Keep your Bananas fresh with Nana Hats
Nana Hats is a silicone cap free of BPA. It helps to slow down the ripening procedure of bananas. For making these silicone banana caps, a crochet hat of a different design is attached to it. With the help of this Banana Bunch looks beautiful and the freshness remains the same for a long time.
The founder Sean Adler started his mission in 2019 especially when he purchased a bunch of bananas from the grocery shop. All the bananas turned brown very soon and due to this, he had to throw them away.
Sean Adler then conducted thorough research and finally introduced Nana Hats silicone caps for bananas. He created the banana hats to keep bananas fresh for a longer period.
Most people like bananas. Banana is a kind of food that gives us various nutrients like Vitamin C, B6, and so on. For this reason, a lot of people prefer to have banana shakes after exercise as it is very good for their health.
A banana can stay fresh on a shelf for 2-3 days if we do not control the temperature of the banana. That is why Nana hats were introduced to increase the shelf life of ripe bananas.
The founder of Nana banana hats appeared in Shark Tank season 14 episode 6 along with his company and appealed to the sharks for an investment of $150K in exchange for a 10% share in his business the value of which was nearly $1.5 million.
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What Are Nana Hats?
Nana Hats is nothing but a firm that produces BPA-free silicone caps which are considered very with various kinds of crochets. Besides this, there is a small magnet on the top of the silicone caps.
Bananas can produce a natural softening material, ethylene gas which helps to ripen the bananas independently. Nana hat for bananas makes the process of ethylene gas slow and also makes the process of banana ripening slow.
You may reuse these hats and also keep them fresh for a longer period. The product is now available in over 12 hats styles along with Unicorn, Viking, Watermelon, Cheeseburger, Panda, and Pineapple.
The selling price of a Nana Hat is $12.99. If you want to purchase this product you have to pay a visit to the official website of the company. You will also get the product on Amazon.
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Who Is The Founder Of Nana Hats?
Nana Hats Company was set up by Sean Adler in 2019. The Nana Hats founder, Sean Adler is also the CEO of the company. Sean Adler pursued his education at Boulder’s Leeds School of Business from 2005 to 2009 under the University of Colorado.
After completing his studies, he served in the Financial Services industry for many years. Sean was appointed as a private client advisor for JP Morgan Chase Bank in 2010.
How did Nana Hats get started?
The founder of Nana Hats disclosed on the website of the company that it was a tough task to eat the bananas fresh before they turned brown. He applied different techniques over the years to keep the bananas fresh and yellow.
He used various things like Saran Wrap, duct tape, and tin foil. Unfortunately, he did not receive satisfactory results. Moreover, he wished to decrease his reliance on single-sex plastics.
According to Sean, he came up with the idea of Nana Hats randomly and he wrote it in his journal. From then on, the Nana hats for bananas have become a top-selling product.
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Nana Hats Before Shark Tank
One day Sean Adler purchased a lot of bananas together and they got brown and spoiled within a short time. So, he has to throw them away. From then on, Sean Adler investigated for a long time to find a solution that would help him keep the bananas fresh for a long time.
To solve this issue, Sean Adler, conducted research and development for 12 months. Then finally he was able to introduce the silicone cap product.
He had to encounter a lot of challenges at the time of conducting his research and we can not deny that he had learned a lot of things from this.
As soon as the product was manufactured, the inventor introduced a Kickstarter campaign on 24 September 2020. He had selected a goal of $3,000 in this drive but he managed to raise nearly $4,761 in funding from 148 contributors within only 60 days.
The popular TV show ‘Today with Hoda & Jenna’ featured the product. A lot of people purchased Sean Adler’s nana hats.
The founder gave an application to take part in Shark Tank for funding and finally, he got an opportunity to take part in Shark Tank season 14.
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What occurred to Nana Hats on Shark Tank?
The founder of the company Sean Adler penetrated along with his company Nana Hats on Shark Tank. He represented his banana hats on Shark Tank. Then he appealed to the sharks for an investment of $150k in exchange for a 10% share in his company.
The founder depicted his complete business idea in front of the sharks so that the sharks would be impressed and invest in his business.
The businessman uncovered the scientific reason behind his BPA-free silicone caps and how they help to keep a banana fresh for a long time.
However, the founder did not know the exact time and how many days the bananas would remain fresh after using these Shark Tank Nana hats. However, the founders declared that it would remain the same for 8 to 12 days.
The Nata Hats are sold for $12.99. The manufacturing cost of each Nana Hat is $0.95 along with the packaging cost. As of 2021, the Nana hats sales were $483,000. The founder is trying to make $600,000 every year. They get 60% of their sales from D2C Bd 40% of the orders come from wholesale.
Mark Cuban was not willing to invest in the company. But he praised the founder for making so many sales through this absurd concept.
According to Daymond John, he couldn’t become a partner of the company and after that, he left the show. Sean Adler was operating this business along with his wife full-time. He can just heckle a father.
According to Peter Jones, the business idea is indeed very good and he wanted to invest half in it. That is why they required another shark to join it.
