Electra sports drink
The most well-known sports drink in the world, Gatorade, dominates the billion-dollar sports beverage market. Who better to confront the incumbent in a sector controlled by a titan than a company founded by a great athlete?
The Electra sports drink company, owned by former WNBA star Fran Harris, is the latest competitor entering the market. Discover what transpired with the company following a transaction with Barbara Corcoran on Shark Tank by reading on.
|What is Electra?||A functional hydration sports beverage|
|Proposed Deal by Owners||$350,000 for 20% equity|
|Owners’ Valuation||$1.75 Million|
|Shark who Secured Deal||Barbara Corcoran|
|Shark’s Offer||$100,000 cash plus $250,000 line of credit for 30% equity|
What is Electra Sports Drink?
Electra is a hydration drink with reduced sugar and calorie content and greater functionality than typical sports beverages. Exactly 60 calories are included in each 16 oz bottle. There are three varieties of the sports drink: Litty Lemonade, Passion Punch, and Oh Yeah! Orange.
Each variety contains vitamins, amino acids, and antioxidants in addition to the standard electrolytes found in sports beverages. Pre- and post-hydration are improved by the additional ingredients. It is also said to aid in rehydration, recuperation, and performance.
Electra Net Worth $1.17 Million
How did Electra start?
Fran Harris, a former WNBA player from Dallas, Texas, is accustomed to success. She helped the University of Texas win the NCAA title in 1986 and then played for the Houston Comets, who in 1997 won the inaugural WNBA Championship.
Harris has drank sports drinks her whole collegiate and professional basketball careers, as do the majority of players. She had grown weary of being annoyed by the nutritional information on the well-known sports drinks that were recommended to her but left her feeling lethargic and did little to aid in her recovery.She discovered that the majority of the ingredients in the sports drinks were salt, sugar, and fake food colors after reading the nutritional labels.
According to the company’s website, Fran Harris decided to start Electra to give “ordinary doers, hustlers, and athletes” a better hydration option to the popular sports drink brands.
What is Electra now worth?
With Barbara Corcoran’s investment of $350,000 in cash and a line of credit for 30% equity, Electra Beverages is valued at $1.17 million. This amount is considerably less than Fran Harrris’ $1.75 Million appraisal that she provided to the Sharks during her pitch.
Electra has had luck raising $40,000 on WeFunder before its launch in the summer of 2020. The firm indicated in their pitch that its 5-year objective for revenue is between $80-$100 million. Intriguingly, the company’s Indiegogo campaign only managed to raise 72% of its $10,000 financing target.