What Happened To Nardo's Natural After Shark Tank?
The Mastronardos asked for a $75,000 investment in exchange for 12% equity in their family business. During negotiations, billionaire Mark Cuban was the first Shark out due to the lack of demand for their products. Fashion founder Daymond John initially supported the brothers, as he shared that he got his start with three business partners as well. However, he felt it was too early to invest — he was out.
Finally, real estate mogul Barbara Corcoran showed interest in joining the Nardo brothers, but not before offering up some critique. First, Corcoran called out their exaggerated projections, in which they placed Nardo's Natural $4.8 million in sales over the next two years. She also wasn't a fan of the brand name, which was a spin-off of their family surname. Despite these criticisms, overall she was impressed by their drive.
Corcoran once shared what she looks for in entrepreneurs before investing, which rings true in the case of the Mastronardo brothers. "I've never seen a young entrepreneur succeed without great naivety," she told the business owners during their pitch. The angel investor made a counteroffer: $75,000 in exchange for 50% of the company. In addition to the large equity, there was another catch — they must change the brand name. The brothers eventually agreed to her terms and accepted the offer.