BeatBox Beverages Shark Tank Net Worth 2023
In Season 6 Episode 6 of Shark Tank, Justin, Brad, and Aimey entered the show with the goal of receiving $200,000 in exchange for a 10% stake in their company. Based on this proposal, their company was valued at $2 million.
However, they ultimately accepted an offer from Mark Cuban, who agreed to invest $1 million for a 33% stake in the company. This implies a valuation of $3,030,303 for their business.
As of 2023, Beatbox Beverages has established itself as a major player in the beverage industry, with an estimated value of $200 million.
It has become highly profitable due to its innovative product designs and unique marketing strategies, which have proven successful both domestically and overseas.
What is BeatBox Beverages?
BeatBox Beverages is a company that produces punch made from wine. Their beverages are made entirely from orange wine and come in four flavors: Blue Razzberry Lemonade, Cranberry Limeade, Box A’Rita, and Texas Tea. With a proof of 22 and an alcohol content of 11.1 percent by volume, these drinks are low in calories, with approximately 40 calories per serving.
Each package of BeatBox beverages contains 5 liters, which is equivalent to more than 30 servings of 5 ounces. At a price of $19.99 per box, customers receive a lot of value for their money.
The team behind BeatBox Beverages met at a business school in Austin, TX, where Justin, one of the co-founders, came up with the idea of creating mixed drinks in a box as an alternative beverage to bring to parties and gatherings. This concept eliminated the need to carry a 30-pack of beer or a box of wine to events.
Although the company was founded in 2012, their initial attempt to raise funds through an IndieGoGo campaign in early 2013 was unsuccessful.
Despite raising $6,000 towards a $10,000 fundraising goal, IndieGoGo allowed them to keep all the funds raised, unlike Kickstarter, which only releases the money if the fundraising goal is met or exceeded. Justin Fenchel, Brad Schultz and Aimy Steadman are the founders of BeatBox Beverages.
What happen to BeatBox Beverages at the Shark Tank Pitch?
In episode 6 of season 6 on Shark Tank, Justin, Brad, and Aimey presented their business concept to the Sharks. They asked for $200,000 in exchange for a 10% stake, which would value their company at $2 million.
They started their presentation by showing a bottle of wine they considered dull, and then introduced their product, Beatbox Beverages, as a “party in a box.”
The Sharks were given samples to taste, and while Lori and some of the other Sharks enjoyed the product, Mr. Wonderful did not like it.
The entrepreneurs revealed that they initially distributed the product themselves but later contracted with a co-packer because they lacked time for advertising. They disclosed that their company had earned $245,000 in revenue over 14 months, with more than half of that amount coming from the most recent quarter. However, they also mentioned starting debts of $55,000 and $100,000.
Justin spoke of their plans to expand through tastings, but Mark believed this approach was not effective and suggested a broader distribution. Kevin cautioned that distribution could be challenging and pointed out the risk of viral drinks doing well in some markets but not in others.
In terms of offers, Barbara proposed investing $400,000 for a 20% stake, while Kevin offered the same equity for $200,000, citing his familiarity with the market and higher net worth than Barbara.
Mark, on the other hand, did not consider the product a wine item and recommended rapid expansion, offering $600,000 for a 33% stake. Justin countered with $1 million for the same percentage, and Mark agreed to further negotiation.
BeatBox Beverages after the Shark Tank Pitch.
BeatBox used Cuban’s investment to increase its distribution, making it available in Kroger and Ralphs supermarket stores throughout the United States.
They also introduced a new product, the BeatBox MixTape, which is a single-serve boxed beverage that comes in Fruit Punch and Blue Razzberry flavors and costs less than $3.50.
Currently, BeatBox is collaborating with celebrity entrepreneur Rob Dyrdek, who stars in MTV’s Ridiculousness, to revamp their packaging to appeal to a wider market of adults aged 21 and older. Mark Cuban appeared on Ridiculousness to promote BeatBox.
