Season 5 | Episode 502 | EP502
In Season 5, Episode2 of Shark Tank, Lakesha Brown-Renfro, Tanecia Willis & Nzinga Tuele-Hekima approached the Sharks seeking an investment of $75,000 in exchange for 20% equity in Mango Mango, a company based in Hampton Roads, VA.
Mango Mango is a natural fruit preserve. It is created using just four ingredients; mango, lime juice, vanilla, and sugar. Mango Mango was originally offered as part of the group’s event planning business, ‘Simply Panache’. However the popularity of the dessert jam encouraged the team to ‘spin off’ their business and offer Mango Mango preserves separately.
The group had already done a bit of work in getting their product out there. At the time of the pitch it could be found in 10 retail stores throughout Virginia with more deals likely to be struck in the near future. The bulk of the sales for Mango Mango were obtained through a number of different ‘food events’ where the team was able to achieve upwards of 600 sales at a time. At the time of the pitch there was no large distribution deal in place. While the investors had indicated in the past that they do love the speciality food market from time to time with many of the most successful investments made in the Shark Tank being related to food, there were no offers made for a slice of the Mango Mango business for a couple of reasons.
The main reason for the lack of offers is the fact that investors believed that it would be very difficult to make a return on their investment. This is in part down to the fact that while many speciality food products do have the ability to enjoy mass market attention they believed that the idea of a Mango preserve was far too niche. In addition to this they were not keen on the fact that the trio were already operating another successful business in their event planning company. They believed that due to this the three would be unable to dedicate the time required to ensure that the Mango Mango product achieves success.
As Lakesha, Tanecia and Nzinga were unable to secure any offers from the Sharks they ended up leaving the Shark Tank empty handed.
Lakesha, Tanecia and Nzinga were unable to secure any offer from the Sharks awhile in the Shark Tank.