Electra Sports Drinks Net Worth
During her appearance on Shark Tank Season 12 Episode 9, Fran Harris was seeking $350,000 for a 20% stake in her sports nutrition company, Electra. This would have valued the company at $1.75 million.
However, after facing tough questioning and skepticism from the Sharks, only Barbara Corcoran made an offer. Corcoran offered $100,000 in cash and a $250,000 line of credit in exchange for a 40% equity stake.
After some negotiation, Harris revealed that she was in talks with two Hall of Famers from the NFL and NBA who were interested in investing and promoting the product.
With this information, Corcoran agreed to cut her equity stake to 30% and provide the same cash and line of the credit arrangement. This offer brought the company’s valuation to $333,333.33.
Harris was thrilled with the partnership with Barbara Corcoran and believed that she would continue to succeed with her support. However, it seems that the deal with Corcoran fell through as of July 2021. Currently, Electra is only available for purchase on the company’s website and is not sold in any retailers.
What are Electra Sports Drinks and Who is the Founder of Electra?
Electra is a sports nutrition company that produces a rehydration drink in three different flavors, including Passion Punch, Litty Lemonade, and Oh Yeah Orange. The drink is designed for both athletes and the average person on the go, as it contains essential vitamins, minerals, and electrolytes with very little sugar or sweeteners.
Fran Harris, a former WNBA player in the United States who also played professionally in Switzerland, founded the company.
She graduated from the University of Texas, and in addition to overseeing Electra, she provides motivational speaking, mentorship to players and coaches, and recommendations for sports facility building through her trading firm Fran Harris Enterprises, LLC.
Harris played an instrumental role in leading the University of Texas to an NCAA championship in 1986 and played for the Houston Comets, who won their first WNBA title in 1997. Like other athletes, she consumed sports drinks throughout her collegiate and professional basketball careers.
However, she became frustrated by the nutritional labels of popular sports drinks, which left her feeling lethargic and did little to help her recover. After reading the nutritional labels, she discovered that sports drinks were mainly composed of sugar, artificial food coloring, and salt.
Fran Harris founded Electra to provide a better hydration option for major sports drink brands, targeting “daily doers, hustlers, and athletes,” according to the company’s website. She helped the company launch in early 2020 with an IndieGoGo campaign that raised $7,212.
Harris is well-known for her appearances on various television shows, including Good Morning America, Today, CNN, CNBC, and MSNBC, where she has provided life and business counseling, as well as for her competitive collegiate and professional sports career on TV.
Electra Sports Drinks Shark Tank Pitch
During Season 12 Episode 9 of Shark Tank, Fran Harris appeared seeking $350,000 for a 20% stake in her sports nutrition company, Electra. The Sharks were impressed with the product but had concerns about entering the beverage industry, especially since the company had almost no sales due to being in its early stages.
Barbara Corcoran was the only Shark to make an offer, proposing $100,000 cash and a $250,000 line of credit in exchange for 40% equity. Mark Cuban praised Electra’s flavor and composition but couldn’t invest due to his current involvement with another sports drink company.
Lori Greiner and Daymond John both decided to pass, citing concerns over lack of data and personal interest in sports drinks, respectively.
Ultimately, Harris revealed that she was in negotiations with two Hall of Famers in the NFL and NBA who were interested in investing and promoting the product. With this information, Corcoran agreed to lower her equity request to 30%, and Harris accepted her offer.
However, as of July 2021, it appears that the deal with Corcoran fell through, and Electra is only available for purchase on the company’s website and not in any retailers.
Electra Sports Drinks Net Worth
Fran appears on Shark Tank Season 12 Episode 9 in search of $350,000 for a 20% stake in her company. This equates to a $1.75 million valuation.
She accepted an offer from Barbara of $100,000 Cash + $250,000 Line Of Credit For 30% Contingent on Securing Partnership with Influencer thus bringing valuation to be $333,333.33.
Electra Sports Drinks Competitors
Mountain Berry Blast Xion 4, Mountain Berry Blast Powerade, Mixed Berry Powerade and
Fruit Punch Powerade functions like Electra Sports Drinks.
Electra Sports Drinks FAQS
What is Electra Sports Drinks?
Electra Sports Drinks is a new sports drink beverage on the market. They provide a tasty and refreshing alternative to traditional sports beverages that helps with hydration while encouraging healthy living.
Who is the founder of Electra Sports Drinks?
Fran Harris is the founder of Electra Sports Drinks.
How much was she asking in the Shark Tank?
Fran Harris was asking for $350,000 for 20% equity in Electra Sports Drinks.
Did she get the deal from the Sharks?
Barbara Corcoran was the only Shark that made a bid for Electra. She offered $100,000 Cash + $250,000 Line Of Credit For 30% Contingent on Securing Partnership with Influencer.
Is Electra Sports Drinks still in business?
The company is still in operation, with headquarters in Austin, Texas, and a modest full-time personnel complement.
Customers who are thirsty can acquire its items for shipment immediately from their website and participating stores. They also sell a variety of branded clothing.
What are the ingredients in Electra Sports Drinks?
Contains only all natural juices and extracts. No artificial ingredients, no high-fructose corn syrup (HFCS), no refined sugars, and no salt in any of their flavours.
Who owns the Electra beverage?
When Dallas entrepreneur Fran Harris went out under the spotlights of ABC’s famous show ‘Shark Tank,’ she was searching for an investment to help her CPG firm Electra Beverages get off the ground.
Harris, a former WNBA player, founded the Dallas and Austin-based healthy sports drink company this autumn.
Why did you use watermelon and coconut water?
Aside from its hydrating capabilities, they discovered that by combining them, they made Electra stronger in taste and recovery.
What forms of payment do you accept?
All pricing are in US dollars. They are now only shipping to the United States (not including Alaska or Hawaii).
What episode was Electra Sports Drinks aired?
Electra Sports Drinks was aired season 12 episode 9.
Are they tasting vitamins?
They certainly are! Electra contains vitamins B, C, and D, as well as antioxidants, often known as “free-radical scavengers,” which assist in the prevention of inflammation and other health issues such as heart disease.
How many calories does Electra have?
Can they believe a 16-ounce bottle of Electra contains just 60 calories, 9 grams of sugar, and NO added sugars?
What is the shelf life of Electra?
They recommend that you consume it within 3-4 days of opening it. Bottles that have not been opened have a shelf life of 12 months. The “best by” date is printed on the bottle’s cap.
How many servings are there in a bottle of Electra?
One serving is contained in each 16oz bottle of Electra.
Is Electra available in powder form?
Yes, they are finalizing the powder formulae. They’ll like the ease of use of Electra powders. They will be available in the spring of 2021.
How should they keep Electra liquids?
That is entirely up to them, but a chilled Electra, like other hydration beverages, will never let them down. Don’t forget to give it a good shake before serving. Please keep refrigerated once opened.
Are Electra bottles recyclable and BPA free?
Yes, they are highly concerned about the environment. Please look at recycling programs in their area.
Is Electra safe to use while pregnant or nursing?
There have been no studies on pregnant or nursing women. According to a research on healtline.com, it is safe for children, pregnant women, and breast-feeding mothers.
They are retailers who wants to carry Electra, how do they connect?
Please contact [email protected] and they will respond as quickly as possible.
What is net worth of Fran Harris?
Fran Harris’s net worth is $1 Million.