What Happened to Electra Sports Drinks After the Shark Tank?
What is Electra Sports Drinks?
Electra is a sports nutrition company. Their rehydrating drink comes in three flavours: Passion Punch, Litty Lemonade, and Oh Yeah Orange.
It is designed for athletes as well as the average on-the-go person, and it contains a number of essential vitamins, minerals, and electrolytes.
It also has very little sugar or artificial sweeteners.
Who is the Founder of Electra?
The business was formed by Fran Harris, a former WNBA player in the United States who previously played professionally in Switzerland.
She received her bachelor’s degree from the University of Texas and has worked as an ESPN analyst and college basketball coach.
Through her trading business Fran Harris Enterprises, LLC, she not only supervises Electra but also provides motivational speaking, mentorship to players and coaches, and sports facility development advice.
Fran Harris She guided the University of Texas to an NCAA championship in 1986 before joining the Houston Comets, who won their first WNBA championship in 1997.
Throughout her university and professional basketball careers, Harris, like other players, consumed sports drinks.
She’d had enough of being irritated by the nutritional label of the popular sports drinks she’d been advised to take, which left her feeling sluggish and did little to help her recover.
After examining the nutritional labels, she learned that the sports drinks were mostly sugar, artificial food colouring, and salt.
According to the company’s website, Fran Harris established Electra to provide a superior hydration choice to big sports drink brands for “everyday doers, hustlers, and athletes.”
She contributed to the company’s early 2020 debut with a $7212 IndieGoGo campaign.
Harris is no stranger to the small screen. She has been on Good Morning America, Today, CNN, CNBC, and MSNBC as a life and business counsellor, in addition to competing in collegiate and professional sports on television.
What Happen to Electra Sports Drinks at the Shark Tank Pitch?
Fran appeared on Shark Tank Season 12 Episode 9 in pursuit of $350,000 in exchange for a 20% ownership in her business. This works out to a $1.75 million valuation. Fran introduces herself, the product, and hands out samples.
The Sharks like it, but there are many reservations about how difficult it is to get into the beverage market.
Fran has practically no sales because her company is still in its infancy.
Shark Barbara Corcoran asked for an overview of Harris’ plans for the $350,000 investment.
According to Harris, around $30,000 will be spent on inventory, $25,000 on research and development, and the remaining on logistics, sales, and marketing.
Barbara Corcoran was the only Shark to make a play for Electra. In return for 40% equity, Corcoran gave $100,000 in cash and a $250,000 line of credit.
Shark Mark Cuban liked the flavour and composition of Electra.
“For the quantity of calories, the potassium level is great.” Mark Cuban, on the other hand, is now involved with another sports drink company, which restricts him from investing in competitors.
Shark Lori Greiner expressed her admiration for Harris’ candour and self-assurance. Greiner, on the other hand, claimed that sports drinks are not her cup of tea and that she would be departing.
“There is no data on sell-through here,” Mr. Wonderful, a sceptic, pointed out. “Belief isn’t enough.” Daymond the Shark John agreed and followed suit.
Shark was forced to leave as a result of this. Barbara Corcoran, who spoke about her previous involvement with a beverage venture, in which she lost her investment in a month. She then made an offer of $100,000 in cash up front plus a $250,000 line of credit in exchange for a 40% stake in the company.
Harris then chose this opportunity to announce that she is in talks with both an NFL Hall of Famer and an NBA Hall of Famer.
Both were ready to exploit their positions of power to promote their product and invest in the company. With this information, Harris counter-offered for 25% equity in exchange for the same cash and line of credit agreement.
“I’ll pay you 30% if you bring both big fish in with us; otherwise, all bets are off,” Corcoran stated.
Corcoran agreed to reduce stock when Harris disclosed that she had discussed possible investors with two Hall of Famers. Fran Harris gratefully accepted the invitation and danced her way out of the Tank.
Yes, Electra’s Fran Harris chose to work with Barbara Corcoran. In return for 30% equity, Corcoran supplied $100,000 in cash and a $250,000 line of credit.
“I’m confident I’ll keep winning with Barbara on board,” Harris said.
What Happened to Electra Sports Drinks After the Shark Tank?
This episode was re-aired for the first time just two months after it first aired. There is no indication that the deal has been completed, and the firm has not been posted on Barbara’s website, implying that they are still in due diligence.
Since it initially aired, this new commercial has been released.
Barbara’s contract appeared to have expired as of July 2021. Electra is only available on the company’s website and is not available in any stores.
What is the Net Worth of Electra Sports Drinks?
Fran goes on Shark Tank Season 12 Episode 9 in pursuit of $350,000 in exchange for a 20% ownership in her business. This works out to a $1.75 million valuation.
She accepted Barbara’s offer of $100,000 cash + $250,000 line of credit for 30% based on securing a partnership with an influencer, bringing the total worth to $333,333.33.
Who are the Competitors of Electra Sports Drinks?
Mountain Berry Blast Xion 4, Mountain Berry Blast Powerade, Mixed Berry Powerade, and Fruit Punch Powerade are competitors to Electra Sports Drinks.
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Electra Sports Drinks FAQS
What is Electra?
Electra is a drink with electrolytes in it, which promotes hydration. It comes in four flavours: Watermelon, Fruit Punch, Raspberry, and Strawberry Lemonade.
Who is Fran Harris?
Fran Harris is the founder of Electra Sports Drinks. She is a former WNBA player in the United States who previously played professionally in Switzerland.
She received her bachelor’s degree from the University of Texas and has worked as an ESPN analyst and college basketball coach.
How much was Fran Harris seeking in the Shark Tank?
Fran Harris was seeking a $350,000 investment for 20% equity in her new company.
Did Electra get a deal from the Shark Tank?
Fran Harris chose to work with Barbara Corcoran. In return for 30% equity, Corcoran provided $100,000 in cash and a $250,000 line of credit.
What happened to Electra after the Shark Tank?
The contract with Barbara looks to have fallen through as of July 2021. Electra is only sold on the company’s website and is not accessible in any retailers.
Is Electra still in business?
Yes, Electra is only sold on the company’s website only.
What forms of payment do you accept?
All pricing are in US dollars. They are now only shipping to the United States (not including Alaska or Hawaii).
Is Electra safe to use while pregnant or nursing?
There have been no studies on pregnant or nursing women. According to a research on healtline.com, it is safe for children, pregnant women, and breast-feeding mothers.
They are retailers who wants to carry Electra, how do they connect?
Please contact [email protected] and they will respond as quickly as possible.
How many calories does Electra have?
Can they believe a 16-ounce bottle of Electra contains just 60 calories, 9 grams of sugar, and NO added sugars?
