned about the low-carb claim and whether the calorie count was accurate. Despite their concerns, the entrepreneurs were able to convince the Sharks to invest in the business. The duo has now rebranded as Space Shake, and the brand continues to thrive. The company has a net worth of $10 million as of 2023.