Do you want to create your own custom energy bars with your personalized label? That’s exactly what Jonathan Miller’s company, Element Bars, does. He appeared on Shark Tank Season 1 and asked for $150k in exchange for 15% equity.
In the Shark Tank post, we’ll find out whether Jonathan’s company received investment from the Sharks or he had to return disappointed.
| Company Name | Element Bars | |
| Founder/Co-Founder | Jonathan Miller | |
| Founded | 2008 | |
| Product | Custom energy bars | |
| Asked For | $150K for 15% equity | |
| Final Deal | $150k for 30% equity plus 4% royalty perpetuity | |
| Shark | Kevin Harrington | |
| Episode | S1 E6 | |
| Air Date | Sep 13th, 2009 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Chicago, Illinois, United States | |
| Lifetime Sales | $10M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Jonathan gave each of the Sharks a unique custom energy bar made from different nuts, along with a personalized label. He explained how anyone can create their own custom energy bars by visiting his website.
Sales started in August 2008, and so far, 30,000 bars have been sold. By the end of the year, it is expected to reach 44,000 bars. Additionally, sales for this year have reached $50,000 so far. Apart from this, he has invested $50,000 of his own money into the business.
Kevin O’Leary declined to invest in the company as he did not believe its valuation was worth millions of dollars. Following this, Barbara Corcoran also chose not to invest, saying she did not believe it was the right market.
Daymond John offered $150k for 75% equity. Kevin Harrington want 100% ownership of the company and would give $150k in return for 4% royalty perpetuity to Jonathan.
Jonathan countered Daymond with a 20% equity offer. Robert Herjavec wanted more than 50% equity in the company, but Jonathan declined this offer.
Harrington made another offer of $150k for 35% equity plus 4% royalty perpetuity. Finally, the deal was confirmed with a 30% equity agreement.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | $150k for 35% equity plus 4% royalty perpetuity |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | $150k for 75% equity |
| Founder’s (Countered) | $150k for 25% equity plus 4% royalty perpetuity |
| Final Deals | $150k for 30% equity plus 4% royalty perpetuity |
Element Bars Shark Tank Update
During our research on Element Bars, we found that the company has stopped accepting direct-to-consumer orders and is now focusing on private label bar creation as a co-packer. This means they will be manufacturing energy bars for other companies and packaging them with the companies’ logos and labels. These companies will then sell the energy bars to customers under their own brand names.
The company is still in business and is producing more than 1,000 bars per day.
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