Tracy Bee has been chosen as the “rising star” startup for season 6 of Shark Tank Vietnam, specializing in bee-related products with its main product being green bee glue.
According to founder Le Ngoc Thu Trang, Tracy Bee is the only Vietnamese company that has exclusive access to the extraction technology of green bee glue from Apis Flora, a company based in Brazil. This product helps treat common illnesses such as coughs, colds, fevers, and infections, in the context of Vietnam ranking fourth in the Asia-Pacific region for antibiotic resistance. In Vietnam, this figure is already at 30% for children.
Founder of Tracy Bee, Le Ngoc Thu Trang, pitches on Shark Tank Vietnam season 6.
“Next year, we plan to achieve a revenue of VND 120 billion, and by 2025, it will reach about VND 200 billion. According to our development plan, we are determined to become a billion-dollar enterprise by 2030.
With the amount the Sharks are investing now, it’s not much. But I can do it. I can even do two or three times more than what I’ve said. I think the Sharks shouldn’t hesitate too much“, the founder expresses her determination in front of the “sharks”.
Thanks to Trang’s strong and persuasive pitching, Tracy Bee finally secured a commitment of $1 million from Shark Le Hung Anh for a 15% stake, even though the startup initially sought only $500,000.
Appearing on the show Beyond The Shark Tank, Shark Hung Anh commented on Trang’s personality, which helps shape the business’s character.
“She is very resolute, defends her point of view to the end, and accepts the reality that there is competition in her industry. She handles it in a smart way“, shared the CEO of BIN Corporation Group.
As for Founder Tracy Bee, she has a belief that “when running a business, we are no longer ourselves”.
“If you decide to start a startup, you have to live a different life. For me, when I began to take on the mission of Tracy Bee, strength naturally came and strengthened my character“, she said.
Founder of Tracy Bee and Shark Le Hung Anh on the show Beyond The Shark Tank.
Regarding the post-Shark Tank situation of Tracy Bee, Trang revealed that the number of customers has increased by about 20%. What’s worth mentioning is that the growth is happening in markets that the company has not yet reached, such as the northern region.
“The number of visits to our website and fanpage has increased by 400%, and this is an organic number. After the show aired, the following month’s revenue also increased by 40%. The Shark Tank effect has made more distributors start to import our products, and customers have been asking more. We have gained 4 new hospitals, 1 new distribution system, and 4 new pharmacy chains that agreed to distribute our products“, Trang explained.
Responding to the opinion that Tracy Bee’s product price is slightly higher than the market average in Vietnam and is difficult to penetrate, the female founder stated that “achieving something difficult will be more sustainable than something that everyone in the market can do”.
“Tracy Bee has a DNA of making things that have value even though they may be difficult. The audience believes that we are just a honey company, without understanding that we are a solution provider to restrict the use of antibiotics. If we say that, wouldn’t it feel like we are targeting a big market?
In the future, Tracy Bee will launch products of higher quality and more reasonable prices“, she said.
