November 15th 2023.
Wondry, a Black-owned wine company founded by Whitney and Chaz Gates, had a major breakthrough when they appeared on the hit show Shark Tank in November 2022. They received a $225,000 investment from billionaire entrepreneur Mark Cuban. This investment proved to be immensely successful for the business. Yahoo Finance reported that Wondry has quadrupled their sales, bringing in $1.1 million over the last 11 months.
The Dallas-based company offers a selection of 100% natural wines and sangrias with "organic berry, citrus, and exotic fruit extracts" for an extravagant drinking experience. Their products can now be found in over 400 stores nationwide, a significant increase from the 50 stores it was available in prior to their Shark Tank appearance.
Mark Cuban saw the potential of Wondry in a landscape where very few Black entrepreneurs had found success. He said, "When you're a Black winemaker, you're a rarity. And as a rarity, their community looks up to them. And you compound that with them being successful and growing so quickly, they're going to be encouraging entrepreneurs across the country."
The Gates attributed a major part of their success to Cuban's introduction of their brand to Southern Glazer, a distribution company that assisted in the placement of their products in restaurants, retailers, and airlines. They also opened a 10,000 square-foot facility which significantly enhanced the brand's production capabilities. Whitney said, "Before 'Shark Tank,' we were just a local Texas business. But after, we became a nationally recognized brand overnight."
The couple returned to Shark Tank on a Nov. 3 episode to provide an update on the growth of their business and to reveal the brand's newest blend, "Creamy Chocolate Martini," for the holiday season.
When Wondry first appeared on Shark Tank, their profit was at $60,000 and lifetime sales were at $250,000. It is clear that the investment from Mark Cuban has been immensely successful for the business. It is a great example of how Black entrepreneurs can find success in the business world with a little help and determination.
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