Little Saints Hits $30 Million Revenue After Rejecting Shark Tank Offers
The company behind non-alcoholic mushroom cocktails declined investment offers on Shark Tank and has since achieved significant growth, reaching $30 million in lifetime revenue.
Little Saints, a company producing non-alcoholic mushroom cocktails, has reached $30 million in lifetime revenue. This milestone follows founder Megan Klein's decision to reject investment offers made on the reality television show Shark Tank.
Klein appeared on the season 16 premiere of the show seeking funding at a $10 million valuation. However, the investment offers presented were significantly lower than her asking price, with some investors questioning the company's category and potential. Klein ultimately turned down all offers, stating the investors' skepticism about the category did not align with her market understanding.
In the year following the show, Little Saints reportedly more than doubled its revenue, becoming the top-selling non-alcoholic cocktail at Sprouts and expanding its distribution to Whole Foods in California and Florida. The company also successfully raised over $1 million in new funding at a $20 million valuation, an increase from the valuation presented on Shark Tank.
Klein emphasized the importance of partnering with investors who share her long-term vision for the rapidly growing non-alcoholic beverage market. She noted that skepticism from investors about the category itself, rather than the company's execution, indicated a misalignment that made accepting their offers unviable for sustained growth.