Bold 'Shark Tank' founder turns down multiple offers — says ancestors told her to 'stand in your worth'
Sandra Velasquez didn't expect to walk out of 'Shark Tank' empty-handed after flooring every investor in the room with her pear cactus-infused beauty line, Nopalera. The California-based entrepreneur sought $300,000 for 5% equity in her venture. Valasquez presented the panel with her nourishing nopal bath and body line and explained that her beauty business was 100% organic. Nopalera featured vitamin-infused body scrubs, uniquely designed eucalyptus bar body moisturizers, and soaps.
Velasquez drew on her Mexican heritage and sales background to create an eco-lifestyle brand that highlighted her Latino ancestry. She revealed that her venture sprouted out of her Brooklyn apartment in 2020 at the height of the COVID-19 pandemic. The single mother admitted that her desire to start a beauty business was sparked by her experiences living in New York, raising a child, and dealing with unemployment. "So I launched in the middle of the pandemic, in November 2020, and that was $199,000. Then, in 2021—which I consider my first full year of business—$67,000 of sales, and then, year to date, so far, we are at $335,000, projected to do a million this year," Velasquez wowed the sharks with her sales figures.
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The California native went on to explain that 50% sales came from direct sales through Facebook and Instagram. The other 50% came from wholesale retailers like Nordstrom, Credo Beauty, Free People, and 350 independent boutiques nationwide. She enticed the sharks even more by informing them that a business deal with two top beauty retailers was expected to close within 30 days. However, Daymond John was the first to back out, citing that $6 million valuation was too high. Similarly, Mark Cuban dropped the deal, complaining about the valuation. "I'm going to make you an offer from your numbers, the most I could go is $300,000 for 25%," Daniel Lubetzky offered. "As you all know, this is a brand that is about self-worth, right?" Velasquez countered. She then made an offer of $600,000 for 10%, which was promptly turned down.
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Kevin O'Leary offered $300,000 for 30%, but Velasquez didn't budge. After a lot of back and forth with the numbers, she walked out without closing any deal with the sharks. However, it wasn't the end of her story, since she wanted to preserve the integrity of her business. As per Women, Velasquez explained that she stood her ground, "I walked into the tank with a deep pride for everything my parents, grandparents, and great-grandparents have gone through to get me to that moment on stage. I felt them. I heard them whisper in my ear, 'Mija, stand in your worth.'" Nopalera recorded $300,000 worth of sales in the following weeks after appearing on 'Shark Tank.'
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Furthermore, it raised $2.7 million through seed funding and is expected to expand its business globally. "400+ retailers, multiple award nominations, a seed raise, 'Shark Tank,' a pop-up store, high customer repeat purchase rate, and a growing organic customer base, all against the backdrop of a global pandemic, world wars, and a declining economy," Velasquez said while concluding.
