Businessmen Justin Fenchel, Brad Schulz and Aimey Steadman appeared on the fourth episode of season 6 of the ABC show “Shark Tank,” in which they sought a life-changing investment from the “Sharks” panel of the show for their company, BeatBox. Beverages. BeatBox Beverages produced wine-based mixed punches in boxes, positioning themselves as a party drink for millennials and making themselves known as such. People were understandably interested in learning more about the company as the product seemed more convenient than standard bottles or cans. Don’t worry because we have the answers you are looking for!
BeatBox Drinks Shark Tank
BeatBox drinks: who are they and what do they do?
After earning a Bachelor of Science in Economics from Pomona College, Justin Fenchel attended the Texas McCombs School of Business to earn his Masters of Business Administration with a concentration in Entrepreneurial Studies. Prior to earning his Masters in Business Administration, Justin held equity and financial analyst positions at several companies. In July 2009, he launched his own company, Flying Penguin. Besides that, he was a co-founder of BeatBox Beverages LLC in November of the same year. Although Justin was away from BeatBox Beverages for a few years due to his pursuit of an MBA, he is currently the CEO of Future/Proof, a second company he co-founded in 2019, in addition to his role. CEO of BeatBox Beverages. . Future/Proof was founded in 2019. During this time, Amy Steadman completed her studies for a Bachelor of Science in Advertising and even earned a Masters in Business Administration from Texas McCombs School of Business.
Amy has had a tremendous professional life, with some of the notable positions she has held including Chief of Staff and Chief Marketing Officer at Texas Venture Labs, as well as Founding Board Member and Chairman of the Board of Naturally Austin. Interestingly, Amy held these positions. In addition to her job as COO of BeatBox Beverages, Amy is currently a board member of Naturally Network. On the other hand, Brad earned his Bachelor of Arts in Marketing from the University of the Pacific – Eberhardt School of Business before taking on a number of high profile positions such as Director of Digital Media at Kabillion and Head of Moshi TV at Mind Candy. . In 2013, Brad helped establish the professional networking platform known as Tryout. After that, he worked at Dubit Limited as an advisor and vice president of brand development. However, he is currently employed at BeatBox Beverages as Director of Marketing and Experience, a full-time position.
During the show, Justin mentioned that he and his co-founders first met and got to know each other while attending business school. However, since Justin is usually the one in charge of delivering drinks for gatherings, he is the one who finds the bottles and cans rather inconvenient and dirty. After an entire night of partying, I felt like the toughest task was going to be cleaning up and disposing of the trash, even though it was hard enough to properly mix drinks in huge containers. So, as Justin racked his brains for better ideas, he came up with the concept of Beatbox Beverages, and he quickly got his friends on board with the proposal.
At the time, BeatBox Beverages was developing wine-based flavored party punches that were sold in pre-mixed boxes. These punches came in a variety of flavors. Despite the drinks being created from orange wine, they came in four distinct flavors, one of which was unique to the state of Texas. In addition, the drink had an alcohol content of 11.1%, was packaged in 5 liter cartons, was very easy to transport and serve and did not require any mixing by the consumer.
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Where are the BeatBox drinks now?
Despite the fact that BeatBox Beverages was founded in 2012, it was only able to raise $6,000 in funding through its first campaign on IndieGoGo. According to reports, the company was unable to meet the target it set for itself. Nonetheless, Justin, Brad and Aimeyt weren’t intimidated by the hurdle in their path and they were determined to achieve significant success in the relatively near future. As a result, they started their business with a small investment and they quickly noticed that people were responding favorably to the products they were selling. Interestingly, the company took on more than $100,000 in debt in the first few months of its existence. However, after the company’s co-founders achieved sales of around $245,000 just 14 months after launch, there’s been no turning back.
BeatBox Beverages appeared on the show with the request that a $200,000 investment be made in exchange for 10% of the business. Although the Sharks were interested in the idea, none of them were able to make a deal until Mark Cuban gave them $600,000 in exchange for 33% of the company. Mark, however, was willing to accept the co-founders’ counter-offer of $1 million in return for the same 33% stake. With this investment, Justin, Amy and Brad, along with Mark, were able to expand their market presence and begin stocking their products in supermarkets and retailers across the country. It was a huge advantage.
By 2021, BeatBox Beverages had established itself as the brand with the fastest rate of expansion in the canned alcoholic beverage market. It wasn’t long before the company’s co-founders began to consider expanding their selection of refreshing beverages. As a result, the company is currently successful in selling single-serve boxed wine, hard seltzers, and seltzer cocktails in addition to mixed punches. On top of that, they have expanded the range of flavors they offer which has increased significantly from the initial four. According to some reports, the total revenue achieved by the company in 2021 was almost $18 million, and the management team expects this figure to increase to more than $20 million in 2022.
Those interested in trying the drink can get a pack of them from the company’s official website for a price of around $42.99 per unit. Additionally, the company offers a 6-pack variety box that can be purchased for the sum of $19.99. Interestingly, BeatBox Beverages is currently valued at $200 million, and given that the company recently raised another $15 million from investors, we can anticipate significant industry growth in the future. .
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A brief overview of BeatBox Beverages and their journey on Shark Tank
