Electra is an all-natural sports hydration drink brand that featured in Shark Tank Season 12 Episode 9. The founder of the Electra Drink brand has asked for $350,000 in exchange for her company’s 20% equity in Shark Tank. It is a kind of a drinks brand that makes hydration drinks.
Talking about the valuation of the hydration drinks market, it has a market value of USD 15.2 Billion which is growing slowly.
This is also called the health sports drink category. There are many brands already in this field. So Cure Hydration, a brand from New York, has raised $2.6 million in funding.
This hydration drink is a new market, gradually the competition is building in it, and many big brands are coming into this section.
What Is Electra?
Electra is a sports hydration drink brand that appeared in Shark Tank. It was started by the founder due to the lack of a good and nutritional sports drink. If an athlete has to keep his game right, then he has to take care of his fitness along with the game.
If we talk about drinks, then sports drinks are also present in this sports category but they are not able to fill the need properly.
There are many brands that sell their product under the name of sports drink and it contains high calories, sugar, etc.
So it fills the gap of sports Electra which provides an athletic drink mixed with Vitamins, Minerals, Electrolytes, Antioxidants, and Amino Acids.
These drinks come in 3 different flavors Passion Punch, Orange, and Litty Lemonade.
Electra Shark Tank Update
|Company Name||Electra Drink (iDrinkElectra)|
|Product||All-Natural Sports Hydration Drink|
|Asked For||$350,000 For 20% equity|
|Final Deal||$100,000 Cash + $250,000 Line Of Credit For 30% Contingent On Securing Partnership With Influencer|
|Episode (Shark Tank USA)||Season 12 Episode 9|
|Air Date||January 8, 2021|
|Business Status||In Business|
|Headquarters||Austin, Texas, United States|
|Go To Amazon||Buy Now|
Who Is The Founder Of Electra?
Fran Harris, the founder of the Electra brand, is a multitalented female who has been athletic in her college time. She started Electra Beverages in Texas in January 2021. Since January 1995, She is the CEO of Fran Harris Enterprises, LLC Company, a marketing agency.
After completing her B.S and M.A., in Journalism from the University of Texas at Austin, she studied Masters of Science, in Technology Commercialization at the same university.
She also served as a college instructor at the University of Texas at Austin for two years and worked as a Television Host, on “Home Rules” on HGTV.
She is an expert, thought leader, speaker, coach, consultant, or trainer looking to ascend to new levels of sales, revenues, and/or leadership through proven marketing and sales strategies that have produced more than $20 million dollars in product, speaking, training and consulting revenue.
Electra Before Shark Tank
Founder Fran has been working in this category for a long time and she is very good to know about it. She was already running a marketing agency, so through his marketing skills, she took her initial brand to a good sales rate.
The founder has mentioned on her website that she had donated 10% of his revenue to Food and Water in 2021. Their sales rate is very good, apart from online, they also sell products in retail.
Did Electra Get a Deal on Shark Tank?
Electra’s founder, Fran Harris, picked up a shark in a unique way in Shark Tank. She asked for $350,000 in exchange for 20% equity in her company. From the founder, the shark wanted to know about the company’s gross revenue, net revenue, profit, etc.
This is such a field, there are many big brands in it, which do not allow the small company to grow. If a company becomes its competitor, then they crush it.
Harris said that she is not afraid of the competitor as she has already been working in this field, and she has a plan for this business.
Her plan is that she will take it directly to the consumer and also make it available in the retail store. With so many online customers looking for hydration, this is a very good targeted audience for us.
Regarding this business offer, Mark said that he has already signed a deal with two major sports drink manufacturer brands. Because of this, he cannot sign this offer.
Harris is currently working full-time in this business and her product is manufactured in Coppell, a small place outside Dallas.
Before coming to Shark Tank, an email has come from the Largest distributor who is going to work with them.
Harris said she would do the first production for a value of $20K to $30K.
Barbara Corcoran said how will you spend this $350,000 money to the founder, In this, the founder said that she would spend $20K to $30K on production, and the rest of the amount she would hire Logistics, Sales, and Marketing People.
