Who knew that oats and bananas could create great plant-based ice cream? Hannah Hong and Mollie Cha are on to something with their “nice cream” company, Must Love, and decided to pitch it on Shark Tank Season 13. Unfortunately, they couldn’t get a deal. Let’s check up on them in our Must Love update.
Shark Tank Must Love Update
- Entrepreneurs: Hannah Hong and Mollie Cha
- Business: Plant-based vegan ice cream alternative
- Ask: $600,000 for 7.5% equity
- Result: No deal
- Shark: None
Hannah Hong and Mollie Cha were best friends at college. Together, they launched their plant-based “nice cream” brand, Must Love. It uses oats and bananas instead of chemicals and creates delicious flavor profiles sweetened with fruit. Just before appearing on the show, Must Love launched a collection of plant-based sprinkles to complement the ice cream.
After sharing it with the sharks, all of them loved the taste. Even Kevin O’Leary, who usually hates the taste of vegan foods, thought the ice cream was great. Their huge valuation raised questions, though. Hannah and Mollie revealed that their year-to-date sales were $1 million, but that they were operating at a $400,000 loss.
This was a huge problem for the sharks. Even though they had shelf space in Whole Foods, Sprouts, and Costco, their in-progress seed round made the sharks step back.
Mark Cuban was the first to voice concerns, but Daymond John was the first shark to formally drop out. He didn’t think they were appreciative of the value a shark could bring. Kevin O’Leary agreed, stating that they were asking too much.
Guest shark Peter Jones had previous experience in the frozen space. The low margins and tough competition caused him to go out, too. Mark didn’t think the product was different enough, so he went out.
This left Lori Greiner. She knew the space, but it would be a conflict of interest with a deal she’d previously made. As a result, she was out and Must Love left Shark Tank without a deal. Find out how the company’s doing now in our Must Love update.
Must Love was featured in several publications before appearing on Shark Tank, so they’ll likely be alright, especially with the added exposure from appearing on Shark Tank. Currently, they have dye-free vegan sprinkles available on their website, as well as ice cream bars and treats in flavors like Double Chocolate Chip, Cashew Cookie, and Crunchy Peanut Swirl.
However, if they don’t find a way to stop hemorrhaging cash, our next Must Love update might not be a good one.
Interested in more company updates from Shark Tank Season 13 Episode 11? Find them here:
Before you go, check out our other company updates from Shark Tank Season 13 on our Season 13 products page.