Several people drink wine around the globe. Everyone has their preference for beverages. But some people miss frizz and jazz. They wish to add other flavors and colors to their drinks. But they don’t know about the exact proportions and ratios to get their desired taste. But now they can drink Wondry.
Wondry is a wine with fruit extract and flavors. It provides a wide range of wines with different flavors for your taste buds. They have premium wine and high-quality cocktail cream with a non-alcoholic taste. They are tastefully crafted and properly fermented to infuse the original taste from fruits. Entrepreneurs and couple Chaz and Witney Gates crafted it themselves.
The pitch was amazing and sales were good. The demand for $185,000 for 8% equity. Sharks liked the product as wine is one of the favorites of Sharks. But will they invest in fruit extract wine? Let’s find out.
Wondry Cocktail Wines Net Worth
Chaz and Whitney Gates asked for a $185,000 investment in exchange for 8% equity in their company, Wondry. This meant they valued their company at $2.31 million. They made a deal with Mark Cuban for $225,000 in exchange for 15% of their company. This new deal valued their company at $1.5 million. After the show aired, Wondry saw a big increase in sales (over $1.1 million) within one year and expanded to 400 stores across the U.S. With an estimated 10% yearly growth rate, the current net worth of Wondry is about $1.65 million.
Wondry Cocktail Wines Shark Tank Update
What Happened to Wondry Cocktail Wines After Shark Tank
After the Shark Tank appearance, the sales increased by 4 times. They have reached $1.1 million in sales just in one year. They in 400 stores in the U.S. with a 10,000-square-foot production facility. The brand was recognized overnight after the Shark Tank.
Did Wondry Cocktail Wines get a deal on Shark Tank
Yes, Wondry got a deal with Mark for $225,000 of 15% equity.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Peter Jones | Out | N/A | No |
| Kevin O’Leary | Out | N/A | No |
| Daymond John | Out | N/A | No |
| Lori Greiner | Out | N/A | No |
| Mark Cuban | #1: $200,000 for 15% equity #2: $225,000 for 15% equity | $250,000 for 15% equity | Yes |
Founders & their Backstory
Whitney was inspired by her paralyzed late uncle. She grew up watching him make wine in his garage. He called it happy juice. It was used to serve for various reasons. She self-educates about winemaking and joins a program to learn how to craft premium wine.
Chaz was raised by a single mother with multiple jobs. He studied at university and moved to Washington DC. He has done two different jobs in day and night time. He then went to China to teach at university. And even go to the Law School at American University in DC. He has experience in Corporate Office. Then moved to Dallas to serve as an in-house counsel for one of the largest tech companies.
Initial Pitch
Whitney and Chaz introduced themselves. They demand $185,000 for 8% equity for their wine company. This turned Kevin’s head. They explained how wine became boring with artificial flavors and colors. Moreover, it’s difficult to make and adjust their propositions. So they created Wondry to add taste to wine.
Wondry is the first international award-winning collection of wines with fruit extract. No artificial colors and flavors; just pure fruits. It has a 13.9% alcohol ratio. Cocktail cream and wine are their best sellers. They introduced non-traditional tastes in the American wine industry. Entrepreneurs concluded their pitch with a toast to their taste and welcomed Sharks to taste their product. Sharks were presented with the best collections and best sellers of the wine.
Queries about the Product
Sharks were impressed with the taste. Kevin stated that 97% of wine bottles are sold for less than $14.99 in the country. He continued to mention his expectations for the sales price will be less than it. Whitney mentioned that they are a bit pricey as they use only premium and organic ingredients so their price is $18.99. Kevin then inquired about their target marketplaces. Chaz answered that they have their distribution strategy in Dallas with Target and TotalWine.
Peter inquired about the cost of manufacturing each unit. Whitney replied that the cost to make each cocktail bottle cost $3.61 and sell $30. 30 to each retailer. Peter was impressed with the margins. He then inquired about the beginning of the business year. Whitney replied that they started in August 2021 which is 11 months. Peter then inquired about the sales at that duration. Whitney mentioned that the sales were $250,000.
He continued to inquire about the profit made. Whitney mentioned that they made $60,000 with 32% of the operational margin. Shark loved the margin, too. Kevin inquired them about the amount of investment that was made. Chaz answered that they had invested $1 million from their savings. Daymond inquired about their previous work history or if they were winemakers. Whitney and Chaz mentioned their backstory when Daymond asked.
Kevin inquired if they have connected to the world’s largest wine retailer, Costco. Whitney mentioned that they haven’t connected to Cosco yet. Kevin inquired about the sale through Target. Whitney mentioned that they are the number two black-owned beverage brand in the nation.
Shark’s Responses & Final Deal
Daymond was the first Shark to quit as he isn’t a wine person. Lori was impressed with the idea. But she quit because he avoids sugar and only invests in products that she uses. So she quit too. Peter was next as he thought its not a good fit for him. Mark inquired about what do they need. Chaz answered that they need a facility for packaging as it is difficult with a 9-month-old son.
Mark asked Kevin if he had some plans for it. But Kevin quit the deal too. Mark then placed his offer. He offered $200,000 for 15% equity. Whitney counter-offered $250,000 for 15% equity. Mark revised his offer as $225,000 for 15% equity. The couple agreed and left cheerfully.
What Went Wrong with Wondry on Shark Tank
The pitch was great and sales were remarkable. Sharks did like the product. But stepped out due to their lack of interest and knowledge in the field. But Mark made a deal with the wine-making couple.
Product Availability
Wondry has a versatile collection of wines with different fruits. Seasonal mango to authentic vanilla. The collection is wide to select from the stores or online. You have them delivered with shipping or you can purchase them from nearby stores. You can check their website for the available products and collections.
Conclusion
Entrepreneur and couple Chaz and Whitney Gates are on Shark Tank Season 14 with their wine-making business. They demand for $185,000 for 8% equity. They sell their fruit extract wine around the nation. Their pitch was good, and sales were impressive in just 11 months.
Sharks like the idea but squit. They lack interest or knowledge in the wine-making field. But Mark made an offer. After a couple of back-and-forth offers, the deal was done on $225,000 for 15% equity. The deal was done.
Hello everyone, I’m Sara Javed. I’m an IT professional expert with project management and design skills. Besides writing, I love playing video games, designing digital art, and reading books. I love Shark Tank due to its innovative business idea and unpredicted reactions of Sharks. This keeps me glued to the screens to watch the next catchy moment. Read more About me.