During the October episode of Shark Tank, the founders of Cave Shake were seeking a $250,000 investment for a 10 percent stake in their business. They predicted that sales of their product would be $750,000 by the end of 2018. The Sharks were not convinced of the company’s business potential. They felt that the product did not contain necessary energy components. They were also dismayed with the royalty deal that the company had with an incubator.
The entrepreneurs explained that the reason for the product was that they wanted to be ahead of the Keto diet fad. They were also looking for a way to help athletes stay in shape. The company was launched in 2015 by Billie Cavallaro and Holly Heath. They were looking for a business partner to help promote their product. Barkley was a retired basketball player who had struggled with his weight after retiring. He thought the product could help him reach a wider audience of athletes and sports fans.
Charles Barkley agreed to invest $250,000 for a 20% equity stake in the company. The owners of the business did not disclose all the details of the deal. They had already given an incubator 15% of the company for free. As part of the deal, they changed the name of the business to Space Shake. As of today, the company’s social media presence is very good. It has more than 2,000 followers on Facebook and about 21,000 followers on Instagram. They sell their products at health food stores in California.
During the interview, Cave Shake’s founders made it clear that the product is free of dairy and gluten. The product is low carb, so it is ideal for those on a paleo diet. At the time of the show, Cave Shake sold for about $7.99 a jar. The company has a variety of flavors, including vanilla, chocolate, and coffee. It is also sugar and grain free. It contains MCTs, which are great sources of fuel for sports.
Initially, the product was only sold in health food stores in California. However, the entrepreneurs were hoping that the launch of Whole Foods distribution would bring in more customers. The company was still operating as of October 2018. They were expecting to see around $540,000 in sales in 2017. As of now, they do not have a current net worth for the business. They are not sure what their future will be. The Sharks on Shark Tank liked the product, and they did not like the royalty arrangement. They wanted more information about the deal.
The Sharks were interested in the company’s partnership with an incubator, but they did not have much faith in the company’s prospects. They felt that the royalty agreement was unfair to other investors. Kevin O’Leary did not like the royalty arrangement. He also felt that the company did not have the financial ability to raise money to fund the business. He decided to leave the Shark Tank. Lori Greiner also dropped out.