Lori Greiner was ready to provide the rest amount and she also added to it that She and Peter together would make Nana Hats a multinational company.
Peter and Lori invested $150K together in exchange for a 30% share in the company. They both will receive a 15% share each in the company.
According to Kevin O’Leary, 30% is too much. Then he proposed a royalty contract of $150k in exchange for a 10% share in the company along with a $1 royalty per unit sold in Perpetuity.
Sean Adler then counters Lori and Peter. He was ready to offer a 15% share in his business in exchange for a $150K investment. Peter and Lori then countered again for an investment of 150K in exchange for a 20% share in the business. The founder accepted the deal.
So, in the end, Lori Grenier and Peter Jones made an investment of $150K in Nana Hats company in exchange for a 29% share in the company.
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What Happened To Nana Hats After Shark Tank?
Each of the sharks was surprised after hearing about sales of the shark tank banana hats as anyone would have thought that this simple product could be sold so much.
This product also has a very good profit margin. The founder is planning to reach the mark of $600k in sales by the end of 2022.
Lori and Peter promised the inventor that they would strive their best to turn the company into a multinational brand. Before appearing on Shark Tank, banana hats were not obtainable in the big supermarket chains which may have enhanced the sales of this derivative.
That is why, Shark Tank will make an effort to enlist this product on supermarket chains like Walmart, Whole Foods, Heb, and so on.
Due to the Shark Tank show, the sales of the company have increased incredibly. A lot of viewers on Twitter have said that they will surely buy these banana hats.
According to the judge of Shark Tank, Daniel Lubetzky, the conceit of Nana Hats is no doubt an outstanding conceit and he believes that the Americans will fall in love with this product.
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Nana Hats Shark Tank Update
The founder gave his presentation very well in front of the sharks on Shark Tank and strives his best to get a shark as his partner.
Being a very simple product, the sales of the products were not up to the mark. If any shark finds it with investing he may invest in the company.
Lori Grenier and Peter Jones partnered with Sean Adler. The founder is expecting that he will be able to generate $600k in sales by the end of 2022.
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Are Nana Hats Still In Business?
The founder has to put a lot of effort into developing his business. He indeed faced a lot of problems in the beginning but he has won over them successfully.
According to the company, the packaging material of the products is recyclable and friendly to the environment. The company has successfully shipped nearly 62% of the orders obtained on Kickstarter on 24 November 2020.
This product has managed to get a 3.5 rating on Amazon which implies that it is not so good. Nearly 45% of people gave 5-star ratings and 20% of people gave 1-star ratings for the product.
The company is headquartered in San Diego, California, United States. The founder works in this company along with his family members. So, Nana Hats is still vigorously doing business as of November 2022.
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Nana Hats Reviews
A lot of reviewers have said that Nana Hats are beautiful but they do not work as well as promoted. On the other hand, a lot of reviewers said that they found it hard to put Nana Hats on their bananas.
For instance, a verified buyer writes a review that it is overpriced. The Nana Hats are no doubt beautiful but after putting in on the stem or top of a bunch of bananas as per the given instructions, he found it hard to remove one banana at a time.
For this, he had to take off the banana hat. He also said that in case you leave the hat on and pull only one banana the top of the peels of the rest of the bananas will be broken and then they will turn brown.
Another verified buyer has said that the banana hats are indeed a very good idea but it is a difficult task to put on. The same thing happens at the time of removing the bananas.
A lot of people have given good reviews for Nana Hats. A verified buyer in October 2022 stated that he was overwhelmed after seeing the product truly working.
He had seen it on a morning news show that he relied on. He said that his bananas lasted for a long time and did not get brown.
After examining the Nana hats reviews we have understood that people have mixed opinions about Nana hats.
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Conclusion
Like every company strives a lot to become successful in the market, Nana Hats also strived a lot to stand out from the crowd. The company is still in business.
Every company has to face a lot of challenges at the beginning. Nana Hats too faced a lot of hurdles but it had successfully won over any of them.
After appearing on Shark Tank, the company managed to get a deal from Lori Greiner and Peter Jones which helped the company to grow more. Lori and Peter both helped Sean Adler to develop his business and transform his company into a global brand.
We are eager to see the company reach the top of success in the future. We hope that the company will solve all the issues the customers are facing in the upcoming days and make the product more useful to the customers.
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FAQs
What do customers think of Nana Hats?
Nana Hats have combined reviews. It has got 931 ratings on Amazon. All around, people gave Nana Hats a 3.5/5 star rating but in the value for money section on Amazon, the product has only received a 2.8-star rating.
Why does Nana Hats work?
Nana Hats is capable enough to lengthen the freshness of the bananas as the bananas produce ethylene gas naturally which is a natural ripening component. The founder designed Nana Hats’ BPA-free silicone caps to hinder the absorption of the ethylene gas and make the ripening process slow.
What Is Nana Hat’s Net Worth?
The sales report of the company is not satisfactory. But we think that the margin is relatively high as per the price of the product. As per the size of the product, it is getting sold at a very high price. Nana Hats’ net worth would be nearly $0.3 million to $0.8 million.
