The businesspeople Justin Fenchel, Brad Schulz, and Aimey Steadman featured on the fourth episode of season 6 of the ABC show “Shark Tank,” in which they sought a life-changing investment from the show’s panel of “Sharks” for their company, BeatBox Beverages. BeatBox Beverages produced wine-based mixed punches in boxes, positioning themselves as a party drink for millennials and branding themselves as such. People were naturally interested in knowing more about the company because the product appeared to be more convenient than standard bottles or cans. Don’t worry because we’ve got the answers you’re looking for!
BeatBox Beverages: Who Are They and What Do They Do?
After graduating from Pomona College with a Bachelor of Science in Economics, Justin Fenchel attended Texas McCombs School of Business to earn his Master of Business Administration with a concentration in entrepreneurial studies. Prior to obtaining his master’s degree in business administration, Justin held positions as an Equity and Financial Analyst at a number of companies. In July 2009, he launched his own firm, Flying Penguin. In addition to this, he was a co-founder of BeatBox Beverages LLC in the month of November that same year. Although Justin was absent 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 that he co-formed in 2019, in addition to his role as CEO of BeatBox Beverages. Future/Proof was founded in 2019. During this time, Amy Steadman finished her studies for a Bachelor of Science degree in advertising and even went on to acquire a Master of Business Administration degree from the Texas McCombs School of Business.
Amy has had a great professional life, with some of the notable jobs she has had include Chief of Staff and Marketing Lead at Texas Venture Labs, as well as Founding Board Member and Board President at Naturally Austin. It is interesting to note that Amy has held these positions. In addition to her employment as Chief Operating Officer at BeatBox Beverages, Amy is currently a member of the board of directors at Naturally Network. On the other hand, Brad obtained his Bachelor of Arts in Marketing from the University of the Pacific – Eberhardt School of Business before accepting a number of renowned positions, such as the Director of Digital Media at Kabillion and the Head of Moshi TV at Mind Candy. In 2013, Brad helped to establish the professional networking platform known as Tryout. After that, he went on to work at Dubit Limited as an advisor and vice president of brand development. However, at the moment he is employed at BeatBox Beverages in the capacity of Chief Marketing and Experience Officer, which is a full-time position.
During the course of the show, Justin mentioned that he and his co-founders first met and got to know one another while they were attending business school. However, because Justin is typically the one who is in charge of delivering beverages for gatherings, he is the person who finds bottles and cans to be rather inconvenient and dirty. After an entire night of partying, it felt like the most difficult task was going to be cleaning up and disposing of the waste, even though it was difficult enough to correctly mix beverages in enormous containers. Therefore, as Justin was racking his brain for better ideas, he came up with the concept of Beatbox Beverages, and he quickly got his buddies on board with the proposal.
At the time, BeatBox Beverages developed wine-based flavoured party punches that were sold in pre-mixed boxes. These punches came in a variety of flavours. Despite the fact that the beverages were created using orange wine, they were offered in four distinct tastes, one of which was unique to the state of Texas. In addition, the beverage had an alcohol content of 11.1 percent, was packaged in 5-liter cartons, was very simple to transport and serve, and did not require any mixing on the part of the consumer.
Where Are BeatBox Beverages Now?
Despite the fact that BeatBox Beverages was founded in 2012, it was only able to gather $6,000 in funding through its first campaign on IndieGoGo. According to the reports, the company was unable to fulfil the goal it set for itself. Nevertheless, Justin, Brad, and Aimeyt were not intimidated by the obstacle in their path, and they were resolved to achieve significant success in the relatively near future. As a result, they began their company with a small investment, and they quickly noticed that people were responding favourably to the goods that they were selling. It is interesting to note that the business ran up a debt of over $100,000 in the first few months of its existence. However, after the company’s co-founders achieved sales of approximately $245,000 just 14 months after its launch, there was no turning back.
BeatBox Beverages appeared on the show with the request that an investment of 200,000 dollars be made in exchange for 10 percent of the company. Even while the Sharks had interest 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, though, was willing to take the co-founders’ counteroffer of one million dollars in exchange for the same 33 percent stake. Because of the investment, Justin, Amy, and Brad, along with Mark, were able to expand their market presence and begin stocking their goods in supermarkets and retailers all across the country. This was a tremendous benefit.
By the year 2021, BeatBox Beverages had established itself as the brand with the quickest expansion rate in the market for boxed alcoholic beverages. It wasn’t long before the company’s co-founders began to consider expanding their selection of refreshing beverages. As a consequence of this, the company is currently successful in the sales of single-serve boxed wine, hard seltzers, and seltzer cocktails in addition to mixed punches. In addition to this, they have broadened the range of flavours that they provide, which has risen significantly from the initial four. According to certain reports, the total revenue earned by the company in 2021 was close to $18 million, and the management team anticipates that figure would increase to over $20 million in 2022.
People who are interested in trying out the beverage can get a pack of it from the company’s official website for a price that comes out to approximately $42.99 per unit. Additionally, the business offers a 6-pack variety box that can be purchased for the sum of 19.99 dollars. It’s interesting to note that BeatBox Beverages is presently valued at $200 million, and given that the firm has just recently raised an additional $15 million from investors, we may anticipate significant growth in the industry going forward.