What happens when a 69-year-old retiree steps into the Shark Tank? Jenny Holten did just that. Bringing her gluten-free bakery business called Strange Grains right in front of the Sharks.
She was looking for a 10% stake in her company and help to keep on growing. Was she successful in her pitch to the Sharks? Let’s find out!
What are Strange Grains?
Strange Grain is a bakery in Perth that’s specialized in gluten-free items. Their flagship products are the different kinds of bread.
The business was founded in 2011. Owner Jenny Holten decided that there aren’t any great artesian bakeries around. Especially non that are great gluten-free bakeries. With her previous experience in gluten-free baking, she decided to create her brand, thus Strange Grains was born.
The original product of Strange Grains is of course the delicious bread. Jenny Holten experimented and researched tirelessly until she created the perfect gluten-free natural bread.
Her approach is highly successful. Strange Grains is a frequent winner of awards even against ‘normal’ bread which is very surprising. As we all know gluten-free bread can taste quite different.
Who is Jenny Brathwaite Holten?
Who is the brain behind the brand? Why did Jenny Brathwaite Holten decide it’s best to take on the Shark Tank for extra funding? Read on to find out!
Jenny Brathwaite Holten, or Jenny Holten, as she is usually called, is a retired anthropologist. She’s someone that suffers from coeliac disease.
In layman’s terms: she can’t eat gluten. Or rather she can, but it causes all kinds of problems for her digestion.
It’s a disease that people can live with if they keep the diet. After not finding a proper bakery to get dietary products Jenny Holten developed her bread recipe.
This same recipe is the founding stone of Strange Grains. The retired Jenny Holten didn’t expect much success but her delicious bread was a real winning product.
What happened at the Shark Tank?
Jenny Brathwaite Holten decided to try her luck with Strange Grains at the Shark Tank in 2017. She went to the show looking for a small investment and above all guidance.
Her business was very successful. However, she felt like it wasn’t a very modern or very professional business. She felt the need for some outside help.
One memorable sentence from here before she went on to appear on Shark Tank was: “I don’t know what a CEO is but I think I need one”. What a statement from the actual owner of a successful business.
What kind of investment did Jenny want?
Jenny asked for a $350,000 investment. It might sound a lot but she told the Sharks that it’s only a 10% stake in the business. She had already grown the bakery to $3,500,000 at the time.
The Sharks were thoroughly amazed by Strange Grains. They couldn’t believe how this 69-year-old woman from Perth can be the supplier for some of the best restaurants around the country.
Sharks loved to hear the fact that there is a huge profit in her business. A loaf of bread sells for approximately $15 while costing less than $2 to produce.
Also read: what happened to Hamdog
Did any of the Sharks invest in Strange Grains?
The room got heated when Jenny dropped the numbers. $1,000,000 in profit the past year and possibly double by the end of this one. Everyone was impressed.
Regardless, after consideration 4 of the 5 sharks decided not to pursue an investment in the business. But you only need one Shark. In Strange Grains’ case, it was Naomi Simpson.
There was just one spin on the deal. Naomi didn’t want to spend $350K for a 10% slice. She wanted to get a 25% stake in the company for the money.
Jenny started thinking about the possibilities over and in the end, decided to take the deal.
What happened to strange grains after the shark tank?
Naomi Simpson was looking forward to a great investment with superb returns. There was just one problem!
Jenny Brathwaite Holten changed her mind. That’s right! She decided not to make the investment and continue the business on her terms.
Maybe she was only looking for some marketing? Hard to tell but one thing is sure. The publicity gained for Strange Grains was sensational.
Everyone suddenly wanted to shop at Strange Grains and the business went on booming. Jenny moved into a much bigger factory to keep up with the demand meanwhile maintaining the artisan status.
Even today here products and shops are a favorite in the country. There can hardly be a day when Strange Grain doesn’t sell out.
Strange Grains Net Worth in 2021?
The net worth of Strange Grains is over $5,000,000 today. Jenny is working hard to grow the business and she does it with success.
Strange Grains’ net worth in 2021 is about over $5,000,000 at the end of 2021.