Megan Klein pitching Little Saints Non Alcoholic Pitch On Shark Tank.
Highlights
- Megan Klein introduces her unique line of mushroom cocktails on Shark Tank.
- Little Saints came into being during the pandemic period in 2021.
- Megan received a deal from one of the prominent faces on the Shark Tank cast.
Overview
| Category | Details |
| Name | Little Saints |
| Founder | Megan Klein |
| Industry | Drinks and Beverages |
| Product | Mushroom-based Cocktails |
| Funding | Self funded |
| Investment Ask | $500K |
| Equity Offered | 5% |
| Valuation | $10 million |
Aspiring entrepreneur Megan Klein makes her way to the investors in Shark Tank Season 16 with Little Saints. This unique non-alcoholic drink offers the taste of cocktails and the benefits of plant-based ingredients with sugar-free drinks loaded with mushrooms. Megan claims it is a better pick over soda or sparkling water.
She came up with the idea in 2021 while struggling with severe alcohol hangovers during the pandemic. She hunted for non-alcoholic solutions that suited her taste but failed to find an ideal drink. A frustrated Megan then thought of making a drink from Lion’s Mane and Reishi, functional mushrooms that offered the same taste.
The entrepreneur tells the Shark Tank cast that Little Saints is a potent solution for people who want to have fun while taking care of their health. The brand offers a variety of drinks, including Ginger Cape Codder, Secret Garden, and Grapefruit Shandy.
Little Saints: What Happened On Shark Tank Season 16
Megan enters the Shark Tank new season seeking $500K at 5% equity. She presents samples starting with ‘Paloma’ some Sharks love it, others do not. St. Amber is the best seller. The bottled spirit is priced at $49.99.
She then claims to have started Little Saints on her own using her earnings through previous ventures, including a hydroponic basil farm and a plant-based salad dressing & dip brand. The total amount through the savings is a whopping $1 million. The Sharks are amazed to hear this.
Other than this, in October 2023, she raised $2.2 million in outside capital at a $6 million valuation.
Megan further tries to gauge the investors’ attention during the new Shark Tank season by claiming to have achieved a 500% rise in sales every year since 2021. Sales made in the past 12 months are a huge $5 million, which again impresses the investors.
The company has a $650K line of credit, and the customer acquisition cost is $42. The return on ad spending is above 2.5 for the year.
Since its launch, Little Saints has sold more than 1 million units, and its website currently has 80,000 orders. Additionally, it has gained a decent offline presence with a reach in more than 300 restaurants, stores, and bars across the nation.
Did Little Saints Get A Deal On Shark Tank?
Guest Shark Rashuan Williams is heavily impressed and offers $500K for 10% equity. Megan counters with $500K for 5% equity alongside a $2 million line of credit. The judges do not seem pleased with the counteroffer.
Lori Greiner interrupts and opts out of the deal, citing her lack of inclination towards sour drinks. Daymond John is the next one to exit the deal, as he is not happy with the valuation. Mark Cuban, too, is out.
Although initially hesitant, Kevin O’Leary offers a joint deal with Rashuan at $500K for 15% equity. Megan refuses to accept. Kevin then reduces his offer to $500K for 10% equity. The entrepreneur counters with $1 million for 10% equity. Kevin and Rashuan deny this. Hearing this, Mark acts surprised. Kevin hits back, saying he can do the deal at that valuation. Mark says it is just not his space.
Rashuan says the offer is a replica of $500K at 5% equity, so he will not agree to it.
After another round of discussions, Little Saints Co’s journey ends without a deal on Shark Tank season 16.
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More products from this episode! Check out other businesses that participated alongside Little Saints.
