Sworkit Shark Tank Pitch
Ben and Greg developed Sworkit eliminates all the excuses people use for why they don't work out. The excuses like, “I don't have the time”, or “I don't have a gym.” The App teaches you how to do a workout anywhere, and shows you what to do.
Sworkit has a bench of personal trainers who do the demonstrations. Ben and Greg have made $770,000 in the last year with in-app sales and advertising. They are introducing a subscription service with premium content.
Revenue year-to-date for Sworkit grew from $45,000 to $90,000 and has $2.1 million in capital raise to date. They have over 1.5 million active users at the time of the Shark Tank pitch. They are selling 72 percent of their add inventory.
Sworkit is looking to double their engineering team for speed to market.
Sworkit Episode Data
- Company: Sworkit
- Entrepreneur: Ben Young and Greg Coleman
- Ask: $1,500,000 for 8% equity
- Episode Season 7 Episode 718
- Companies in this episode:
- The Clean Sleep Machine
- Signal Vault – Featured Update
- First Aired: 05/09/2014
- Deal: Deal – Mark Cuban $1.5 Million for 10% and $1.5 million credit on unsold inventory.
What do the Shark Tank Investors say about Sworkit?
- Mark Cuban – offers $1.5 million for 10% equity plus $1.5 million worth of unsold ad inventory. If all ad inventory is sold, he doesn't get it. If it is available they sell it to him towards the $1.5 million credit. Deal with Mark Cuban
- Barbara Corcoran – exercises five days a week, and this is the answer to her problem. She is thinking she should invest $3.99 and get in good shape.
- Kevin O'Leary – asks if they are willing to bring debt to the deal. He will give $1.5 million loan for 2 years and 7.5% interest plus 2.75% equity
- Lori Greiner – is listening and was on the fence. She doesn't see the valuation so she is out.
- Robert Herjavec – planned to offer $1.5 million for 16%. He is out.
Sworkit after Shark Tank
According to the company, the deal with Mark Cuban did not close after the Shark Tank pitch, breaking down in detail negotiations.