Electra We all know that the sports beverage industry is a billion-dollar industry that is ruled by the most popular sports drink in the world, Gatorade. In an enterprise conquered by a giant, who better contest the incumbent than a brand started by a champion athlete?
The new competitor coming to the industry is Electra which is a sports drink brand introduced by former WNBA player, Fran Harris. Electrais an all-natural sports hydration drink company that was represented in Shark Tank season 12 episode 9.
The inventor of the Electra Drink company appealed to the sharks for an investment of $350,000 for which she was ready to give up a 20% stake in her company. Electra is such a type of drinks company that is popular for making hydration drinks.
Do you know the valuation of the hydration drinks market? It has a market value of USD 15.2 Billion which is rising gradually. This is also listed in the health sports drink category. There are many companies available in this field. This hydration drink is a new market, gradually the contest is being created in it, and many big companies are coming into this section.
The entrepreneurial reality television series, Shark Tank, has been a platform for innovative and promising products to gain exposure and investment. One such significant success story is the emergence of Electra on the show.
In this article, we will delve into the background of Electra, its journey on Shark Tank, Electra Shark Tank update and its subsequent success in the market.
In 2022, Electra Sports Drink had an approximate net worth of $1 million.
As of 2023, the estimated net worth of Electra Sports Drink is $1.1 million.
Before appearing on Shark Tank, Electra Sports Drink had an approximate net worth of $1.75 million.
After appearing on Shark Tank, Electra Sports Drink had an approximate net worth of $933,333.
Overview of Electra
The sports hydration drink company Electra was pitched on Shark Tank. The founder felt that there was a lack of a good and healthy sports drink. That is why she decided to make it.
If a player has to keep his game right, then he has to focus on the game as well as his fitness. While talking about the drinks, you will find that sports drinks are also included in this sports category but they are not capable enough to fulfil the requirements properly.
There are a lot of companies that sell their product under the name of sports drinks which are rich in high calories, sugar, etc.
So it can easily fill the gap of sports Electra which offers an athletic drink mixed with Vitamins, Minerals, Electrolytes, Antioxidants, and Amino Acids.
The drinks are available in 3 distinct flavors Passion Punch, Orange, and Litty Lemonade.
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Fran Harris is the person behind the foundation of the Electra company. She is a multi-talented woman who has been an athlete during her college time.
She introduced Electra Beverages in Texas in January 2021. Since January 1995, She has been serving the role of the CEO of Fran Harris Enterprises, LLC Company, a marketing agency.
She pursued her B.S. and M.A. in Journalism from the University of Texas at Austin. She has completed her Master of Science in Technology Commercialization from the same university.
She also worked as a college instructor at the University of Texas at Austin for two years and served as a Television Host, on “Home Rules” on HGTV.
She is a professional, thought leader, speaker, coach, consultant, or trainer who is looking to mount to new levels of sales, revenues, and/or leadership through verified marketing and sales techniques that have created more than 20 million dollars in product, speaking, training and consulting revenue. The founder of Electra, Fran Harris, has an approximate net worth of USD 1.17 Million as of 2023.
Inventor Fran has been serving in this category for a long time and she has a very good knowledge about it. She was already operating a marketing agency. That is why with the help of her marketing skills, she took her initial brand to a good sales rate.
The founder has referred to on her website that she had contributed 10% of his revenue to Food and Water in 2021. She has also added that they have a very good sales rate and they also sell their product in retail apart from online.
Electra Shark Tank Pitch
The founder of Electra, Fran Harris, managed to pick up a shark in an unusual way in Shark Tank. She appealed to the sharks for an investment of $350,000 in exchange for 20% equity in her company.
The shark wanted to know about the company’s gross revenue, net revenue, profit, etc from the founder. This is a popular field. So there are a lot of big companies in it, which do not allow the small companies to develop. If a firm becomes its opponent, then they mash it.
Harris declared that she was not afraid of the competitors as she has a vast knowledge of working in this field and she has a robust strategy for the business. When the sharks wanted to know about her plan she said that she would take it directly to the consumer and also make it available in the retail store.
A lot of customers are looking for hydration. So, they will be a great target audience for them. Harris also told the sharks that she was working full-time in the business and she was manufacturing the products in a small place outside Dallas named Coppell.
Before appearing on Shark Tank, the founder got an email from the Largest distributor who was willing to work with them. Harris said that she wanted to do the first production for a value of $20K to $30K.
What Did The Sharks Say After Hearing The Pitch?
Mark said that he has already marked a deal with two major sports drink manufacturer companies. That is why he was unable to sign this offer. Saying this he went out of the deal.
Barbara Corcoran wanted to know how the founder would spend this $350,000 money. In reply, the founder said that she would spend $20K to $30K on production, and with the remainder of the amount she would hire Logistics, Sales, and Marketing People.
Lori Grenier said that she liked Harris’ smartness and enthusiasm. But the drinks themselves are not her cup of tea. That is why she was out.
Kevin O’Leary said to the founder that she did not have any data on this business, other than sales and only confidence was not sufficient in this business. This is a very big player in the category that does not let the small business survive. Due to this, he was out of this deal.
