‘Shark Tank’ founder brings sweets inspired by diabetic dad, but turns down $300K offer for one valid reason
Mark Cuban may have bid farewell to the high-stakes arena of 'Shark Tank,' but his legacy continues to inspire many. Known for his direct yet accurate remarks, Cuban was especially celebrated for supporting passionate founders, often offering honest feedback while encouraging their passion. However, there have been moments when Cuban genuinely admired a product but still chose not to invest. In one such instance, he could be seen gushing about a business yet ultimately walked away, and his reason made total sense.
In a 'Shark Tank' Season 15 episode, Annie Leal's company, I Love Chamoy, grabbed major attention, with Cuban even calling her business "perfect." Leal, who founded the zero-calorie, sugar-free chamoy brand in 2021 to help her diabetic father, built a booming business with $1.3 million in year-to-date sales and nearly $4 million projected for 2023, per CNBC. Despite being the sole employee and running the company with a small team of contractors, Leal had amassed over 422,000 TikTok followers, with viral videos fueling her brand’s success.
Leal confidently pitched her brand, I Love Chamoy, asking the Sharks for $300,000 in exchange for 5% equity to help expand her footprint in retail. "The money, and an investor's sage advice, would help me make a bigger footprint," she told them. Cuban was highly impressed by Leal’s hustle and strategy. "Annie, you've earned that spot right there," he said. He further added, "You're doing everything right. You've gone social. You didn't just do it like a traditional consumer food product. Everything's perfect." However, despite his praise, Cuban backed out, saying, "It's not my taste… I just couldn't be out there saying, 'It's a great product, but it's not great for me'… I'm out."
Lori Greiner and guest Shark Jason Blum also passed, with Blum saying, "You're doing great, you don't need us." Barbara Corcoran added that she didn't want to join the "retail ride," so she too opted out. That left Kevin O'Leary, aka Mr. Wonderful, who expressed concern about competition in the food space, saying, "There's enough risk in this deal because the big guys in this space can easily knock you off." He then offered Leal $300,000 for 15% equity.
The other Sharks weren't pleased with Blum calling O'Leary "brutal," and Cuban shouted, "Stick to your guns!" Leal countered with 8%, but O'Leary's final number was 12.5%. Ultimately, she declined the deal. "That was a bloodsucking offer that Kevin made," Leal said backstage while adding, "His ask, 12.5%, was just way too high." Notably, after 'Shark Tank,' I Love Chamoy experienced a surge in traffic and sales across its website, Amazon, TikTok Shop, and H-E-B stores. In mid-2024, the brand expanded into select HomeGoods locations, per Shark Tank Update.
Founder Leal improved the product by removing artificial red dye in favor of hibiscus and introduced new flavors like pickle and spicy watermelon. The company closed out 2023 with over $4 million in revenue, proving that Leal's instincts and marketing savvy paid off, even without a Shark deal. Her strong social media presence continues to grow, helping to keep the brand in the spotlight. For fans and new customers alike, the company also offers a 15% discount through a referral club on its website, adding another incentive to stay connected.
