Annie Leal gives the Sharks a taste of I Love Chamoy, her sweet and tangy sauce, in Shark Tank episode 1506, the first Halloween themed Shark Tank in history. Chamoy is a sweet, tangy, and spicy Mexican sauce that people put on fruit, vegetables and drinks. She makes her sauces with cayenne pepper and ancho chiles and monkfruit as a natural sugar substitute. She describes it as “Mexican candy sauce.”
Leal was born and raised in Mexico so chamoy was a staple in her house growing up. When her dad was diagnosed with diabetes, she set out to create a sugar free chamoy sauce he could enjoy without risking his health. After 6 months or so of tinkering with different formulas, she was ready to start selling. The first 750 bottles sold out in one week after her videos about I Love Chamoy went viral on Tik Tok. Her next run was 15,000 bottles!
Her big break came when I Love Chamoy, won the grand prize for H-E-B’s Quest for Texas Best competition. Part of the prize is getting on the shelves of the more than 420 H-E-B markets in Texas and Mexico. The sauces, which come in original and mango flavor, cost $12 for a 10 ounce bottle. In addition to H-E-B, it’s available at Wal Mart and on Amazon. Annie likely wants a Shark’s help growing her brand into new market areas.
Company Information
Posts about I Love Chamoy on Shark Tank Blog
I Love Chamoy Shark Tank Recap
Annie enters with a Mariachi band playing a spooky version of the “Shark Tank Theme Song.” She’s seeking $300,000 in exchange for a 5% equity stake in her company. When she thinks of Halloween candy, she doesn’t think of chocolate, caramel or licorice, she thinks of Mexican candy. Consumers like the sweet and spicy flavors and no other thing can give you those flavors like Chamoy. Chamoy is a traditional Mexican candy sauce that’s enjoyed over fruits, vegetables, drinks and even by itself. I Love Chamoy is sugar free, carb free and calorie free.
Soon after her family moved th the USA, her dad developed diabetes and could no longer enjoy the flavors he grew up loving. This inspired Annie to create something that was missing in the market. I Love Chamoy is a love letter to her dad, her culture and her community.
Sample Time
The Sharks have three of the most popular ways customers enjoy I Love Chamoy: a fruit cup with Chamoy, a mango-lime ice cream with Chamoy and a marguerita rimmed with I Love Chamoy.The sauce is sweetened with Monkfruit. The Sharks, except for Mark who doesn’t like the heat, enjoy the samples. Kevin thinks it’s a condiment but Annie calls it “Mexican candy sauce.”
She has another product she hasn’t shown yet. Annie asks Jason onstage to break a pinata. When he finally breaks it, there are sugar free gummies inside. It’s a new product she soft launched a few months ago. They are Chamoy gummies that are spicy and sweet. She sold direct to consumer on her website the first year in business (2022) and did $550,000 in sales. Year to date in 2023, she’s done $1.3 million and expects to close the year between $3.4 and $3.8 million. The Sharks are impressed. All the sales except for $30,000 are from the sauce. She does no advertising, just social media posts. She has half a million followers across her social channels.
Who’s In?
She’s in about 450 retailers: HEB in Texas and Home Goods. Each bottle costs $1.60-$2, she sells it for $12 on her website and she wholesales for $3.90-$4 and retailers sell it for $6-$7. Profits for 2023 are projected at $1.5 million. Her customer base goes beyond the Latino community and she wants a bigger retail footprint. No matter how big the retail footprint, she plans on continuing her social media posts.
Barbara says the social media posts don’t neccessarily transfer to retail; she’s not interested in the retail ride and she goes out. Kevin offers $300,000 for 15%. Lori says she doesn’t want to take a chunk of Annie’s business, she thinks Annie can do it on her own; she’s out. Jason is a fan of the product and he likes how she talks about her business but it’s too far afield from his expertise; he’s out. Mark says Annie is doing everything right but it’s not his taste; he’s out. Annie counters with $350,000 for 7% and Kevin says no. Kevin thinks retail is harder than Annie thinks. Kevin thinks the “big guys” can knock her off. Annie thinks 15% is too much and Kevin goes to $300,000 for 12.5%. Ultimately, Annie turns down Kevin’s offer.
I Love Chamoy Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. After the show originally aired, Annie announced she would be introducing 2 new sauce flavors: pickle and spicy watermelon. As of May, 2024, the new flavors are available on the website and Amazon. She closed 2023 with just north of $4 million in sales.
The Shark Tank Blog will follow-up on I Love Chamoy & Annie Leal as more details become available.
