Whatever Happened To Gatsby Chocolate From Shark Tank?

From edible stickers aimed at helping picky eaters eat better to thinly sliced jicamas designed to be used as wraps, "Shark Tank" has seen all sorts of purportedly healthy alternatives to otherwise unhealthy everyday foods throughout the show's more-than-a-decade run. And so it's not that surprising when product substitutes get featured on the show now and then. Take, for instance, Gatsby Chocolate. This supposedly healthful alternative to regular chocolate promises the same decadent taste, but with way fewer calories, fats, and sugar. In theory, the snack bar is a gold mine for its inventors what with all the healthy diet trends floating around.

However, the startup's co-founders, Ryan and Doug Bouton, admitted that a missing puzzle piece in their marketing and operations was likely causing their product to underperform in the market. In search of that missing piece, the two entered the tank in "Shark Tank" Season 15, hoping that a Shark or two could help resolve their problem. Their primary goal was to lure the Sharks to their asking price of $500,000 for 5% equity, placing their company's valuation at $10 million. They brought samples for every flavor of their Gatsby Chocolate, as well as promising background information about their startup, such as its $2.5 million in sales from the previous year — but was this enough to land a deal with the Sharks?

Brothers Ryan and Doug Bouton kicked off "Shark Tank" Season 15 with an interesting pitch for the Sharks: a 5% slice in their chocolate startup, with a brand name inspired by "The Great Gatsby." According to Doug, they thought naming their company Gatsby was a good way to emulate their product's premium decadence and indulgence. Unfortunately, the Sharks felt it wasn't fit for the brand. They also felt the packaging badly needed a rework. Other than that, they were sold on the product's taste, especially after trying the samples for the Fudge Brownie, Peanut Butter Madness, Cookies and Cream, and Dulce De Leche flavors.

Since Gatsby was already available at Walmart, Safeway, Albertsons, and Sprouts, the co-founders were proud to share that they had made $2.5 million in sales in the previous year. They were projected to earn just under $2 million in 2023. However, things weren't all good for the startup at the time. The bars were retailing for $3.99 each and wholesaling at $2.70. Each bar cost $1.90 to make, so they weren't making money at all. In fact, they admittedly lost $3.5 million in 2022. 

Despite these numbers, Kevin O'Leary and Lori Greiner made separate offers. The former was willing to give the $500,000 as venture debt for 12% equity, while the latter offered $250,000 for 25% equity, plus the other $250,000 as a loan with 6% interest. After some discussion, however, Greiner decided to team up with Mark Cuban. The Boutons then said yes to the dual offer from Greiner and Cuban of $500,000 investment, with half as a loan and half as equity for 20%. The Sharks also required an additional 5% equity for each of them once sales reached $10 million, plus another 5% each when they crossed the $50 million mark.

Dark chocolate is already considered healthier than other chocolate types, but for people not fond of its bitter taste, Gatsby Chocolate offers the indulgent sweetness of regular chocolate guilt-free. That said, landing a deal with two Sharks is supposed to give the brand a massive boost in market presence and sales. Ryan Bouton even told CNBC Make It after their "Shark Tank" episode aired that they were thrilled to partner with both Mark Cuban and Lori Greiner and learn ways to draw more attention to their brand. Sadly, it seems the deal never closed between the brothers and the Sharks, which is not unusual, knowing many deals on the show never materialize after their episodes air. According to Forbes, this is mostly due to the Sharks asking for different terms outside of the show.

Despite not closing the deal, Gatsby still got to experience the "Shark Tank" effect, which is the sudden increase in demand for the products featured on ABC's hit, business-centric show. Shortly after its episode aired in September 2023, its chocolates went out of stock. The company announced on Instagram a month later that it had officially restocked its supplies at Walmart. Then, for a while, Gatsby Chocolate became the most sought-after product from its season on "Shark Tank." The company kept the ball rolling by releasing new flavors. Doug also teased via The Local Moms Network blog that other products were in the pipeline.

Gatsby Chocolate is no longer in business. Given how much the Sharks raved about it after tasting its products, it's hard to imagine how such a promising brand could fall off in a span of months. Its case may not go down as one of the biggest food flops in "Shark Tank" history, but it's definitely one of the most noteworthy ones in recent memory. For one, the company had snagged two of the most successful Sharks, who have done terrific jobs at building up successful brands such as Scrub Daddy, Everlywell, BeatBox Beverages, and Dude Wipes. 

Another thing: Gatsby Chocolate was already available at more than 6,000 points of distribution nationwide before filming for the episode even happened, so it wasn't really starting from scratch. It's not clear exactly what went wrong, but perhaps the company's failure to close the deal with the Sharks put a strain on its finances and operations. After all, Ryan and Doug Bouton did admit that their cash flow was nonexistent at the time they were seeking an investment. As of late, Gatsby Chocolate's Amazon Store is still up, but all of its products are unavailable to order. The company's Instagram page hasn't had a new post since October 2024.

Despite being siblings, Ryan and Doug Bouton went their separate ways in the aftermath of Gatsby Chocolate's shutdown, or at least that's what we're getting based on their online tracks. Ryan updated his LinkedIn profile to indicate that he left his position as chief marketing officer at the chocolate startup in February 2025 after four years with the company. Three months later, he moved on to the pioneering dog nutrition firm PawCo Foods, where he currently serves as head of growth. It's worth noting that before joining his brother in launching Gatsby, Ryan had an acting stint, which resulted in him appearing in at least three films.

Meanwhile, Doug's LinkedIn still identifies him as the founder and CEO of Gatsby, suggesting that he most likely hasn't updated his profile yet. His account also states that he is the CEO of Halo Top International, the global company managing the Halo Top ice cream brand, which Doug co-founded with his pal and fellow lawyer Justin Woolverton in January 2013 and sold to Wells Enterprises Inc. in September 2019. Doug has been the CEO of the international arm of Halo Top, which is based in Chicago, since October 2019.