Thanks in part to “Shark Tank,” Electra Beverages is swimming in cash.
WNBA champion and former ESPN announcer Fran Harris launched Electra in the fall of 2020, and the company has been on the rise ever since.
Electra is a 60-calorie sports drink free of artificial colors and potentially hazardous ingredients, and it has an abundance of vitamins, minerals, electrolytes, antioxidants, and amino acids.
“It’s safe to say I’ve consumed a lot of hydration and sports drinks, and I can tell you without a doubt that everyday athletes, hustlers, and doers, what they’re looking for, Electra delivers on every single one of those,” Harris told “Shark Tank” investors.
Before her appearance on the show, Harris raised $40,000 through crowdfunding service Wefunder, becoming the first woman to independently launch a major sports drink brand.
Harris expects Electra to reach $30 million in sales in the next three years. The company will be donating 10% of its 2021 revenue to STEM and financial literacy programs in underserved communities and to support food and water insecurity initiatives.
“Shark” Barbara Corcoran took a 30% stake in Electra for a $100,000 investment and a $250,000 line of credit, contingent on Harris signing at least one of the sports hall-of-famers she said was ready to promote the company’s beverages.