Doatnut Founder Bags A Shark Tank Deal From Mark and Lori
Highlights
- Doatnut made its Shark Tank entry in the third episode of the sixteenth season.
- The company offers healthy donuts made up of the most natural ingredients.
- Impressed by the product taste and business vision, Mark and Lori offered a deal to Doatnut.
The third episode of Shark Tank Season 16, featured some creative products. The ones that bagged deals were successful due to their founders’ entrepreneurial skills. Doatnut was one such product that won over the judges with its founder’s passion and determination.
Baker cum entrepreneur Kimy Aguirre turned a falling deal into a win with her confidence and convincing skills. While the Shark investors were not keen on making an investment, she shared her backstory and future goals, which left an impression on them during the last few minutes of the pitch.
How did Doatnut Pitch Impress the Sharks?
Hailing from Oceanside, California, aspiring entrepreneur Kimy Aguirre approached the investors with Doatnut in Shark Tank season 16. As the name suggests, it offers delicious sweet treats, which Kimy claims to be healthy versions of a guilty pleasure. She sought $100K for 10% equity in the company.
To make the pitch impactful and keep the Sharks engaged from the beginning, she started by highlighting the pain area of Americans struggling with salt, fat, and sugar addiction. Kimy then added that people fail to find a sugar-free, gluten-free, and dairy-free diet that offers a good taste.
Against this backdrop, the entrepreneur presented Doatnut as an ideal solution. Its mouth-watering delicacies contain no dairy, no gluten, and less than one gram of sugar found naturally in sweet potatoes. She then went on to discuss the ‘magic’ ingredient and her ‘little pink store.’
According to Kimy, the low-calorie donuts have just 90 calories. Unlike similar offerings in the market, their ingredients are limited. The entrepreneur revealed that the ‘magic’ of the product lies in organic groats, which are oats in their purest form.
Thus, her ingredients are sourced from the farms and tested for gluten. After this, they are packed and shipped to her ‘little pink store,’ where she mills it into fresh oat flour.
How Did Doatnut Win Over Mark And Lori?
Doatnut earned praise from Mark Cuban and Lori Greiner for multiple reasons. First, the taste was great. Second, the entrepreneur was ready for all questions related to the product, including the ingredients. Third, she was thoroughly prepared for any doubts they had related to the business figures.
Mark and Lori were so impressed that they offered a joint deal to Kimy. Here is how it all happened:
Kimy presented samples of the brand’s most popular flavor—Churro, a cinnamon-based Donut. All the investors loved its taste and smell. When Lori inquired about its moist texture, Kimy said that she uses Monk fruit as a sweetener, which makes it a bit moist.
The entrepreneur then stated that she had launched Doatnuts in 2022. When Lori asked about its five main ingredients, she listed out groats, sweet potatoes, egg whites, Monk fruit, and baking powder.
The cost of making it is 70-80 cents, and it is then sold in retail for $3.50. Mark felt the price was lower than it should have been. Kimy then revealed that sales from 2021 to the time of her Shark Tank appearance were $350K. Additionally, in 2024 alone, they are $50K.
While the other investors were sharing their views with Kimy, Mark stepped up and had a secret discussion with Lori Greiner. Mark wanted to know if the entrepreneur had any debt. Kimy revealed she had $70K in debt. Lori interrupted, saying this was her niche area and that she could help her the right way.
She further said that she had not eaten donuts in the past 20 years. But the taste of Kimy’s ‘Doatnut’ was so great, and all of its ingredients were so healthy that she was compelled to make an offer. Mark, too, was highly impressed and was keen on making a joint offer with Lori.
View this post on Instagram
The Final Deal For Doatnut
Kevin O’Leary liked the product and said he would be a customer. But he refrained from investing as he felt it was a great product that lacked a good business plan. Daymond John and Kendra Scott admired her passion but did not invest as they did not have expertise in the area.
The only two Shark investors who showed interest in making an offer were Mark and Lori. Showing their excitement, they made an offer of $150K for 30% equity. Kimy countered with 20% equity (10% for each of the two investors).
Mark said he would help her pay her debt with a revised offer of $200K for 30% equity, 15% each for the Sharks. Kimy happily agreed to the deal.
Conclusion
The Doatnut pitch by Kimy Agguire on Shark Tank Season 16 was an ideal example of a great product combined with the correct entrepreneurial spirit. Her clear vision, amazing product taste, and business awareness together helped her secure an impressive deal from Mark and Lori.
Kimy was able to turn her challenging pitch into a success by addressing the pain areas of Donut lovers and understanding the market potential.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
Speak Your Mind