Asked $500,000 for 5%
Doug Evans, who previously built Organic Avenue to 12 New York locations and sold it to KKR, pitched a countertop sprouting system that turns a quarter cup of seeds into five cups of sprouts in five days using only water. He took up sprouting after moving near the Mojave Desert without access to fresh produce, and the business had done $1.5 million in revenue in about 18 months with a 21% net margin in its best month. Alexis Ohanian didn't see sprouts as mainstream yet, Kendra Scott said the check was too large for her, and Lori Greiner cited a crowded market. Kevin O'Leary offered $500,000 for 25% and Daymond John matched it, then the two proposed a joint deal at 12.5% each. Evans countered at 6.5%, wouldn't go above 10% total, and walked out without a deal.
“Kevin joked that Doug had become the 'sprout guy' of Shark Tank, and Evans walked out smiling after turning down two sharks and $500,000 rather than give up more than 10%.”
- Interested
- Kevin O'Leary, Daymond John
- Out
- Alexis Ohanian, Kendra Scott, Lori Greiner
Where they are now:ThrivingFull update →
Food & Beverage companies have a 61% deal rate on Shark Tank