Banana Loca Net Worth: Renee Heath and Bechara Jaoudeh are two friends with backgrounds in digital marketing. They love discovering fun gadgets at trade shows, and one day, they came up with an idea for their own. They decided to create Banana Loca, a kitchen gadget that straightens bananas and fills them with Nutella, peanut butter, yogurt, or other tasty spreads.
as of 2024, Banana Loca has a net worth of more than $10,000,000.
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Banana Loca Net Worth
| Year | Estimated Net Worth |
|---|---|
| 2020 | $0 (Pre-launch) |
| 2021 | $150,000 |
| 2022 | $500,000 |
| 2023 | $3,000,000 |
| 2024 | $10,000,000 |
Banana Loca Story
When they appeared on Shark Tank (episode 1311), Renee and Bechara brought along someone dressed as a banana to help pitch their product. They were looking for $250,000 in exchange for 25% of their business. Bechara explained that while he loves eating bananas with Nutella, it can get messy. Their device makes it easier by coring the banana and filling it with your favorite spread. The Sharks found the process interesting, and Mark Cuban even said it was “oddly satisfying.” They tried out the filled bananas and loved the taste. Robert Herjavec called it “genius.”
Renee mentioned that Banana Loca could also be used on other foods like cucumbers, zucchini, and hot dogs. The product had already generated $134,000 in sales within five months, all through organic marketing. With a production cost of $6 and a selling price of $26.99, Renee and Bechara had invested $224,000 of their own money into the business. They wanted the $250,000 from the Sharks to boost inventory and pay for marketing. Mark Cuban, however, thought they didn’t need to spend money on paid marketing.
Kevin O’Leary offered $250,000 in exchange for a $3 per unit royalty forever. Daymond John didn’t believe the product would be used often and decided not to invest. Lori Greiner thought it was too early and also passed. Robert Herjavec offered $250,000 with a $3 royalty per unit until he recouped $350,000, plus 10% of the company. Mark Cuban asked about their social media following, and Bechara admitted they needed more followers and were hoping the Sharks could help with that. Kevin teamed up with Mark, and they offered $250,000 for 25% of the company, plus a $3 royalty until they earned back their $250,000 investment. After some negotiation, Renee and Bechara accepted the deal.
Banana Loca Shark Tank Update
The Shark Tank Blog regularly updates viewers on the progress of entrepreneurs from the show. As of early January 2022, there was no confirmation that the deal with Mark and Kevin had closed, but the company expressed excitement about their new partners and teased a big event for National Banana Day on April 20, 2022. A TikTok video showcasing Banana Loca went viral, garnering over 7 million views and 400,000 likes.
In May 2022, the episode was re-aired, but there was still no evidence that the deal had officially closed. However, since its appearance on Shark Tank, the company received wholesale inquiries worldwide. By April 2023, they had sold “tens of thousands” units. Finally, in November 2023, it was confirmed that the deal with Mark and Kevin had closed. As of July 2024, Banana Loca’s lifetime sales were approaching $10 million.
How Banana Loca Works: One day, Renee and Bechara talked about how much they enjoyed eating peanut butter and Nutella with bananas, and they thought it would be cool to create a gadget that could easily fill bananas with these spreads. The Banana Loca works by cutting off the end of a banana, gently straightening it, and then using a special tool to core out the center. After removing the banana core, you can fill the hollowed-out banana with your favorite spread. The video below shows exactly how it works.
The journey started with a successful Kickstarter campaign in May 2020, where they raised $13,958. The first products shipped in January 2021, and now, Banana Loca is available for $28.99 on their website and Amazon. Even though Renee and Bechara still work full-time jobs, they’re likely hoping a Shark can help them hire someone to manage the business full-time. So, do the Sharks like bananas?