ELECTRA SPORTS DRINK – Shark Tank Season 12 Episode 9 highlighted Electra, an all-natural sports hydration beverage brand. For her company’s 20% interest in Shark Tank, the inventor who invented the Electra Sports Drink company is looking for $350,000. It is a particular brand of beverage that produces hydration drinks.
According to market research, the market for hydration drinks is worth USD 15.2 billion and is slowly expanding.
This is sometimes referred to as the category of healthy sports drinks. In this industry, there are already numerous brands. As a result, the New York-based company Cure Hydration received $2.6 million in financing.
This market for hydration drinks is new, but competition is growing, and many major brands are entering this niche.
In this article, you will read about “ELECTRA SPORTS DRINK” .
What is Electra?
Shark Tank featured Electra, an athletic hydration drink company. Due to a scarcity of high-quality, nutrient-rich sports drinks, the entrepreneur decided to create it. To maintain a high level of performance, an athlete must also maintain a healthy fitness level.
Electra Sports drinks are within the umbrella of this sports category if we are talking about beverages, yet they fall short of meeting the demand.
Numerous companies market their goods as sports drinks even if they are rich in calories, sugar, and other unhealthy ingredients.
Thus, it bridges the gap left by Sports Electra, which offers a sports drink blended with minerals, vitamins, electrolytes, antioxidants, and amino acids.
Passion Punch, Orange, & Litty Lemonade are the three flavours available for these beverages.
Who Was Electra’s Founder, exactly?
The woman behind this Electra sports drink business, Fran Harris, was a multidimensional athlete who participated in college sports. In January 2021, she opened Electra Beverages in Texas. Since January 1995, she has been the company’s CEO. A marketing company is Fran Harris Enterprises.
Before enrolling in the University of Texas campus’ Masters of Science course in technology commercialization, she completed her B.S. & M.A. in journalism there.
She also spent two years instructing the University of Texas at Austin college students while working as a presenter of “Home Rules” on HGTV.
She is an expert in her field, a thought leader, a public speaker, a mentor, a consultant, or an instructor who strives to reach new heights in sales, revenues, and/or leadership through tried-and-true marketing and sales strategies that have brought in over twenty million dollars in an item, speaking, training, as well as consulting revenue.
Before Shark Tank, Electra
Fran, the founder, has extensive experience in this field and is well-versed in it. She already had a marketing firm, so she could increase the sales of her initial brand thanks to his marketing abilities.
On her website, the founder claimed that in 2021, she would donate 10% of her earnings to Food and Water. In addition to selling things online, they also have a very strong retail sales rate.
On Shark Tank, did Electra strike a deal?
Fran Harris, the founder of Electra Sports drinks, scooped up a shark in a distinctive manner in Shark Tank. In repayment for 20% ownership of her business, she requested $350,000. The shark asked the founder for information regarding the business’s total revenue, net revenue, benefit etc.
This industry has so many well-known brands that it prevents the expansion of smaller businesses. They destroy a corporation if it turns into a rival.
Harris claimed that she does not fear her competitors because she has experience in this industry and a business plan.
She wants to deliver it straight to the customer and make it accessible in retail. This is a very well-targeted demographic for us because so many online shoppers are looking for hydration.
Mark stated that he has already agreed to a contract with two significant sports drink manufacturers regarding this business proposition. He cannot accept this offer as a result.
Harris currently works full-time in this company, and Coppell, a little town outside of Dallas, is where her product is made.
The biggest seller who will cooperate with them sent them an email before appearing on Shark Tank.
Harris said she would work on the initial production for between $20K and $30K.
How will you use this $350,000, Barbara Corcoran asked the founder. The entrepreneur stated in this that she would spend $20–$30K on production and use the remaining money to hire logistics, sales, & marketing staff.
Lori lauds Harris’ intelligence and self-assurance. She is out because the drinks aren’t my cup of tea.
Kevin tells the entrepreneur that the company has no data, that sales alone are insufficient, and that merely confidence is insufficient. This is a highly significant participant in the market who prevents the little firm from surviving; thus, he is not included in the agreement. If it were another good area, confidence would be helpful, yet not in this industry.
Daymond John claims that while he disagrees with Kevin’s argument, the fact that the field is challenging to work in disqualifies him from the offer.
During Shark Tank Season One Episode 9, Barbara Corcoran discusses her previous beverage business agreement with a firm named Chill Soda when the founder requests her judgment on the company. She had put $50,000 into it, but it closed within a month, and she lost everything.
Barbara stated that she would like to contribute $100,000 in cash and a $250,000 lines credit for 40% equity, but she could not invest $350,000.
Harris claimed that her counteroffer included too much ownership but that she would still like to have the same arrangement with 25% equity.
After that, Barbara offered to bargain and stated she would accept 30%.
Following lengthy negotiations, Barbara Corcoran amended $100,000 cash and a 25% line of credit, subject to establishing an agreement with the influencer. This counteroffer was accepted, and the sale was closed. This offer is excellent for a young business.
What Happened To Electra After Shark Tank?
Due to the popularity of Shark Tank and the numerous viewers, their sales temporarily soared after leaving Electra Shark Tank. The founder will use the money she obtained from Shark Tank for marketing and production.
The cost of their product is $11.9, to be specific. Additionally, powder packets are available for $19.99.
Barbara failed to mention it in her website; therefore, it is unclear with certainty whether the contract with Electra has been finalized.
But based on the company’s most recent launch of brand-new commercial advertisements, it appears that Barbara will be engaged in this venture.
It seemed like Barbara had not completed the transaction as of July 2021. The Electra sports beverage is exclusive to their website and is not sold anywhere else.
In Texas, Fran Harris will expand her goods to 172 Heb Markets in February 2022. She introduced drink mixes made of powder in 2022.
She agreed to an agreement with several distributors in July 2022, now that it will soon steadily expand.
This product is only being sold on their website in August 2022, not in the HEB markets yet.
Shark Tank Update for Electra
After Shark Tank, “iDrinkElectra” is still doing well. However, numerous beverage companies are challenging this business in the hydration drink market.
This natural sports refreshment drink was featured in a video by Instagram fitness star @shaunt. He sent Harris his best wishes via the video.
What is the net worth of The Electra?
In terms of Electra’s net worth, the figure could reach $1.1 million in the year 2022. It is a brand of sports drinks with a market value of $15.2 billion in 2021 & a potential value of $25.5 billion in 2031. This product’s growth rate is excellent, and it has the potential to continue growing strongly in the future.
Does Electra still operate?
Despite having a lot of marketing challenges, Electra was still able to sell their drink.
Because of the size of this market for beverages and the high demand for sports drinks, there is also substantial rivalry for this beverage.
Electra was highlighted by numerous major companies before and after Shark Tank, raising this brand’s trust rating.
In conclusion, the article has attempted to explain “ELECTRA SPORTS DRINK”. I hope the language in this post is clear and understandable.
Frequently Asked Questions
Q1) What are Electra sports drinks?
Ans. A brand of sports hydration beverage called Electra is made of an energy drink that also includes vitamins, antioxidants, BCAAs, & electrolytes.
Q2) What has happened to Electra since the shark tank?
Ans. She received funds following Shark Tank and used this money to pay for the product’s marketing. As a result, many supermarkets have extended it.
Q3) Did Electra score an agreement on Shark Tank?
Ans. Barbara Corcoran committed $100,000 in cash plus a $250,000 line credit for 30% contingent upon securing a partnership with an influencer in Electra after founder Fran Harris’ proposal to the Sharks convinced them that the company had a promising future.