Daynomd John said that he did not agree with Kevin’s point but there are indeed a lot of challenges in the field. So, he went out of this deal.
When the founder asked Barbara Corcoran for her opinion on this business, Barbara started to talk about her old beverage business deal with a company called Chill Soda in Shark Tank Season 1 Episode 9 where She had invested $50,000 in it but it got closed within the month and she lost all her money in it.
Barbara said that she was not able to invest $350,000. In place of it, she was willing to invest $100,000 Cash along with a $250,000 line of credit in exchange for a 40% stake in the business.
Harris made a counteroffer of 25% equity with the same deal. After this, Barbara negotiated and said that she would make the deal if she was ready to give up a 30% stake in the business.
After many conversations, Barbara Corcoran made a counteroffer that was $100,000 Cash + $250,000 Line Of Credit For 30% Contingent On Securing a Partnership With the Influencer and the deal was completed. This is a very good deal for a new startup company.
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Electra Post-Shark Tank Success
After arriving from Electra Shark Tank, the products of the company were marketed free of cost. As there are a lot of people who watched the Electra Shark Tank episode, there was an incredible increase in their sales for a while.
The funding that the founder had managed to raise from Shark Tank was going to be used for marketing and manufacturing purposes. The product of the company was available at $11.9. You may also buy powder packs from the company which is available at $19.99.
There is no precise answer as to whether Barbara has closed the deal with Electra, but Barbara did not mention it on her site. But it looks like Barbara will be associated with this business as the company just rolled out a few brand-new commercial ads.
In July 2021, it seemed that Barbara had not closed the deal. Electra sports drink was available for purchase only on their official website and nowhere else.
Fran Harris at 172 Heb Supermarkets in Texas in February 2022 to develop her product. In 2022, she launched powdered drink mixes. In July 2022, she marked a deal with a few distributors, and now it is about to develop gradually.
As of August 2022, this product is not available for purchase on the HEB markets. It is now available only on its official website.
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‘iDrinkElectra’ is still running smoothly after appearing on Shark Tank. Nevertheless, there are a lot of beverage startups that are coming to be an opponent of this company regarding hydration drinks.
Instagram fitness celebrity @shaunt posted a video about this natural sports hydration drink. He had wished Harris good luck through the video.
Challenges and Lessons Learned From Shark Tank
Electra Drinks has overcome a lot of challenges in marketing but has managed to sell its drinks and has launched powdered drink mixes.
As of 2023, Electra Drinks is still active in business. You can buy Electra Drinks from their official website.
Fran Harris had years of experience as an athlete from where she learned to be disciplined, getting habituated to winning and accepting competition.
When she returned from basketball, she served as a sales executive in consumer packaged goods for Proctor and Gamble. This was a good training platform for her in the world of business, distribution, and retail.
Nonetheless, she knew that she had to earn more knowledge in operating a beverage company. As per the company info on WeFunder, Harris went into a deep dive of learning everything she could about the industry and running a beverage business. She devoted herself to attending BevNet, a premier beverage conference.
As we have found in the Shark Tank episode, Harris was oozing belief and positiveness about her brand and her ability to thrive in the harsh world of sports beverages. She also demonstrated to the Sharks that she had a good idea about her business front and back.
It is very important to know every important detail in your business. Harris also indicated that she knows how to hire her dream team. Her years of experience as a skilled athlete say that it is the great teams that succeed.
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The valuation of Electra Beverages was $1.17 with Barbara Corcoran’s investment of $350,000 in incorporated cash and line of credit in exchange for a 30% equity.
This value is remarkably insufficient than Fran Harrris’ valuation of $1.75 Million during her pitch to the Sharks.
Before it was introduced in the summer of 2020, Electra was also able to raise $40,000 on WeFunder. In the Shark Tank pitch, the founder of the company said that the 5-year target of the company is $80- $100 million in sales.
Unfortunately, the company was also able to raise only 72% of its $10,000 funding goal from the Indiegogo campaign. With Barbara Corcoran’s funding and guidance, Electra would be able to meet its target sales in the upcoming years.
Electra is still selling its drink smoothly. The company has indeed encountered a lot of problems due to marketing.
This beverage market is very big, and the market for sports drinks is very high, so due to this, there is a very high competition for this drink.
After and before Shark Tank, Electra was presented by a lot of big companies. In this way, the trust score of this company also improved.
This market is clogged with famous health drink companies. However, Electra was able to build a good position for itself in the market. We are eagerly waiting to see Electra on top of success in the upcoming days.
What is the Electra sports drink?
Electra is a sports hydration drink company. It is made of an energy drink, which includes vitamins, antioxidants, BCAAs, and electrolytes.
How is Electra doing after the shark tank?
After Shark Tank, the founder of Electra got funding and she used the fund for the marketing of her product. That is why it has also expanded in a lot of supermarkets.
Did Electra get a deal on Shark Tank?
The founder of Electra, Fran Harris pitched her product very well in front of the sharks and the sharks liked the business. So, Barbara Corcoran financed $100,000 Cash + a $250,000 Line Of Credit in exchange for a 30% Contingent on getting a partnership with an influencer.