BeatBox Beverages, a company that sells wine-based punch in a box, accepted a $1 million investment from billionaire Mark Cuban in exchange for 10 percent equity as they appeared to pitch their business on Shark Tank in 2014. The three founders - Justin Fenchel, Brad Schultz, and Aimy Steadman of Austin, Texas - originally designed the box by keeping millenials in mind. The box was also known as a "portable party punch."
As of 2022, BeatBox Beverages has the highest growth rate. The company changed its name to Future Proof Brands LLC. They are very much in business and have expanded their product portfolio to include varieties like seltzer cocktails, single-serve wine, and hard seltzer.
According to the financial report, what started with a value of $2 million during its debut on Shark Tank has grown to $11.5 million as of 2022.
A quick look at BeatBox Beverages' and their journey on Shark Tank
Justin Fenchel, Brad Schultz, and Aimy Steadman made their debut on Shark Tank in the fall of 2014 and introduced their product. The team, along with two other co-founders, met at a business school in Austin, Texas. The idea for BeatBox Beverages came about when Justin wished to have an alternative drink to bring to events. Instead of having a pack of beer or wine, he decided to go with mixed drinks in a box.
BeatBox Beverages are officially made from orange wine and are available in different varieties, namely blue respberry lemonade, cranberry limeade, Box A'Rita, and Texas Tea among many others. The drinks contain only 11.1% alcohol and are low in calories. Each box contains the equivalent of seven bottles of wine, "making it a great party-sharing item."
The company entered Shark Tank looking to see $200K for 10% of the business. They also handed out samples to the Sharks, who all seemed to like the product. The business earned $245K in 14 months while they started with a $55K and $100 K debt.
Barbara Corcoran offered them $400K for 20%. While Kevin O'Leary thought the distribution would be difficult and offered $200K for 20%. However, Mark Cuban thought that he was the best suited for the company's growth and offered $600K for 33%. The BeatBox Beverages founders countered with $1 million for 33% and Mark agreed to a deal.
In November 2021, BeatBox Beverages, who changed their name to Future Proof Brands LLC, became the fastest growing brand in the category. They then included other varieties like Corkless (canned single serve wine), Brizzy (a seltzer cocktail), and Vizzy (a hard seltzer). They are now available in over 12K stores including Kroger, QuikTrip, Circle K and many more.
As of July 2022, the company continues to be the number 1 fastest selling 500 ml of wine in America. As per their financial report, the revenue earned in 2021 was $18 million and the projections for this year stands at $20 million with 1.8 million cases shipped.
In September 2022, BeatBox Beverages became the official drinking partner of the Alabama Crimson Tide. Their products will be sold at all the men's and women's sporting events. As of today, the company has sold over $12 million boxes in 2022 and is selling in over 40,000 retail stores across the U.S.
This year, the company also raised $15 million from private investors at a $200 million valuation. They have over 95K followers on social media and are very active on Instagram.
BeatBox Beverages are all set to appear on the upcoming episode of Shark Tank to provide an update on their business. The episode is set to air on Friday, September 30, 2022, at 8 pm ET on ABC.