Fast forward to November 2021, and BeatBox has become the fastest growing brand in its category. Future Proof Brands LLC, the company behind BeatBox, has also expanded its product portfolio to include Corkless, a canned single-serve wine, Brizzy, a seltzer cocktail, and Vizzy, a hard seltzer.
These products are available in over 12,000 locations, including Kroger, Circle K, and Quik Trip, and generate $11.5 million in annual revenue.
BeatBox Beverages Net Worth
Justin, Brad, and Aimey join the Tank in Season 6 Episode 6 seeking $200K in exchange for 10% of the firm. This indicates a $2 million appraisal. They accepted an offer from Mark Cuban of $1 million for 33% thus valuing at $3,030,303.
BeatBox Beverages Competitors
BeatBox Beverages top competitors is Double Eagle Distributing.
BeatBox Beverages FAQS
What is BeatBox Beverages?
BeatBox Beverages is a punch made with wine. BeatBox Beverages are created entirely of orange wine and are available in four flavours: Blue Razzberry Lemonade, Cranberry Limeade, Box A’Rita, and Texas Tea (available in Texas only).
Who is the founder of BeatBox Beverages?
Justin Fenchel, Brad Schultz and Aimy Steadman.
How much were they asking in the Shark Tank?
They asked for $200K in exchange for 10% of the firm.
Did they get the deal?
Yes.
How much was the deal?
Mark Cuban offered them $1 million for 33%.
Is BeatBox Beverages still in business?
Yes.
How much were they raising?
$500K.
Where are the BeatBox Beverages sold?
They are sold at supermarkets, liquor stores, and convenience stores around the country.
Its current distribution is nearly half of the U.S., with Texas being its stronghold.
For instance, it is available in Lubbock, Texas; Tulsa, Oklahoma; as well as other cities in Texas like Amarillo and Corpus Christi.
Is the alcohol in BeatBox carbonated?
It is a non-carbonated beverage.
What type of alcohol is contained in a BeatBox beverage?
BeatBox is a “Party Punch” made with wine. They provide an 11.1 percent ABV Hard Punch and a 6% ABV Zero Sugar range of beverages.
Is it necessary to keep Beatboxes refrigerated?
BeatBox will remain unopened for 24 months at room temperature.
Additionally, Bag-In-Box products can be refrigerated for up to two months after opening. BeatBox is a low-calorie, low-sugar beverage with only 7g of sugar per serving.
Are BeatBox beverages tasty?
It is quite sweet and with a distinct berry taste. It wasn’t bad in and of itself, but as a cocktail, it is more akin to a blue energy drink with added alcohol.
What is the composition of the BeatBox beverage?
BeatBox Beverages are created entirely of orange wine and are available in four flavours: Blue Razzberry Lemonade, Cranberry Limeade, Box A’Rita, and Texas Tea.
The drink has a proof of 22 and an alcohol content of 11.1 percent by volume; it’s also low in calories (approximately 40 calories per serving).
How much did BeatBox sell for?
The BeatBox MixTape is a resealable 500ml package available in two flavours, Fruit Punch and Blue Razzberry, and sold for under $3.50
What is the flavour of BeatBox?
According to Fenchel, what sets BeatBox apart from other boxed wine firms is that BeatBox tastes more like a vodka mixed cocktail than wine.
Are BeatBox beverages sugary?
BeatBox Beverages are delectable wine-based cocktails delivered to their door.
Delicious – their two most popular flavours are the refreshing Blue Razzberry Lemonade and the delectable Blue Razzberry Lemonade cocktails.
Can BeatBox beverages be frozen?
“They recommend serving BeatBox over ice, perhaps with a splash of lemonade or sprite/soda,” CEO Justin Fenchel explained.
“Or freeze it to make ‘BeatBoxicles,’ an alcoholic slushie. They simply freeze the bag, cut a corner off, and squeeze. Their best-selling flavors are Blue Razzberry and Fruit Punch.
How much sugar is in a blue raspberry BeatBox?
Each recyclable and resealable package includes 130 calories & 8 grams of sugar per serving.
