What Happened To Genius Juice After Shark Tank?
When Alex Bayer walked into a room full of sharks in 2020, there was nothing quite exceptional about bottled coconut water or store-bought smoothies. But by combining the two into one healthy drink, the creator of the coconut smoothie brand, Genius Juice, had himself an unforgettable "Shark Tank" pitch.
Bayer — who appeared on season 11 of "Shark Tank" in 2020 — dazzled Lori Greiner, Rohan Oza, Mark Cuban, Kevin O'Leary, and Barbara Corcoran first with a catchy jingle and later, with his whole coconut smoothie business. While the sharks were all for Bayer's moves on the floor, they were more impressed by the fact that the entrepreneur had a product with numbers to back it up.
The main selling point for Genius Juice is that its smoothies are made with both coconut water and coconut meat, essentially making use of an entire coconut except for the husk. Not only did the smoothie's taste and nutritional profile get rave reviews from the sharks, but Genius Juice had already made $376,000 worth of sales in 2018 and was projected to exceed a million the following year which are green flags for the unforgiving sharks. Unsurprisingly, Bayer walked away with a deal. According to updates after the show's airing, however, the deal between the sharks and Genius Juice has since fallen through.
The Shark Tank effect
Bayer initially went into "Shark Tank" seeking $250,000 in return for 7% of equity. While the competitiveness and operational difficulty of being in the smoothie business concerned Oza and Greiner, Bayer received offers from both O'Leary and Corcoran. After tough negotiation and a surprising change of events, Bayer walked away with double his asking price — $500,000 — in return for a whopping 25% equity but with two sharks, Corcoran and Cuban, by his side.
According to updates from Bayer after the show, however, Genius Juice ultimately decided not to take the Corcoran and Cuban offer, stating that the "Shark Tank" deal fell through after the show aired. While Genius Juice didn't have any sharks backing its coconut smoothies, Bayer's appearance on the show seems to have done Genius Juice a huge favor.
Per the company's page on the crowdfunding website Republic, Genius Juice saw a massive boost in sales after its "Shark Tank" pitch aired on television. Famously dubbed as "The Shark Tank Effect," Business Insider claims that the exposure of appearing on the show is far more advantageous than any deal that entrepreneurs could possibly walk away with, sometimes valuing upwards of $5 million. This was the case for Proper Good after they appeared on "Shark Tank" and is the same for Genius Juice which reported $120,000 worth of revenue through online sales within 24 hours of the episode's broadcast and a total of $250,000 in the two weeks that followed.
Genius Juice went back to crowdfunding
Prior to appearing on "Shark Tank," Genius Juice had raised $15,375 through a crowdfunding campaign back in 2015. After turning down Corcoran and Cuban's deal offscreen in 2020, the coconut smoothie brand went back to raising capital from its fans to grow the business.
According to the company's Republic page, Genius Juice went through several rounds of crowdfunding between 2020 and 2021, raising an initial $20,000 in December 2020. By September the following year, Genius had reached its goal of raising a million dollars — all without the help of a shark. Per the crowdfunding page, Genius Juice was on track to earn a projected $12 million in revenue by the end of 2021.
While Genius Juice already had Whole Foods and Natural Grocers willing to stock its organic coconut smoothies, the Shark Tank blog notes that as of 2020, the smoothies can be found at more than 2,500 stores including Walmart and Target. Bayer has also managed to get his smoothies into several Costco stores across the country. Genius Juice even launched a line of pea protein-based coconut smoothies in Sprouts Farmers Market and came out with a new vanilla cinnamon smoothie flavor.
What's next for Genius Juice?
Genius Juice has done a fantastic job of building their brand ever since its "Shark Tank" days, and the zero-waste company is still going strong with the help of investors, crowdfunding, and new product lines. Its retailer partnerships are still thriving across the nation, and Genius Juice proudly reported $12 million in annual sales revenue as of July 2023. It now offers three main organic smoothie flavors — original, vanilla cinnamon, and mocha coconut — featured as standalone purchases or in variety packs, and even has a subscription plan that saves buyers 10% on every order.
Founder Alex Bayer shares the majority of Genius Juice's new endeavors and funding milestones online, as well as an announcement involving a new health-conscious concoction he hopes the successful startup can release soon. In January, Bayer posted a TikTok video detailing the company's new launch, the Genius Boost Wellness Shot. "It helps you with focus, mental energy, acuity, and concentration to power through the day and be much more productive," he explains. A few days later, its crowdfunding campaign was disclosed, which allows investors to gain equity in the company as it launches its new product.
Towards the end of February, Bayer reported that funding had reached $25,000 with the help of over 54 investors, and even set a new goal for $50,000 with its "no brain fog" Wellness Shots in mind. Due to the dedication and support of the company's ever-growing fanbase, the future looks bright for Genius Juice.