Cave smoothie is a coconut milk-based smoothie that is devoid of dairy, gluten, and carbohydrates. It can be consumed as a snack or as a nutritious meal replacement. The business asked for $250,000 in exchange for 10% stock, which they valued at $2.5 million, on Shark Tank in Season 10, Episode 4.
The only shark to make a $250,000 offer for 20% stock was Charles Barkley. Charles Barkley’s contribution put the company’s value at $1.25 million. After changing its name to Space Shake, the company has created a successful enterprise that will generate $3 million in revenue by 2022.
With more than 3,700 Facebook likes and over 18,000 Instagram followers, they have a sizable social media following.
How Much Is Cave Shake Net Worth In 2023?
During the pitch, the company was valued at $2.5 million following Charles Barkley’s contribution, the company’s valuation was $1.25 million. The business will earn $3 million in yearly revenue in 2021. This demonstrates the increase in the company’s net value.
What is Cave Shake?
A coconut milk-based drink called a “Cave Shake” is available in three flavors: vanilla, chocolate, and coffee. It requires no preparation. Due to its lack of dairy, gluten, and carbohydrates, it is a great snack or meal replacement for individuals following a keto or Paleogenic diet.
The two longtime Los Angeles friends who founded Cave Shake are Holly Heath and Billie Cavallaro. They made the decision to give the well-known ketogenic diet its own special spin, which resulted in the development of delicious smoothies that could satiate cravings without including dairy, sugar, carbohydrates, or gluten.
By offering a ready-to-drink keto smoothie as a meal replacement choice for those following a paleo or keto diet, Cave smoothie has raised the bar for the industry.
Who is the Founder of Cave Shake?
The Los Angeles natives Holly Heath and Billie Cavallaro, founded Cave Shake in response to the rising popularity of the ketogenic diet. This diet encourages the body to reach a state of ketosis by consuming large amounts of fat while consuming a few carbohydrates.
When glucose is not available, the body uses stored fat for energy in this condition. A dessert shake called Cave Shake is produced from organic coconut milk and enhanced with Medium Chain Triglycerides (MCTs), a form of fat that is crucial for preserving good health and energy levels. It is vegan, paleo, gluten-free, grain-free, and dairy-free.
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These shakes come in three flavors—chocolate, vanilla, and coffee—and have a melting ice cream flavor. 320 calories, 32 grams of mostly saturated fat, 6 to 7 grams of carbs, and 2 to 3 grams of protein are all found in one serving of Cave Shake.
For those who are on the keto diet, these smoothies can be utilized as a meal replacement. However, a nine-pack of Cave Shake costs $71.91, or $8 for each bottle, and it is not inexpensive. However, user feedback indicates that the taste is worth the cost.
These shakes are available for purchase online, on Amazon, in Whole Foods stores across southern California, and in numerous other areas.
What Happened to Cave Shake at Shark Tank Pitch?
Holly Heath and Billie made the decision to pitch their invention to the Shark Tank investors in order to increase the reach of their product. In exchange for a 10% interest in their company, which they valued at $2.5 million, they offered the investors $250,000 during their participation in the show.
Before giving out samples of their goods, Holly and Billie put on a song and a skit to make their pitch stand out. Robert noted during the tasting that the product had an odd flavor due to the Stevia inclusion. Holly and Billie then discussed the science of ketosis before they got into the financials of their business.
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They disclosed that the price of producing and selling each container of their product was $1.86. The product was exclusively offered at specialty food stores in Southern California at the time of their pitch. In 2017 they made $270,000 in sales, while in 2018 they made $182,000 in sales.
Additionally, they had granted LA Libations, an incubator for the beverage sector, a 15% ownership stake in their business. When Kevin O’Leary enquired about the incubator’s royalty clause, Billie said that it was a percentage of sales over $10,000.
This arrangement didn’t sit well with Kevin, so he left. Robert Herjavec decided against the product because he did not enjoy the flavor and felt the branding to be unclear.
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Mark Cuban also gave up because he thought it would be too much work. Finally, Lori Greiner also withdrew, leaving only Charles Barkley as a potential investor. Holly and Billie attempted to haggle for a smaller stake when Charles made an offer of $250,000 for a 20% ownership stake in the business.
They eventually agreed to Charles’ offer after he refused to budge, sealing the transaction and departing the program with a partnership.
What Happened to Cave Shake After Shark Tank?
Cave Shake successfully competed on Shark Tank and later changed its name to Space Shake after reaching an agreement with Charles. Following the debut of the product on the show, the Keto diet experienced a boom in popularity in California.
The owners are working with their partner, LA Libations, to branch out beyond Southern California and set up an expanding infrastructure. Only Southern California presently has access to Cave Shake, but Amazon can transport it anywhere in the world. Sales of the product totaled $270,000 in 2017 and increased by $182,000 from the previous year.