Wondry is a brand that specializes in cocktail wines. They make 100% natural wine using citrus fruits, organic berries, and exotic fruits. Unlike other wines, Wondry wines are free of any artificial ingredients. These drinks contain only 13.9% alcohol.
Whitney and Chaz Gate introduced Wondry on episode 6 of Shark Tank season 14. They came to the show to secure funds to support their business. The two asked for $185,000 in exchange for 8% equity in their company.
Did the sharks like Wondry products? Who invested in Wondry? Let’s find all that out in the post below.
Shark Tank Wondry Update
- Entrepreneurs: Whitney Gates and Chaz Gates
- Business: Cocktail Wines
- Ask: $185,000 for 8% equity
- Result: $225,000 for 15% equity
- Sharks: Mark Cuban
Sharks were interested to know more about Wondry, so they let the couple pitch their product on the show.
Wondry offers a wide variety of cocktail wines that are made using natural ingredients. Kevin O’Leary being a wine expert was eager to learn the financial numbers of the business.
The founders revealed that they sell their products through D2C and retail stores. The products are priced at $18.99. The manufacturing cost of the cocktail wine is around $4 per bottle and they are sold to retail stores at $14 per bottle.
Although the sharks were pleased to learn the margin, they think it to be exceptional. At the time when Wondry appeared on Shark Tank, they were only 1 year old.
According to the founders, the company generated $60,000 in profit from sales worth $250,000 last year. It means the company’s margin is around 25%.
Mark Cuban was the first one to extend an offer. He made a counter proposal of 15% equity for a $225,000 investment. Whitney and Chaz accepted the offer right away as they seemed to be too eager to have Mark as their partner.
Wondry is a fairly new brand that makes high-quality cocktail wines at reasonable rates. The unique thing about these drinks is that they are free of artificial ingredients. They are 100% natural and contain very less alcohol.
The wine is available in different flavors including mango, apple, peach, and more. At present, these drinks are sold at over 48 retail stores across the US. The average cost of the wine is between $15 and $24. The price varies based on the flavor.
Wondry was founded in 2021 by a husband-wife duo. They wanted to make a drink that is different from the ones available in the market.
Whitney was inspired by her uncle who made wine at home using various food. She learned wine-making from her wine and was motivated to start her own business. This is how Wondry was born.
After the airing of the Shark Tank episode, Wondry becomes even more popular. In recent times, natural wines have become a popular thing. With Mark Cuban as a partner, Wondry is doing quite well. The company has plans to expand its business and take it to the next level.