Business Owners Justin Fenchel, Brad Schulz, and also Aimey Steadman appeared on season 6 episode 4 of ABC’s ‘Shark Tank,’ seeking a life-changing financial investment from the Sharks for their business, BeatBox Beverages. Branding themselves as a party beverage for millennials, BeatBox Beverages presented wine-based blended type boxes. Naturally, with the product seeming more convenient than normal bottles or containers, individuals were interested in finding out more concerning the firm. Well, fret not since we come birthing answers!
BeatBox Beverages: Who Are They and What Do They Do?
Justin Fenchel sought his Bachelor of Science in Economics from Pomona College before going on to complete his MBA in entrepreneurial studies from Texas McCombs School of Business. Before finishing his MBA, Justin functioned as an Equity as well as Financial Analyst at several companies prior to beginning his own firm Flying Penguin in July 2009. In November of the same year, he co-founded BeatBox Beverages LLC. Justin was lacking for a couple of years due to the fact that of his MBA, he is currently the CEO of Future/Proof, a 2nd company that he co-founded in 2019, along with working as the CEO of BeatBox Beverages. Amy Steadman completed her Bachelor of Science in advertising and also has an MBA degree which she gained from the Texas McCombs School of Business.
Interestingly, Amy has had a remarkable expert life, with a few of her significant positions being Chief of Staff and also Marketing Lead at Texas Venture Labs and also Founding Board Member and Board President at Naturally Austin. At present, in addition to meeting the COO role at BeatBox Beverages, Amy is a board participant at Naturally Network. On the other hand, Brad finished his Bachelor of Arts in Marketing from the University of the Pacific– Eberhardt School of Business prior to using up various distinguished functions, consisting of the Director of Digital Media at Kabillion as well as the Head of Moshi TV at Mind Candy. In 2013, Brad co-founded the talent network Tryout before going on to function as an expert and VP of brand name technique at Dubit Limited. He currently functions full-time as a Chief Marketing & Experience Officer at BeatBox Beverages.
While on the program, Justin noted that he as well as his founders satisfied as well as came to be acquainted during service institution. Nevertheless, with Justin mainly being the individual in charge of providing beverages at events, he discovered containers and also bottles fairly cumbersome and also untidy. While blending beverages appropriately in huge containers was difficult, cleansing and also disposing of the waste seemed fairly challenging after an entire night of partying. Thus, while racking his minds for better options, Justin created the concept of Beatbox Beverages and soon obtained his buddies know the strategy.
At that time, BeatBox Beverages produced wine-based flavored party strikes, which came pre-mixed in a box. While the drinks were made from orange a glass of wine, they can be found in four original flavors, including one which was unique to Texas. In addition, the drink, which was available in 5-liter boxes, had an alcohol percentage of 11.1 and also was reasonably simple to offer and deliver without needing to worry about mixing.
Where Are BeatBox Beverages Now?
BeatBox Beverages was established in 2012, records state that the business failed to satisfy the mark of its very first IndieGoGo campaign as well as was just able to raise $6000. Remarkably, the company had a debt of concerning $100,000 in its preliminary months, but when the co-founders made sales of around $245,000 just 14 months after the launch, there was no looking back.
BeatBox Beverages came onto the show requesting for a 200,000 dollar investment in return for 10% of the company. The Sharks were interested in the concept, none of them can strike a bargain up until Mark Cuban provided them $600,000 for 33%. The founders responded to with a million dollars for the exact same 33% stake, and Mark concurred. The investment aided tremendously, as Justin, Amy, as well as Brad, together with Mark, boosted their reach and also started equipping their product in supermarkets as well as stores around the country.
By 2021, BeatBox Beverages made the condition of the fastest growing brand name in the boxed alcohol group, and quickly the founders thought about contributing to their magazine of rejuvenating beverages. Along with blended punches, the business presently does business in single-serve boxed white wine, difficult seltzers, and seltzer mixed drinks. They have actually enhanced their range and also presently serve many more tastes than the original 4. Resources declare that the firm made around $18 million in income in 2021 as well as thinks that the number will certainly cross the $20 million mark in 2022.
Individuals curious about a preference of the drink can obtain their hands on a pack from their main website, which will certainly place one back by around $42.99. Additionally, the firm offers a 6-pack variety box which has a price tag of 19.99. Surprisingly, BeatBox Beverages is presently valued at $200 million, as well as considering that the firm raised another $15 million from capitalists in recent times, we can expect large things in the future.