On episode 4 of season 6 of ABC’s “Shark Tank,” entrepreneurs Justin Fenchel, Brad Schulz, and Aimey Steadman tried to get the Sharks to invest in their company, BeatBox Beverages, and change their lives.
BeatBox Beverages put wine-based mixed punches in boxes and marketed them as a party drink for millennials. People were interested in learning more about the company because the product seemed to be more convenient than bottles or cans. Well, don’t worry, because we have answers for you!
Who are BeatBox beverages and what do they do?
Justin Fenchel got his Bachelor of Science in Economics from Pomona College. He then went to Texas McCombs School of Business to get his MBA in entrepreneurial studies. Before getting his MBA, Justin worked as an Equity and Financial Analyst for a few different companies. In July 2009, he started his own business, Flying Penguin. Also, he helped start BeatBox Beverages LLC in November of the same year. Justin left BeatBox Beverages for a few years to get his MBA, but he is now the CEO of Future/Proof, a company he co-founded in 2019. He is also the CEO of BeatBox Beverages. Amy Steadman, on the other hand, has both a Bachelor of Science in advertising and an MBA from the Texas McCombs School of Business.
Amy has had an interesting career. She was Chief of Staff and Marketing Lead at Texas Venture Labs and a Founding Board Member and Board President at Naturally Austin, just to name a few of her most important jobs. Amy is currently the COO at BeatBox Beverages and is also on the board of Naturally Network. Brad, on the other hand, got his Bachelor of Arts in Marketing from the University of the Pacific’s Eberhardt School of Business. He then worked in a number of high-profile jobs, such as Director of Digital Media at Kabillion and Head of Moshi TV at Mind Candy. Brad helped start the talent network Tryout in 2013. He then went on to work at Dubit Limited as an advisor and VP of brand strategy. But he is now the Chief Marketing & Experience Officer at BeatBox Beverages and works full time.
Justin said on the show that he and his co-founders met and got to know each other in business school. But since Justin was usually the one in charge of drinks at parties, he found bottles and cans to be hard to carry and messy. Also, mixing drinks in big containers was hard, and cleaning up and getting rid of the trash after a night of partying seemed like a lot of work. So, Justin thought of Beatbox Beverages while he was trying to come up with better ideas. He quickly got his friends on board with the plan.
At the time, BeatBox Beverages made party punches that were flavored with wine and came already mixed in a box. Even though the drinks were made with orange wine, they had four different flavors, one of which was only available in Texas. Also, the drink came in 5-liter boxes, had an 11.1 percent alcohol content, and was easy to transport and serve without having to worry about mixing.
Also Read: 10 News Journalist Sandra Sully And Her Partner Symon Brewis-Weston Have A Family Of Five
Where can you get BeatBox drinks now?
Even though BeatBox Beverages was started in 2012, reports say that its first IndieGoGo campaign failed to reach its goal and only raised $6,000. But Justin, Brad, and Aimeyt didn’t let the bump in the road stop them. They were still determined to make it big soon. So, they started their business with a small amount of money and soon saw that people liked what they were selling. In its first few months, the company had about $100,000 in debt. However, when the company’s co-founders made sales of around $245,000 just 14 months after it started, there was no turning back.
BeatBox Beverages came on the show and asked for an investment of $200,000 in exchange for 10% of the business. Even though all of the Sharks liked the idea, they couldn’t make a deal until Mark Cuban offered $600,000 for 33%. But the co-founders came back with a counter offer of $1 million for the same 33% stake, and Mark agreed. With the help of the investment, Justin, Amy, Brad, and Mark were able to reach more people and start selling their product in supermarkets and stores all over the country.
By 2021, BeatBox Beverages had become the fastest-growing brand of boxed alcoholic drinks, and the company’s co-founders were already thinking about adding more drinks to their line. So, in addition to mixed punches, the company sells single-serving boxed wine, hard seltzers, and seltzer cocktails. Also, they have added more flavors and now have a lot more than the four they started with. Sources say that the company made about $18 million in sales in 2021, and they think that in 2022, that number will go over $20 million.
People who want to try the drink can buy a pack from their official website for about $42.99. A 6-pack variety box, which costs $19.99, is also for sale by the company. BeatBox Beverages is worth an interesting $200 million right now, and investors just gave the company another $15 million, so we can expect big things in the future.
