GoodLove Foods is rolling in dough.
The Longmont-based, gluten-free baking company bagged a $150,000 deal from Lori Greiner, the self-titled “Queen of QVC,” for 18% of the business on last week’s “Shark Tank.”
GoodLove, founded in 2021 by husband-and-wife duo Chennelle Diong and Justin Beaver, peddles frozen, ready-to-cook cinnamon rolls, puff pastry, buttermilk biscuits and pizza crust.
Each package retails for $11.99 in six stores across the Front Range, including Leevers Locavore in Denver, according to GoodLove’s website.
But Diong said 85% of GoodLove’s sales come online, where the price rises to $12.99.
“Five years out, we do want to be that grocery store staple,” said Diong, who has celiac disease.
Diong told the Sharks that GoodLove had revenue of $360,000 in the 12 months before the episode was filmed last year. She said the business was on track to exceed $500,000 in sales in 2024 and expects to do around $1.5 million in 2025, making a 20% profit on the latter.
Diong went on the ABC show asking for $150,000 for a 5% stake, seeking retail expertise and production help. GoodLove manufactures out of a 2,400-square-foot facility in Longmont, which opened in 2023, and Diong said she has cut over 80,000 cinnamon rolls herself.
Other Sharks were scared off by the high volume of direct-to-consumer purchases, which has GoodLove ship packages with costly dry ice. Diong said margins are 75% without shipping and 25% with.
But Greiner wasn’t thrown off the scent.
Her other food-related Shark Tank investments, notably Pizza Cupcake and The Frozen Farmer, are doing “millions and millions” in sales, she said on the show.
She believes GoodLove can join that group.
“I’ll get you in everywhere, and I think you need to be everywhere,” she told Diong. “My vision for you is you become known as the gluten-free brand for baking.”
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