Kreyol Essence Partners With Kevin O’Leary
Co-founders of Kreyol Essence, Yve Momperousse and Stéphane Jean-Baptiste, came to the Shark Tank to secure $400,000 in exchange for 10% equity of their Miami-based business. Kreyol Essence is a natural skincare brand that utilizes Haitian black castor oil (also known as lwil maskriti, palma chrisiti or l’huile de ricin) to provide penetrating moisture to both skin and hair. Both Yve and Stephane feel a tremendous sense of determination to make Kreyol Essence a success as they employ over 300 people in the Caribbean. Through their business, they hope to create a blueprint for poverty elimination.
The Sharks were all impressed by the product and really liked the scents that they provided in the samples. The challenge for most of the Sharks was the amount of competition in this market as well as their lack of clinical testing to back up some of their claims around things like hair regrowth. In a surprising turn of events, Kevin O’Leary made an investment offer, but it required them to give up 37% equity in their company. Dissatisfied with this offer, Yve and Stephane reached an agreement with Mr. Wonderful. He will invest $400,000 in exchange for a royalty of $0.25 per unit sold and 5% equity share of the company.