How Wondry Wine’s valuation has changed since Shark Tank

There aren’t many black-owned wine businesses in the U.S., but Chaz and Whitney Gates wanted to tap into that market. Wondry is a cocktail wine that’s infused with organic fruit and has a high alcohol content. Chaz and Whitney pitched their company on Shark Tank and landed a deal with Mark Cuban. Today, Wondry Wine is valued at $2 million.

Founder

Chaz and Whitney Gates are from Dallas, Texas. Chaz holds a master’s degree in law from Johns Hopkins University, while his wife holds a master’s degree in brand management and marketing from the University of Washington.

Prior to becoming an entrepreneur, Chaz served as a policy advisor to the U.S. Congress. His work focused on trade, defense, and foreign affairs. Later, he served as legal counsel for Texas Instruments.

Whitney began her career as a business planning intern at General Mills and later worked as a brand manager for major companies such as Kimberly-Clark, Nestle, and Coca-Cola.

Founding of Wondry Wine

Whitney learned at an early age that good wine strengthens relationships. Growing up, she watched her late uncle make cider and share it with his neighbors every year.

As an adult, she was inspired to create something similar, so she and her husband worked together to research how to make organic wines with high alcohol content using different fruits. They used ingredients such as berries and apples, but the average alcohol content was 13.9%.

Wondry launched in 2021, becoming one of the 1% of Black-owned wine and spirits companies in the U.S. They initially sold online but quickly made their way into many retail stores.

Appeared on Shark Tank

The couple started the company to leave a legacy for their family and to help other aspiring entrepreneurs, and the company donates a portion of its proceeds to people who want to start a business, no matter what industry they’re in.

However, the founders needed to raise money to finance the production and keep costs down. That’s why they applied to be on the show, and luckily, the producers picked them to be on Season 14, Episode 6.

After Shark Tank

After the episode aired in November 2022, all of Wondry Wine’s products sold out within 24 hours. Chaz and Whitney seemed like good, genuine people, and fans of the show were eager to support them. The deal with Cuban was completed on March 30, 2023, and business is booming! As of November 2023, they have $1.1 million in lifetime sales

Wondry is currently available in over 440 retailers, including Target, Costco, and small independent retailers. The wine can also be purchased online at WondryWine.com. Since appearing on Shark Tank, their number of retail stores has quadrupled.

In January, they signed a 10-year distribution agreement with Southern Glazer’s and opened stores in Arkansas. Most of their products have received five-star reviews from customers on their website. Currently, Wondry Wine has a market value of $2 million.

Categories: Shark Tank
Source: svlsf.edu.vn