What Happened To Electra After Shark Tank?

Electra is a sports hydration drink brand that appeared on Shark Tank. The founder started the company due to a lack of nutritious sports drinks. For athletes to perform at their best, they must prioritize their fitness alongside their game.

While many sports drinks are available, they often fail to meet nutritional needs and typically contain high calories and sugar. Electra addresses this gap by providing an athletic drink enriched with vitamins, minerals, electrolytes, antioxidants, and amino acids.

Electra’s drinks come in three flavors: Passion Punch, Orange, and Litty Lemonade.

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Who Is The Founder Of Electra?

Fran Harris, the founder of the Electra brand, is a multitalented entrepreneur and former collegiate athlete. She started Electra Beverages in Texas in January 2021. Since January 1995, she has served as the CEO of Fran Harris Enterprises, LLC, a marketing agency.

Harris earned a B.S. and M.A. in Journalism from the University of Texas at Austin, followed by a Master of Science in Technology Commercialization from the same institution. She also taught as a college instructor at the University of Texas at Austin for two years and worked as a television host on HGTV’s Home Rules.

As an expert and thought leader, she provides coaching and consulting to help individuals and organizations achieve new levels of sales, revenue, and leadership. Her proven marketing and sales strategies have generated over $20 million in product sales, speaking engagements, training, and consulting revenue.

Did Electra Get a Deal on Shark Tank?

Electra’s founder, Fran Harris, made a unique impression on Shark Tank when she sought $350,000 in exchange for 20% equity in her company. During her pitch, the sharks inquired about the company’s gross and net revenue, as well as its profit.

The sports drink market is highly competitive, with many large brands that hinder the growth of smaller companies. If a small company poses a threat, these giants often crush it. However, Harris expressed confidence in her ability to compete, citing her experience in the field and her strategic plan.

Her plan involves selling directly to consumers while also making the product available in retail stores. With a growing online customer base seeking hydration solutions, she sees a strong target audience.

Mark Cuban stated he could not invest because he had already signed deals with two major sports drink manufacturers. Harris is currently working full-time on her business, with production taking place in Coppell, a small town outside Dallas.

Before appearing on Shark Tank, Harris received an email from a major distributor interested in working with them. She indicated that her initial production would cost between $20,000 and $30,000.

Barbara Corcoran asked how Harris would allocate the $350,000. Harris explained she would spend $20,000 to $30,000 on production and use the remainder to hire logistics, sales, and marketing personnel.

Lori Greiner admired Harris’s confidence and intelligence but decided not to invest because the drink wasn’t her preference. Kevin O’Leary expressed concern over the lack of data and stated that confidence alone isn’t sufficient in a highly competitive market, leading him to decline the offer as well. Daymond John disagreed with Kevin’s assessment but ultimately felt the challenges in the field were too significant and also opted out.

When Harris sought Barbara Corcoran’s opinion, Barbara referenced her previous investment in a beverage company called Chill Soda, which failed shortly after she invested. She expressed hesitation about investing $350,000 but offered to invest $100,000 in cash plus a $250,000 line of credit for 40% equity.

Harris countered, stating that the equity was too high and proposed 25% equity with the same terms. After some negotiation, Barbara agreed to take 30%. Ultimately, they finalized a deal for $100,000 in cash plus a $250,000 line of credit for 30% equity, contingent on securing a partnership with an influencer. This was a favorable outcome for the new startup.

What Happened To Electra After Shark Tank?

After appearing on Shark Tank, Electra gained valuable exposure, as many viewers watch the show. This free marketing resulted in a temporary boost in sales. The funding that Fran Harris raised from Shark Tank will be used for marketing and manufacturing.

The retail price of Electra’s product is $11.99, and they also sell powder packs for $19.99.

It remains unclear whether Barbara Corcoran officially closed the deal with Electra, as she has not mentioned it on her website. However, it seems likely that she is involved, given that the company recently launched new commercial ads.

As of July 2021, reports indicated that Barbara had not finalized a deal. At that time, Electra sports drinks were available exclusively on their website.

In February 2022, Fran Harris expanded her product distribution to 172 HEB supermarkets in Texas and introduced powdered drink mixes. By July 2022, she had signed agreements with several distributors, allowing for gradual growth. However, as of August 2022, the product was still only available on their website and had not yet reached HEB markets.

Despite facing competition from other beverage startups in the hydration drink sector, Electra continues to thrive after Shark Tank. Instagram fitness celebrity @shaunt even released a video promoting this natural sports hydration drink, sending well wishes to Harris.

What Is The Electra Net Worth?

As of 2022, Electra’s estimated net worth is $1.1 million. The brand operates within a sports hydration drink market valued at $15.2 billion in 2021, which is projected to reach $25.5 billion by 2031. Given its promising growth rate, Electra has significant potential for expansion in the coming years.

Yes, Electra is still in business as of November 2022.