Female entrepreneur Annie Leal pitched her business, “I Love Chamoy,” on Shark Tank Season 15. It’s a gluten-free, carb-free, calorie-free, sweet, tangy, and spicy Mexican candy sauce. This sauce can be enjoyed with fruits, vegetables, drinks, popcorn, chips, and more. The sweet flavor in the sauce comes from monk fruit.
Did any of the Sharks invest in her business? Let’s find out what happened to her business and what she’s doing now.
| Company Name | I Love Chamoy | |
| Founder/Co-Founder | Annie Leal | |
| Founded | Dec 2022 | |
| Product | Mexican candy sauce | |
| Asked For | $300k for 5% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S15 E5 | |
| Air Date | Oct 27th, 2023 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Los Angeles, California, United States | |
| Annual (Revenue) | $4 Million *estimated | |
| Worth / Valuation | $6 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Annie loves her dad very much, but when she found out that he was diagnosed with diabetes and couldn’t eat delicious Mexican sauces, that’s when the idea for “I Love Chamoy” was born.
Annie asked the Sharks for $300,000 in exchange for 5% equity in her company. She also demonstrated her product and let the Sharks taste her delicious Mexican sauces.
Kevin O’Leary asked why it was called a “candy sauce” and not just a sauce. Annie explained that she grew up with it as a Mexican candy sauce.
She also revealed that she has an additional product line in the candy category. It includes a sugar-free Mexican candy with chili and watermelon flavor, which was soft-launched just a few months ago.
Mark Cuban asked about the sales data, and Annie shared that she is currently selling her product directly to consumers through her website. After launching the company in 2022, they made $550,000 in sales in the first year.
As of 2023, year-to-date sales have reached $1.3 million, and they are projected to hit between $3.8 million to $4 million by the end of the year. So far, all the sales have come from the Mexican sauce, while the candy has only made $30,000 in sales.
The best part is that 80% to 90% of the company’s sales are completely organic, driven by word of mouth online. This has also helped the company gain millions of followers on social media. Their products are available in 250 grocery stores in Texas, as well as on H-E-B’s grocery delivery platform, and in some nationwide retailers.
Annie shared that the production cost for each sauce is between $1.60 and $2, and she sells it for $12 on her official website. To retailers, it’s sold for $3.90 to $4, and the retailers then sell it to customers for $6 to $7. Annie estimates that her company’s profit for 2023 will be around $1.5 million, and she aims to expand her presence in retail stores.
Barbara Corcoran believes that a business based on social media might not do well in retail, so she is out.
Kevin O’Leary offered $300,000 but wanted 15% equity in the company. Lori Greiner said she could see consumers for the business but not a partner, so she is out. Jason Blum mentioned that he lacks experience in this industry, so he is out. Mark Cuban stated that this business is not his type, so he is out.
Annie only had one offer from Kevin, but she didn’t want to give up that much equity. She countered with $350,000 for 7% equity, but Kevin said “NO” because he couldn’t go lower than $300,000 for 15% equity.
Annie then made another counter of $300,000 for 8% equity. Kevin responded with a final counteroffer of $300,000 for 12.5% equity, but Annie declined.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Jason Blum | No Offer |
| Kevin O’Leary | $300k for 12.5% equity |
| Mark Cuban | No Offer |
| Barbara Corcoran | No Offer |
| Lori Greiner | No Offer |
| Founder’s (Countered) | $300k for 8% equity |
| Final Deals | No Deals |
I Love Chamoy Shark Tank Update
After the episode aired, the company’s sales increased significantly over a certain period. Despite not securing a deal on Shark Tank, many retailers showed interest in Annie’s products.
In 2023, “I Love Chamoy” was valued at $4 million. Recently, the company’s products have been launched in some retail stores on the East Coast.
Check out Shark Tank Season 15 Business Update.
You can see some businesses from Season 15 here.