Lori says she likes Harris’ smartness and confidence. but the drink themselves aren’t really my cup of tea for that reason she is out.
Kevin says to the founder, you don’t have any data in this business, more than sales and only confidence is not enough in this business. This is a very big player in the category who does not allow the small business to survive, so because of this, he is out of this deal. If there is any other product or category than this, then confidence is useful in it but not in this business.
Daymond John says that he does not agree with Kevin’s point but it is a lot of challenges in the field, so because of this, he is out of this offer.
Founder asks Barbara Corcoran for her opinion on this business, Barbara talks about her old beverage business deal with a company called Chill Soda in Shark Tank Season 1 Episode 9, She had invested $50,000 in it but it got closed within the month and all her money was lost in it.
Barbara said she couldn’t invest $350,000 in it, but she wanted to invest $100,000 Cash + a $250,000 Line Of Credit For 40% Equity.
Harris said her Counter Offer was too much equity but she would like to stay in 25% equity with the same deal.
After this, Barbara negotiated and said that she would take 30%.
After much discussion, Barbara Corcoran made a counteroffer that was $100,000 Cash + $250,000 Line Of Credit For 30% Contingent On Securing a Partnership With the Influencer and the deal was finalized. This is a very good deal for a new startup.
What Happened To Electra After Shark Tank?
After coming from Electra Shark Tank, they were free marketing, there are many people who watch Shark Tank, because of this their sales increased for some time. The funding that the founder has raised from Shark Tank is going to be used for marketing and manufacturing.
Talking about the price of their product, it is $11.9. It also sells powder packs at a price of $19.99.
There is no exact answer whether Barbara has closed the deal with Electra, but Barbara did not mention it on her site.
But it looks like Barbara will be involved in this business as the company recently rolled out brand new commercial ads.
In July 2021, it appeared that Barbara had not closed the deal. Electra sports drink is available only on their website and nowhere else.
Fran Harris at 172 Heb Supermarkets in Texas in February 2022 to expand her product. In 2022, she introduced powdered drink mixes.
In July 2022, she signed a deal with some distributors, and now it is about to grow slowly.
As of August 2022, this product is not yet available on the HEB markets, it is currently selling only on its website.
Electra Shark Tank Update
‘iDrinkElectra’ Still Running Well After Shark Tank. However, there are many beverage startups that are becoming a competitor of this company regarding hydration drinks.
Instagram fitness celebrity @shaunt released a video about this natural sports hydration drink. He had wished Harris through the video.
What Is The Electra Net Worth?
Talking about Electra’s net worth, her net worth can be $1.1 million in 2022. It is a sports hydration drink brand with its current market value of US$ 15.2 billion in 2021 and by 2031 it could be US$ 25.5 billion. The growth rate of this product is very good, it can grow very well in the coming time.
Is Electra Still In Business?
Electra still managed to sell its drink, although it had to face a lot of trouble due to marketing.
This beverages market is very big, and the demand for sports drinks is very high, so because of this, the competition for this drink is also enough.
After and before Shark Tank, Electra was featured by many big companies, due to which the trust score of this brand increased.
Q1. What are Electra sports drink?
Electra is a sports hydration drink brand, It is made of an energy drink, which contains vitamins, antioxidants, BCAAs, and electrolytes.
Q2. How is Electra doing after the shark tank?
After Shark Tank, she got funding and she paid marketing of her product through this fund. Due to this, it is also expanded in many supermarkets.
Q3. Did Electra get a deal on Shark Tank?
Electra founder Fran Harris pitched well enough that the Sharks liked the business, so Barbara Corcoran invested $100,000 Cash + a $250,000 Line Of Credit For 30% Contingent On Securing a Partnership With an Influencer in it.
Q4. Is Electra still in business?
This Electra energy drink company has been running for a long time and now it is running well in May 2020 as well.
Q5. Who Is The Founder Of Electra?
Fran Harris is the founder of Electra Beverages, as well as the CEO of Harris Enterprises, LLC.
Yes, Electra is still in business as of November 2022.