On the May 20 season finale of ABC’s “Shark Tank,” one lucky entrepreneur received a six-figure deal from comedian Kevin Hart and billionaire Mark Cuban.
On the business-pitch series, aspiring business owners and entrepreneurs present their company/brand to a team of investors known as business “sharks” to receive funding.
Alexiou Gibson is the CEO of The Transformation Factory, a Black-owned and -operated business that sells edible sea moss gel. The gel helped him on his own weight-loss journey.The former NASA intern previously weighed 500 pounds by the age of 19, according to the company website. By 21, he started to develop respiratory issues, adding that a physician believed he “wouldn’t live to see 30.”
At this point, the Bahamian entrepreneur began to obsess over all things health and fitness, including consuming healthier foods and working out. During his research, he became vegan and discovered the health benefits of sea moss. The gluten-free product supports weight loss, digestion and faster metabolism, according to WebMD. It also contains nutrients such as vitamin B12, calcium, zinc and more. Eventually, Gibson lost a total of 300 pounds.
Gibson was initially offered $500,000 in exchange for 20 percent of The Transformation Factory by fellow “Shark Tank” panelist Barbara Corcoran and Hart. After Gibson made a counter offer, things turned and Hart then decided to partner with Cuban on another counter offer for a $600,000 deal at a 5 percent stake.
The company has experienced vast growth since launching in 2020, including bringing in over a half million dollars a month in sales. The 34-year-old said the company has made a 35 percent profit margin.
TTF sells glass jars of flavored sea moss sourced directly from Jamaica, sea moss capsules and raw sea moss to make your own gel.
“Our sea moss is ‘wildcrafted’ which means that we harvest it from its natural ‘wild’ habitat in unpolluted waters without the use of any type of chemical fertilizers or pesticides,” the brand’s website says.
The site was launched in February 2021, after Gibson took out ads to influence SEO traction and increase more traffic. After only 11 months of business, the brand reportedly earned $3.5 million in revenue — including $1.4 million in profit.