Sweetkiwi is a natural frozen yogurt brand that was founded by Ehime Eigbe in 2011. The company offers six flavors of frozen yogurt that are made with natural ingredients, such as protein, probiotics, fiber, and superfoods.
Sweetkiwi products are available in over 2,000 retail stores across the United States, including Whole Foods, Walmart, and Kroger. The company also sells its products online through its official website.
How Sweetkiwi Started
Ehime Eigbe is the founder and CEO of Sweetkiwi. She was born and raised in Nigeria, where she developed a love for yogurt. She moved to the United States to pursue her education and career. She graduated from London Metropolitan University with a Bachelor of Arts degree and worked as a bankruptcy referral litigation specialist at Citigroup.
However, she was not satisfied with her job and decided to follow her passion for yogurt. She quit her job and moved back to Nigeria, where she noticed a lack of yogurt options in the market. She started making her own yogurt at home and giving out free samples to her friends and family.
She received positive feedback and decided to launch her own yogurt brand in 2011. She named it Sweetkiwi, after her favorite fruit. She opened her first store in Lekki, Lagos, and soon expanded to other locations in Nigeria. She also participated in various events and festivals to promote her brand and attract customers.
She won several awards and recognition for her yogurt, such as the Best Frozen Yogurt in Nigeria by the Nigerian Customer Service Awards and the Best Dessert in Nigeria by the Taste of Nigeria Awards.
How Sweetkiwi Entered the US Market
In 2018, Ehime decided to take her brand to the US market, where she saw a huge potential for growth. She moved to Washington, D.C., and started looking for ways to distribute her products. She faced many challenges, such as finding the right suppliers, packaging, and retailers.
She also had to compete with other established yogurt brands in the US. She managed to overcome these obstacles and secured a deal with Whole Foods, which agreed to carry her products in 40 stores in the Mid-Atlantic region.
She also partnered with other retailers, such as Walmart and Kroger, and expanded her distribution to over 2,000 stores nationwide. She also launched her e-commerce platform, where customers can order her products online and get them delivered to their homes.
How Sweetkiwi Appeared on Shark Tank
In 2023, Ehime and her husband, Michael Akindele, who is also the director of the company, appeared on the 14th season of Shark Tank, a popular reality TV show where entrepreneurs pitch their businesses to a panel of investors, or sharks, in hopes of getting a deal.
They asked for $250,000 in exchange for 5% equity in their company, valuing it at $5 million. They presented their products and their story to the sharks and offered them samples of their yogurt. They also shared their sales figures and projections, which impressed the sharks.
However, the sharks also questioned their valuation, which they thought was too high. They also wondered about their differentiation, their margins, and their scalability. They also expressed concerns about the competition and the seasonality of the yogurt market.
After some negotiation, Robert Herjavec, one of the sharks, offered them $250,000 for 16% equity in their company, lowering their valuation to $1.56 million. Ehime and Michael accepted the offer and made a deal with Robert.
How Sweetkiwi Grew After Shark Tank
After appearing on Shark Tank, Sweetkiwi received a lot of exposure and publicity. The company saw an increase in sales and demand for its products. The company also expanded its product line to include dairy-free frozen yogurt bars, which are vegan, gluten-free, and low in sugar.
The company also added new flavors, such as mango, strawberry, and chocolate. The company also continued to grow its distribution network and partnered with more retailers, such as Target and Costco.
The company also increased its online presence and improved its customer service. The company also received more awards and recognition, such as the Best Frozen Yogurt in America by the American Frozen Yogurt Association and the Best Dessert in Washington, D.C. by the Washingtonian Magazine.
The company also benefited from the guidance and mentorship of Robert Herjavec, who helped them with their strategy, marketing, and operations. Robert also helped them with their expansion plans and introduced them to new opportunities and contacts.
Sweetkiwi’s Net Worth and Revenue
According to various sources, Sweetkiwi has an estimated net worth of around $4 million as of 2024. The company has earned most of its fortune from its sales and endorsements. The company is currently under a one-year, $4.25 million contract with Robert Herjavec, which will pay them an annual salary of $4,250,000 for the 2023-24 season.
The company’s career earnings in the yogurt market are estimated to be over $50 million. The company’s annual revenue is estimated to be around $530,000 as of 2024.
The company has seen a steady growth in its revenue over the years, thanks to its loyal customer base and its expanding distribution network. The company’s profit margin is not publicly available, but it is likely to be high, given its low production costs and high retail prices.
Conclusion
Sweetkiwi is a successful and innovative yogurt brand that has made a name for itself in the US market. The company has proven its quality and taste with its natural and healthy ingredients and its variety of flavors.
The company has also shown its resilience and adaptability with its expansion and diversification strategies. The company has also leveraged its appearance on Shark Tank to boost its exposure and credibility.
The company has also partnered with Robert Herjavec, who has helped them with their growth and development. Sweetkiwi is a rising star in the yogurt market and a role model for many aspiring entrepreneurs.