BeatBox Beverages sells wine-based punch in a box. In 2014, when they pitched their business on Shark Tank, they got a $1 million investment from billionaire Mark Cuban in exchange for 10 percent of the company. The three founders, Justin Fenchel, Brad Schultz, and Aimy Steadman from Austin, Texas, first made the box with millenials in mind. People also called the box a “portable party punch.”
BeatBox Beverages has the fastest growth rate as of 2022. The business is now called Future Proof Brands LLC. They have a lot of customers and have added new products like seltzer cocktails, single-serve wine, and hard seltzer to their line.
The financial report says that what was worth $2 million when it first appeared on Shark Tank is now worth $11.5 million by 2022.
Also Read: Oklahoma News Anchor Julie Chin Has a Stroke On Live TV
A short look at BeatBox Beverages and their journey on Shark Tank
In the fall of 2014, Justin Fenchel, Brad Schultz, and Aimy Steadman showed up on Shark Tank for the first time and talked about their product. The team met at a business school in Austin, Texas, along with two other co-founders. Justin came up with the idea for BeatBox Beverages when he wanted to bring an alternative drink to events. He decided to get mixed drinks in a box instead of a pack of beer or wine.
BeatBox Beverages are made from orange wine and come in many different flavors, such as blue raspberry lemonade, cranberry limeade, Box A’Rita, and Texas Tea. Only 11.1% of the drinks are alcoholic, and they have few calories. Each box has the same amount of wine as seven bottles, which makes it a great thing to bring to a party.
The business went on “Shark Tank” hoping to get $200,000 for 10% of the company. They also gave samples to the Sharks, and everyone there seemed to like it. In 14 months, the business made $245K, even though it started with $55K and $100K in debt.
Barbara Corcoran gave them $400K for 20% of their business. Kevin O’Leary thought it would be hard to divide the money, so he offered $200,000 for 20%. But Mark Cuban thought he was the best person to help the company grow, so he offered $600,000 for 33% of the company. The founders of BeatBox Beverages came back with an offer of $1 million for 33%. Mark agreed to the deal.
In November 2021, BeatBox Beverages changed its name to Future Proof Brands LLC and became the category’s fastest-growing brand. Then they added other kinds, such as Corkless (single-serving wine in a can), Brizzy (a seltzer cocktail), and Vizzy (a hard seltzer). They are now sold in more than 12,000 stores, such as Kroger, QuikTrip, Circle K, and many more.
As of July 2022, the company is still the fastest-selling 500 ml bottle of wine in the United States. According to their financial report, they made $18 million in 2021. This year, they expect to make $20 million and ship 1.8 million cases.
BeatBox Beverages became the official drink of the Alabama Crimson Tide in September of 2022. Their products will be sold at all sports events for both men and women. As of right now, the company has sold more than $12 million worth of 2022 boxes in more than 40,000 stores across the U.S.
This year, the company also got $15 million from private investors, who valued the business at $200 million. They have more than 95,000 people who follow them on social media, and they post a lot on Instagram.
AUSTIN, Texas, September 26, 2022 — BeatBox, which is known as “The World’s Tastiest Party Punch,” is back on ABC’s Shark Tank. The episode with the update will air on September 30, 2022, at 8PM EST/7PM CST. Mark Cuban and the co-founders will talk about BeatBox’s big plans for growth through 2023 and beyond.
The first BeatBox episode was shown on October 24, 2014. In the episode, Mark Cuban put in $1 million for 33% of the company. This was one of the biggest investments ever made on Shark Tank. The episode was recently ranked as the 13th best Shark Tank episode ever1.
“We can’t wait to tell the millions of people around the world who watch Shark Tank about the newest and best news about BeatBox. Since our first appearance on Shark Tank, we’ve come a long way. This year alone, we’ll sell over 12 million BeatBoxes in the US “said CMO Brad Schultz.
BeatBox Beverages is one of the RTD brands that is growing the fastest in 2022. It is currently sold in more than 40,000 stores. The brand is the alcohol beverage brand that is growing the fastest on social media, and it has reached more than 6 million people at festivals and events as of 2022.
Read More: Angie Asimus(7 news anchor) and her husband Chris Abbott had a child together