Brazi Bites has a net worth of $57 million. Considered one of the most successful products to ever appear on Shark Tank, Lori Grenier invested $200k in the company for a 16.5% equity.
Brazi Bites Net Worth
| Net Worth | $57 Million |
| Annual Revenue | $31 Million |
| Profits | $6.9 Million |
| Lifetime Sales | $210 Million |
| Employees | 25+ |
| Investor | Lori Grenier |
| Shark Deal | $200k for 16.5% |
Sales Revenues
When Brazi Bites appeared on Shark Tank in 2015, their annual sales stood at $1 million. After Lori Grenier’s investment, the product expanded into 2,000 more retail stores. She also helped them reduce manufacturing costs.
Hold your breath because, during the next 12 months after the episode aired on TV, Brazi Bites generated an astronomical $10.6 million in revenues.
As on today, Brazi Bites monthly sales are north of $300k. The product is now available in 5,000 retail stores and sold in over 28 countries.
Profits for Lori Grenier
After Scrub Daddy, Brazi Bites can be considered as Lori’s most profitable Investment in terms of return on investment. She invested $200k and to this date earned $4.5 million in profits. Lori Grenier’s 16.5% equity is today valued at $9.50 million.
Founders
Cameron and Junia made big bucks from the company’s success. They bought a 6-bedroom luxury mansion in Florida for $3.7 million. They also invested in many startups.
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Shark Tank Pitch
Cameron and Junea entered the tank seeking a $200,000 investment in exchange for a 10% equity stake.
During their presentation, Junea shared her background growing up in Brazil and highlighted that her favorite food was absent from American store shelves.
In the preceding year, Brazi Bites achieved sales totaling $600,000. The sharks were genuinely impressed by these figures, and the majority of them expressed keen interest.
Response from the Sharks
Daymond John proposed investing $200,000 for a 25% stake, while Kevin O’Leary suggested the same $200,000 for a 20% equity share.
In response to its gluten-free nature, Lori offered $200,000 for a 25% stake, prompting Kevin to adjust his offer to $200,000 for a 15% equity position.
However, Cameron then revealed to the sharks that they had accumulated $200,000 in debt related to their baking equipment, with their co-packer holding a 50% stake in the business due to this investment.
As a result, Robert Herjavec chose to exit the deal, and Mark Cuban followed suit, as he believed the potential reward didn’t justify the associated risks.
Nonetheless, Cameron and Junea ultimately approached Lori with a request to lower her equity stake to 15%. Lori initially proposed 16.5%, and they agreed to her revised offer.