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On Shark Tank, one entrepreneur brought in something that no one had ever seen before. These were Nana Hats and they were hats for bananas. This had the sharks interested in the unique idea as the entrepreneur sought financing for their company.
Here is a look at the Nana Hats on Shark Tank and where you can buy them.
What are Nana Hats on Shark Tank?
Sean Adler is the man who created the Nana Hats. He called himself the King of Banana Preservation and wanted $150,000 for 10% equity of his company. This would give his company a $1.5 million valuation. This led to the sharks wondering how the Nana Hats sold and what his business looked like up to that time.
The way these work is that the Nana Hats are cute little hats that a person attaches to a silicone cap. They then put these hats over the stems of the bananas, and Sean says that this will keep the bananas fresher longer than normal.
When asked, Sean said he generated over $400,000 in gross revenue in 2021 and those numbers were expected to rise in 2022, with a projected $600,000 in revenue. This meant a net profit of 33%, or $200,000. Around 60% of his sales came from direct-to-consumer selling.
Mark Cuban dropped out, but Peter Jones wanted to strike up a deal. He wanted someone to partner with him though. Lori Greiner agreed and the two of them offered $150,000 for 20% equity. Kevin O’Leary then offered $150,000 for 10% equity with a $1 royalty in perpetuity.
This gave Sean a lot to think about. He finally accepted the deal from Peter and Lori on Shark Tank.
Where can you buy Nana Hats from Shark Tank?
Nana Hats promises to keep bananas looking fresher for longer with the world’s first banana preservation device. All you have to do is attach the silicone cap to your favorite Nana Hat and the bananas will look stylish and last longer. This works by inhibiting the ethylene gas naturally emitted by fruits, which causes them to ripen.
As most of the sales had been via direct-to-consumer, there is a website where people can buy the Nana Hats. There are a ton of options, from monkeys and an octopus to unicorns, Vikings, and more. They run $10.99, which is a markdown from $12.99. The hats come with a standard-size silicone cap, which is best for bunches of 1-3 bananas.
There are also two wholesale platforms that Nana Hats partnered with. People can buy them from both Faire and Tundra to get their little banana-sized hats to keep their fruit fresher longer. You can also find them on Amazon for the same price as the website.
What were your thoughts on Nana Hats on Shark Tank? Would they be something you would be interested in buying? Let us know your thoughts in the comments below.