Cinnaholic strikes deal on 'Shark Tank'
by Eric Schroeder
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BERKELEY, CALIF. — It appears Cinnaholic’s May 9 appearance on ABC’s reality show “Shark Tank” worked. The vegan bakery received a deal from one of the investors, known on the show as “sharks,” to expand the business on-line.
Owners Florian and Shannon Radke negotiated a $200,000 investment for 40% of the company from investor Robert Herjavec.
“Our appearance on the show afforded us the ability to bring our passion to entrepreneurs across the world,” Mr. Radke said. “With a chance to give a taste of why we love our brand to a large audience, we couldn’t be more grateful for the opportunity to get in front of the Sharks. When we opened our bakery in 2010, we never dreamed of the day we would be in front of billionaire entrepreneurs pitching our idea, but it happened. Although the Sharks chose to make a deal on the mail-order portion of our business, we understand the need to have additional Cinnaholic locations to meet the needs of our customers. With that in mind, we are ready to expand Cinnaholic through franchising.”
Mr. Radke said Cinnaholic plans to expand the concept to 100 units in the next five years.
“We have proof of concept with our flagship store in Berkeley, and we are ready to replicate that success for those interested in becoming franchise partners,” Ms. Radke said. “We are seeking franchise partners who are passionate about owning their own Cinnaholic. As a part of our team, our partners will have access to a wide range of support tools that include public relations, marketing, customer service and sales training.”
In addition to being 100% vegan, Cinnaholic cinnamon rolls are dairy-free, lactose-free, egg-free and cholesterol-free.
“Since the show aired, we have been inundated with leads from entrepreneurs around the world interested in opening their own Cinnaholic,” said Spencer Reid, vice-president of development for Atlanta Franchise Group, Cinnaholic’s franchise development partner. “We are excited that the initial appearance on ‘Shark Tank’ garnered such a response and are looking forward to speaking to entrepreneurs looking to make Cinnaholic a household name in their community.”
For more information, visit www.cinnaholic.com