Entrepreneurs Justin Fenchel, Brad Schulz, and Aimey Steadman appeared on season 6 episode 4 of ABC’s ‘Shark Tank,’ seeking a life-changing investment from the Sharks for their company, BeatBox Beverages. BeatBox Beverages, a brand that aims to be a party drink for millennials introduced wine-based mixed drinks in boxes. People wanted to learn more about BeatBox Beverages because the product appeared more convenient than regular cans and bottles. Don’t worry, we have all the answers!
BeatBox Beverages: Who are they and what do they do?
Justin Fenchel received his Bachelor of Science Degree in Economics from Pomona College. He then went on to receive his MBA in Entrepreneurial Studies from Texas McCombs School of Business. Justin was an Equity and Financial analyst at various organizations before he started Flying Penguin in 2007. He also co-founded BeatBox Beverages LLC in November 2009. Justin was absent from BeatBox Beverages for a while due to his MBA. However, he is now the CEO at Future/Proof LLC, which he co-founded in 2019. Amy Steadman has completed her Bachelor of Science degree in advertising. She also holds an MBA degree from Texas McCombs School of Business.
Amy has had an impressive professional career. Among her most notable positions were Chief of Staff and Marketing Lead at Texas Venture Labs as well as Founding Board Member, Board President, and member of Naturally Austin. Amy currently serves as a board member for Naturally Network. On the other hand, Brad completed his Bachelor of Arts in Marketing from the University of the Pacific – Eberhardt School of Business before taking up numerous prestigious roles, including the Director of Digital Media at Kabillion and the Head of Moshi TV at Mind Candy. Brad co-founded Tryout, a talent network. He then moved on to Dubit Limited as an advisor and vice president of brand strategy. However, he currently works full-time as a Chief Marketing & Experience Officer at BeatBox Beverages.
Justin shared his experiences with co-founders while he was on the show. Justin was responsible for serving drinks at parties and found cans and bottles cumbersome. Mixing drinks in large containers was not easy. However, after a night of partying, cleaning up the trash and disposing of it properly was a challenge. Justin began to think of better ways to mix drinks in large containers and quickly got his friends on board.
BeatBox Beverages was producing wine-based flavored party drinks at the time. These punches came in pre-mixed boxes. Although the drinks were made of orange wine, there were four different flavors available, including one that was only available in Texas. The 5-liter containers, which contained 11.1 percent alcohol, were easy to transport and to serve.
BeatBox Beverages: Where are they now?
BeatBox Beverages was founded in 2012 but reports claim that it failed to reach the IndieGoGo goal and raised $6000. Justin, Brad, Aimeyt and their team remained unaffected by the setbacks and determined to succeed in the future. They started their company with a small investment, but soon discovered that people liked their product. It was interesting that the company was in debt at first, with a total of $100,000. However, after the launch, sales of $245,000 were made by the co-founders.
BeatBox Beverages approached the show to request a 200,000-dollar investment in exchange for 10% of their company. Sharks were open to the idea but could not reach a deal with BeatBox Beverages until Mark Cuban offered them $600,000. This was for 33%. The co-founders offered Mark a million dollars for the 33% share, which Mark accepted. This investment was a huge success. Justin, Amy and Brad along with Mark increased their reach and started stocking their product at grocery stores and other retail outlets across the country.
BeatBox Beverages was the fastest-growing brand in boxed alcoholic beverages by 2021. Soon, the co-founders began to think about adding refreshing drinks to their portfolio. In addition to mixed punches the company now sells single-serve wine, hard seltzers, as well as seltzer cocktails. They have also increased the variety of flavors and now offer more than the original four. Sources claim that the company earned around $18 million in revenue in 2021 and believes that the number will cross the $20 million mark in 2022.
For $42.99, customers who want to try the beverage can order a pack on their official website. A 6-pack variety box is also available at 19.99. BeatBox Beverages currently has a value of $200 million. In addition, BeatBox Beverages raised another $15 million from investors recently. We can expect big things for the future.
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