In 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 boxed mixed wine-based punches and marketed them as a party drink for millennials. People were interested in learning more about the company because the product seemed more convenient than bottles or cans. Don’t worry because we have answers for you!
Who are BeatBox drinks and what do they do?
Justin Fenchel received his Bachelor of Science degree in Economics from Pomona College. He then went to the Texas McCombs School of Business to do his MBA in Entrepreneurship Studies. Before receiving his MBA, Justin worked as an equity and financial analyst for a number of different companies. In July 2009 he founded his own company Flying Penguin. He also helped found BeatBox Beverages LLC in November of the same year. Justin left BeatBox Beverages for a few years to pursue his MBA, but he is now the CEO of Future/Proof, a company he co-founded in 2019. He is also 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 the Chief of Staff and Marketing Lead at Texas Venture Labs and a founding member and Chairman of the Board at Naturally Austin, to name just a few of her key responsibilities. Amy is currently COO at BeatBox Beverages and also sits on the board of directors of Naturally Network. Brad, on the other hand, earned his Bachelor of Arts in Marketing from the University of the Pacific’s Eberhardt School of Business. He then worked in a range of high-profile roles including Director of Digital Media at Kabillion and Head of Moshi TV at Mind Candy. Brad helped start talent network Tryout in 2013. He then worked at Dubit Limited as a consultant and VP of Brand Strategy. But now he’s Chief Marketing & Experience Officer at BeatBox Beverages, working 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 in charge of the drinks at parties, he found bottles and cans heavy to carry and messy. Also, mixing drinks in large containers was difficult, and cleaning up and disposing of the trash after a night out seemed like a lot of work. So Justin thought of Beatbox Beverages while trying to come up with better ideas. He quickly got his friends on board with the plan.
Back then, BeatBox Beverages made party punches that were flavored with wine and came pre-mixed in a box. Although the drinks were made with orange wine, they came in four different flavors, one of which was only available in Texas. Plus, the drink came in 5-liter cartons, had an alcohol content of 11.1 percent, and was easy to carry and serve without having to worry about mixing.
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Where are BeatBox drinks now?
Although BeatBox Beverages was launched in 2012, reports state that the first IndieGoGo campaign fell short of its goal, raising just $6,000. But Justin, Brad and Aimeyt didn’t let the bump 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 owed about $100,000. However, when the company’s co-founders hit sales of around $245,000 just 14 months after launch, there was no turning back.
BeatBox Beverages came on the show asking for a $200,000 investment in exchange for 10% of the business. Although all the sharks liked the idea, they couldn’t get 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. The investment allowed Justin, Amy, Brad and Mark to reach more people and start selling their products in supermarkets and stores across the country.
By 2021, BeatBox Beverages was the fastest growing brand of alcoholic beverages in boxes, and the company’s co-founders were already considering adding more beverages to their range. In addition to mixed punch wines in individual portions, the company sells hard seltzer and seltzer cocktails. Also, they’ve added more flavors and now have a lot more than the four they started with. Sources say the company made about $18 million in revenue in 2021, and they believe that number will top $20 million in 2022.
People who want to try the drink can purchase a pack from their official website for around $42.99. The company also offers a 6-pack priced at $19.99. BeatBox Beverages is currently worth an interesting $200 million, 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. When they set up their business at Shark Tank in 2014, they received 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 millennials in mind. People also called the box a “portable party punch.”
BeatBox Beverages has the fastest growth rate as of 2022. The company is now called Future Proof Brands LLC. They have many customers and have added new products such as seltzer cocktails, single serve wine and hard seltzer to their range.
The financial report states that what was worth $2 million when it first appeared on Shark Tank is now worth $11.5 million by 2022.
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A quick look at BeatBox Beverages and their journey on Shark Tank
In the fall of 2014, Justin Fenchel, Brad Schultz and Aimy Steadman first showed up at Shark Tank and talked about their product. The team met with two other co-founders at a business school in Austin, Texas. Justin came up with the idea for BeatBox Beverages when he wanted to bring an alternative drink to events. He opted for mixed drinks in a case rather than a case of beer or wine.
BeatBox drinks are made with orange wine and come in many different flavors, including blue raspberry lemonade, cranberry lemonade, Box A’Rita, and Texas Tea. Only 11.1% of drinks are alcoholic and low in calories. Each case holds the same amount of wine as seven bottles, making it a great thing to bring to a party.
The deal went to Shark Tank in hopes of getting $200,000 for 10% of the company. They also gave samples to the sharks and everyone there seemed to enjoy it. In 14 months, the company made $245,000 despite starting with $55,000 and $100,000 in debt.
Barbara Corcoran gave them $400,000 for 20% of their business. Kevin O’Leary found it difficult to split the money, so he offered $200,000 for 20%. But Mark Cuban felt 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%. Markus agreed to the deal.
In November 2021, BeatBox Beverages changed its name to Future Proof Brands LLC and became the fastest growing brand in the category. Then they added other varieties, like Corkless (single-serve wine in a can), Brizzy (a seltzer cocktail), and Vizzy (a hard seltzer). They are now sold in more than 12,000 stores including Kroger, QuikTrip, Circle K and many more.
As of July 2022, the company is still the fastest selling 500ml wine bottle in the United States. According to their financial report, they earned $18 million in 2021. This year they expect to ship $20 million and 1.8 million boxes.
BeatBox Beverages became the Official Beverage of the Alabama Crimson Tide in September 2022. Their products are sold at all sporting events for both men and women. To date, the company has sold more than $12 million worth of 2022 boxes in more than 40,000 stores across the United States
That year, the company also received $15 million from private investors, who valued the company at $200 million. They have more than 95,000 people following them on social media and they post a lot on Instagram.
AUSTIN, Texas, September 26, 2022 — BeatBox, 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 discuss BeatBox’s major growth plans into 2023 and beyond.
The first episode of BeatBox aired on October 24, 2014. As a result, Mark Cuban invested $1 million for 33% of the company. This was one of the largest investments ever made for Shark Tank. The episode was recently ranked as the 13th best Shark Tank episode of all time1.
“We can’t wait to bring the latest and greatest news about BeatBox to the millions of people around the world who watch Shark Tank. We’ve come a long way since our first appearance on Shark Tank. This year alone we will sell over 12 million BeatBoxes in the US,” said CMO Brad Schultz.
BeatBox Beverages is one of the fastest growing RTD brands in 2022. It is currently sold in more than 40,000 stores. The brand is the fastest growing alcoholic beverage brand on social media, reaching more than 6 million people at festivals and events since 2022.
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