Sweetkiwi, a frozen yoghurt business that started in Nigeria, has secured $250,000 for 16% equity from Shark Tank’s Robert Herjavec. This was aired on Episode 16 of Season 14 over the weekend.
Sweetkiwi founder Ehime Eigbe-Akindele came to Shark Tank with her husband Michael Akindele asking for $250,000 for 5% equity at $5 Million Valuation.
Founded in 2011 in Lagos Nigeria, Sweetkiwi is an innovative, frozen dessert brand that satisfies a sweet tooth while supporting a healthy gut. Using premium, natural ingredients sourced from family farms within our communities, Sweetkiwi’s frozen whipped Greek yogurts are packed with functional nutrients like protein, probiotics, fiber, and immune-boosting superfoods. in 2018, it launched at Union Kitchen, a healthy-driven retail outlet in the United States of America
Sweetkiwi offers 6 types of flavoured yogurt and with price ranging from $38.99-$58.99. The products are available in in own branded stores in Nigeria and over +1700 stores in the United States, including Whole Foods, Walmart and Kroger.
Sweetkiwi has turned in $2 million in revenues since inception and projected $1.2-$1.4 million in sales by the end of 2022.
Robert Herjavec offered $250k for 20% equity but Michael countered $250k for 7.1% equity + 5% advisory shares. Robert then countered again with $250k for 16% equity. The Sweetkiwi team agreed to this offer.
Before this amount raised from Shark Tank, Sweetkiwi had only raised $20,000 seed from Union Kitchen.
According to some reports, Ehime plans to expand the product to Canada, Mexico and United Kingdom in the near future.
