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What happened to Mavens Creamery after Shark Tank?
Mavens Creamery, a company founded by sisters Gwen and Christine Nguyen, made waves when they appeared on the hit TV show “Shark Tank” in 2019. They presented a unique twist on the French macaron, transforming it into a colorful and sophisticated ice cream sandwich. The sisters were seeking a $400,000 investment in exchange for a 10 percent stake in their company. In this article, we will explore what happened to Mavens Creamery after their appearance on “Shark Tank” and how they have grown and evolved since.
Sharks’ Reactions
During their pitch on “Shark Tank,” Gwen and Christine wowed the panel of investors with their macaroon ice cream sandwiches. The sisters shared their inspiring story of their father’s hard work and sacrifice, which motivated them to become entrepreneurs in the world of ice cream. While all the Sharks were impressed with the product, concerns were raised about shelf life and production costs.
Mark Cuban praised Mavens Creamery’s ice cream sandwich as “amazing,” but expressed concern about the company’s slim profit margins. Daymond John, Lori Greiner and Kevin O’Leary also decided not to invest. However, Barbara Corcoran was moved by the sisters’ story and offered a total investment of $400,000, including $200,000 in cash and a $200,000 line of credit, in exchange for one-third of the company. The Nguyen sisters countered with a 25% stake, and Barbara agreed to the new terms.
Post-“Shark Tank” success and growth
While the deal with Barbara Corcoran did not go through after the show, Mavens Creamery continued to thrive and expand. The company went from selling its ice cream sandwiches out of a small dessert shop to mass producing and distributing its products through Safeway and other retail outlets.
Despite the challenges posed by the COVID-19 pandemic, Mavens Creamery rebounded and experienced steady growth. Their annual sales grew to an impressive $3 million, demonstrating the increasing demand for their products. In addition, the company automated its production process, reducing costs and increasing efficiency.
Product expansion and innovation
Mavens Creamery didn’t stop with ice cream sandwiches. In 2020, they introduced frozen cheesecake filling to their macaron sandwiches, offering flavors like vanilla white chocolate and banana cream alongside their Asian-inspired flavors like ube coconut. This expansion of their product line was designed to appeal to a wider audience and further fuel their growth.
One notable development at Mavens Creamery is the introduction of durian ice cream. Known as the “King of Fruits,” durian is a controversial fruit with a distinct smell and taste. Mavens Creamery has incorporated real durian pulp into its ice cream, creating a unique and intriguing flavor. Initially sold at select Costcos in California’s Bay Area, the durian ice cream received positive reviews from fans of the fruit. Mavens Creamery has also created a Facebook group to help customers find their ice cream in stores near them.
Current business status
As of today, Mavens Creamery is still in business and experiencing continued success. Their products can be found not only in Safeway, but also in Whole Foods, Vons, Kroger, Albertsons, and other retailers. The company is diversifying its offerings and currently offers eight flavors of its ice cream sandwiches, including popular options like passion fruit mango and salted caramel.
Although some customers have expressed concerns about a decline in the quality of the ice cream, Mavens Creamery has responded to these complaints and assured its customers that it is investigating the issues. Despite these challenges, demand for Mavens Creamery products remains strong, indicating significant potential for further growth in the future.
Conclusion
Mavens Creamery’s post-Shark Tank journey is a testament to the power of determination and innovation. Despite not closing the deal with Barbara Corcoran, the Nguyen sisters have successfully expanded their distribution, automated their production, and introduced new flavors to captivate their growing customer base. With a recent focus on durian ice cream and plans for further expansion, Mavens Creamery continues to make waves in the frozen dessert industry. Keep an eye out for their products in the freezer aisle of your local grocery store, as they are sure to delight the taste buds of ice cream lovers everywhere.
FAQS
What was the outcome of Mavens Creamery’s appearance on “Shark Tank”?
After pitching their ice cream sandwiches on Shark Tank, Mavens Creamery was offered a $400,000 investment by Barbara Corcoran, but the deal did not close after the show. However, the company has continued to grow and expand on its own.
How has Mavens Creamery evolved since its appearance on “Shark Tank”?
Mavens Creamery has continued to grow and expand its distribution. They went from selling their products in a small dessert shop to mass producing and selling in Safeway and other retail stores. They also automated their production process, reducing costs and improving efficiency.
What flavors and products does Mavens Creamery offer?
Mavens Creamery initially focused on their signature ice cream sandwiches with various macaron flavors. They later introduced frozen cheesecake filling to their macaron sandwiches, offering flavors such as vanilla white chocolate and banana cream. They also expanded their product line to include durian ice cream, a unique flavor made with real durian pulp.
Where can I find Mavens Creamery products?
Mavens Creamery products are available at Safeway, Whole Foods, Vons, Kroger, Albertsons and other retailers. They have expanded their distribution to meet the growing demand for their ice cream sandwiches and other frozen treats.
What is the current status of Mavens Creamery?
As of today, Mavens Creamery is still in business and experiencing continued success. They have reached $3 million in annual sales and are actively diversifying their product offerings to appeal to a wider audience.
Are there any challenges or concerns regarding Mavens Creamery’s products?
Some customers have expressed concerns about a potential decline in the quality of Mavens Creamery’s ice cream. The company has acknowledged these concerns and is actively investigating the issues to ensure customer satisfaction. Despite these challenges, demand for their products remains strong, indicating significant potential for further growth.