Banana Loca, a King of Prussia-based company owned by Bechara Jaoudeh and Renee Heath, appeared on the TV show Shark Tank this past December. After gaining the interest of the sharks and securing a deal, their company has seen a tremendous increase in sales, writes Ryan Mulligan for the Philadelphia Business Journal.
Banana Loca is a kitchen gadget that lets users inject various spreads and toppings like peanut butter, caramel, or Nutella into bananas.
Sharks Kevin O’Leary and Mark Cuban were interested in the product and bought a 25% stake in the company for $250,000 along with a royalty deal of $3 per unit until the $250,000 is paid back.
After the episode aired, Jaoudeh said they got “slammed with orders,” and were doing about for time more than the increase they had initially prepared for. They anticipated receiving less than 10,00 new orders, but have since shipped tens of thousands of units.
“Heath and I practically lived in our warehouse, getting paper cuts and folding cardboard and running out of cardboard boxes and going out and begging other businesses to sell us cardboard boxes so we can fulfill the orders that we had on hand,” Jaoudeh said.
Banana Loca’s plans for 2022 primarily rely on the company’s inventory. According to Jaoudeh, the company hopes to host banana-eating contests and other events around National Banana Day.
Read more about Banana Loca in the Philadelphia Business Journal.