During her career as a professional athlete, Fran Harris had tried many sports drinks. But not finding any healthy enough, she decided to create her own.
Now, the founder and CEO at Dallas- and Austin-based CPG sports drink and lifestyle company Electra Beverages is getting the chance to pitch her product to the investors of ‘Shark Tank’ at the beginning of next month.
“I launched Electra out of pure frustration of current products in the sports drink space. Too much sugar. Too many calories. Not enough function,” Harris wrote on Electra’s website. “Listen, I've consumed thousands of gallons of hydration and/or sports drinks as a college and pro athlete — so I know what's out there.”
Harris had toyed with the idea of creating her own brand after retiring from the WNBA and playing internationally in Switzerland. However, according to Harris, Electra was born the day she was struggling during a 5K and was mortified by the nutritional panel on the side of the sports drink she was handed.
Electra was launched this fall, with a line of sports drinks that currently come in three flavors, with powdered versions expected to be available in Q1. There’s also a small line of promotional gear, which features a face mask.
According to Electra, what sets it apart from the numerous other brands in the business is its lake of artificial colors and ingredients and its blend of vitamins, amino acids and antioxidants. Part of that comes from its use of watermelon water, which Electra says is high in nutrients.
A six-pack of Electra runs about $21, with a 12-pack costing about $40. Customers can also order a monthly subscription pack.
“There are plenty untapped niche opportunities," Harris said in a statement. "We're just scratching the surface.”
It’s not clear yet, how much funding Electra is planning to seek from the Sharks. Before its appearance, the company had raised $40,000 from a WeFunder campaign. And the company said it expects the sales of its drinks alone to hit $30 million in the next three years.
Electra’s appearance on “Shark Tank” in on Jan. 8 and 7 p.m.
The last local company to successfully appear on the ABC show was Fort Worth-based shaving startup Supply, which landed a $300,000 investment in exchange for a 15 percent stake in the company from Robert Herjavec.
Recently Dallas native and shoe brand TOMS founder Blake Mycoskie joined the panel of Sharks on the show, along with Austin entrepreneur Kendra Scott.
The other North Texas Shark, serial entrepreneur Mark Cuban has also been active on the show recently. Earlier this month, Cuban, along with Shark Barbara Corcoran, invested $225,000 in hand-held bag carrying device company Click and Carry, in exchange for 40 percent of the company. He followed that with a $200,000 investment in Chicago gag gift startup Toilet Timer for 25 percent of the company.
Several Texas startups have successfully raised fund through “Shark Tank,” including durable blanket startup MonkeyMat, which nailed a $100,000 deal in 2015; pet toy startup PrideBites, which landed a $200,000 deal in 2016; Everlywell, which secured $1 million in 2017; and Eterneva, an Austin startup that creates diamonds from the ashes from cremations, landed $600,000 last year.
"There's nothing like being in the Tank," Harris said. "The potential impact on one's business is well-documented."
