Sweetkiwi, a natural frozen yogurt brand founded by Ehime Eigbe in 2011, has evolved from a small startup in Nigeria to a thriving business in the US, boasting products available in over 2,000 retail stores nationwide. Let’s delve into Sweetkiwi’s remarkable journey and explore its current net worth.
Sweetkiwi’s Roots in Nigeria
Ehime Eigbe, originally from Nigeria, nurtured a love for yogurt. Upon moving to the US for education and career pursuits, she missed the taste of her favorite dessert. Recognizing a gap in the market, she, along with her husband Michael Akindele, founded Sweetkiwi in 2011, offering delicious and healthy flavors crafted from fresh milk, probiotics, protein, and superfoods.
Sweetkiwi swiftly gained popularity in Nigeria, expanding its reach across cities despite challenges like unreliable electricity and high taxes. Despite local success, Ehime recognized the potential for growth in the US market and decided to relocate the business in 2018.
Sweetkiwi’s Breakthrough on Shark Tank
In a pivotal moment in 2023, Ehime and Michael appeared on Shark Tank, seeking $250,000 for 5% equity, valuing the company at $5 million. Although facing skepticism from the investors about valuation, scalability, and competition in the frozen yogurt market, they secured an investment of $250,000 from Robert Herjavec for 16% equity, adjusting the valuation to $1.56 million.
Sweetkiwi’s Net Worth and Future Outlook
As of 2024, Sweetkiwi’s estimated net worth is around $4 million. With an annual revenue of approximately $530,000 and a projected 20% growth rate, the company is poised for success. Future prospects include expanding the product line, forging new retail partnerships, and capitalizing on exposure gained from Shark Tank.
Sweetkiwi’s Bright Future
Sweetkiwi aligns with the rising demand for natural and healthy frozen desserts. With a unique product appealing to health-conscious consumers, the company holds a competitive edge. As the frozen yogurt market is projected to reach $2.14 billion by 2028, Sweetkiwi, led by the visionary Ehime, remains a success story that continues to inspire and delight.
In conclusion, Sweetkiwi’s journey reflects a passion for yogurt transformed into a multi-million dollar success, overcoming challenges from its Nigerian inception to becoming a prominent player in the US market. The brand’s commitment to quality, innovation, and adaptability positions it for a promising and profitable future.