Wanna Date? – Date Spreads
DEAL
EPISODE SUMMARY
🕓 Air Date: January 12, 2020
Asking For:
$100,000 for 20%
Investor:
Mark Cuban
Deal:
$100,000 for 33%
PRODUCT SUMMARY
Wanna Date? offers a line of date-based spreads, including flavors like chocolate, vanilla, cinnamon, and pumpkin spice, providing a natural, vegan, and allergen-free alternative at 30 calories per serving.
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Background Story
Melissa Bartow, originally from Kennesaw, Georgia, recently graduated from NYU and is the founder of Wanna Date?. Her journey began just three years ago when she had her first date during college. Melissa’s love for dates inspired her to create a line of date-based spreads. Facing the challenges of being a recent graduate with a passion for dates, Melissa sought $100,000 for a 20% stake in her company on Shark Tank.
The Product
Wanna Date? presents a variety of date-based spreads, distinguishing itself by being natural, vegan, and allergen-free. With flavors like chocolate, vanilla, cinnamon, and pumpkin spice, each serving is only 30 calories.
The spreads can be used as a healthy alternative to nut butter or syrup, appealing to those conscious of their diet. Melissa showcased the versatility of her product through a spread drizzled on acai bowls, mixed with overnight oats, on top of pancakes, and in sandwiches.
The unique selling point lies in the health benefits of dates, known as a superfood. Melissa highlighted that Wanna Date? is lower in calories compared to traditional jams and jellies, making it an attractive option for health-conscious consumers.
The spreads are currently priced at $12 on Melissa’s website, and she has achieved approximately $31,000 in sales over the past 10 months, with 55% coming from wholesale.
How It Went
The company’s position before Shark Tank
In the ten months since its inception, Wanna Date? has generated just under $31,000 in sales. Melissa has adopted a multi-channel approach, with 10% of sales through her website, 35% at events such as Christmas markets and vegan fairs in New York City, and the remaining 55% through wholesale. She has managed to secure sales without customer complaints about the $12 price point per jar.
The company’s cost per jar is currently $2.40, which Melissa aims to reduce to $1.70 or $1.80. She operates the business full-time, emphasizing her commitment to making Wanna Date? a success. Melissa’s father supports her financially at present, allowing her to focus entirely on her entrepreneurial venture.
The Negotiations:
The Sharks were initially impressed with the product, enjoying the taste of Wanna Date? samples. However, concerns arose regarding the crowded market for food products, and Mark Cuban expressed the need for Melissa to focus on a plain date flavor to highlight the fruit’s natural qualities. As the negotiations progressed, Barbara Corcoran and Kevin O’Leary both opted out, citing concerns about the early stage of the business and the need for educational efforts.
Mark Cuban, acknowledging the challenges ahead, offered $100,000 for 33%, providing mentorship and guidance. Lori Greiner encouraged Melissa to counter, and despite Barbara’s earlier skepticism, Barbara’s insult seemed to ignite Melissa’s fighting spirit. She accepted Mark’s offer of $100,000 for 33%, sealing the deal and expressing her determination to make Wanna Date? a mainstream success. Mark praised Melissa’s resilience, noting that her ability to fight back was what he wanted to see.
