FunBites, a company founded by Bobbie Rhoads, gained widespread recognition after appearing on Shark Tank in 2014. The company offers a unique food cutter tool designed to help parents make meals more fun for children by cutting food into bite-sized shapes.
After securing a deal with Lori Greiner, FunBites experienced significant growth and success. As of now, FunBites is valued at $1.4 million and generates an impressive $2 million in annual revenue.
The Idea Behind FunBites
Revolutionizing Mealtime for Kids FunBites was created to make mealtime more enjoyable for children. The product is a simple yet innovative tool that allows parents to cut food into fun, bite-sized shapes, such as stars, hearts, and squares.
The concept was born out of Bobbie Rhoads’ desire to help parents encourage healthier eating habits by turning meals into playful and engaging experiences.
The product’s design aimed to tackle the common challenge of getting kids to eat certain foods by transforming ordinary meals into something visually appealing.
With the popularity of themed lunches and the increasing demand for unique kitchen gadgets, FunBites found its niche in the market.
FunBites on Shark Tank: The Big Break
In 2014, Bobbie Rhoads appeared on Shark Tank to pitch her idea for FunBites. She asked for $75,000 in exchange for a 20% equity stake in her business.
After presenting the product and demonstrating how it worked, Rhoads quickly captured the interest of the Sharks.
Lori Greiner, known for her expertise in consumer products, saw the potential in FunBites and made an offer. She agreed to invest $75,000 for 25% equity in the business, which Rhoads accepted.
This deal helped FunBites gain the credibility and financial support it needed to scale its operations and reach a larger market.
Growth After Shark Tank: Expanding and Partnering
Expanding the Product Line
Since its appearance on Shark Tank, FunBites has continued to expand its product offerings. The company has introduced various designs and sizes of its food cutters, catering to different types of food and preferences.
The brand also branched out by creating new kitchen tools and accessories to complement their original product.
Retail Success
One of the most significant achievements for FunBites post-Shark Tank has been its partnerships with major retailers.
The company secured retail placements in large chains like Target and Walmart, making its products accessible to a broader audience.
Additionally, FunBites has made appearances on QVC, further raising its profile among consumers.
Licensing Deals and Collaborations
Another milestone in FunBites’ growth came through licensing agreements with well-known brands like Disney.
These collaborations allowed FunBites to expand its reach into the children’s market and offer themed products that appeal to younger audiences.
FunBites Net Worth and Revenue
As of now, FunBites boasts an estimated net worth of $1.4 million. This valuation reflects the company’s successful run since its appearance on Shark Tank.
With annual revenue reaching $2 million in 2023, FunBites has proven to be a lucrative business in the competitive kitchen gadget market.
The Founder: Bobbie Rhoads
Bobbie Rhoads, the founder of FunBites, has a background in Psychology, Business Management, and Marketing.
Before starting her own business, Bobbie worked at Revlon for nine years in a world of marketing and brand development. She combined her professional expertise with her passion for creating innovative products to launch FunBites in 2011.
While Bobbie’s exact net worth remains unclear, based on the equity deal she secured with Lori Greiner, she retains 75% ownership of FunBites.
This would suggest that her personal wealth is likely well above $56,000, especially with the company’s continued growth.
