What Happened to BetterBack after the Shark Tank?
What exactly is BetterBack?
BetterBack is a groundbreaking patented technology that allows users to sit comfortably and correctly during work. Unlike standard cushions, which require users to bend forward in order to obtain support, BetterBack allows users to sit in a proper posture without any additional effort.
BetterBack was established to assist individuals all over the world who suffer from back discomfort as a result of sitting and slouching improves their posture.
Katherine Krug designed the product in 2015. Katherine Krug is the ingenious mind behind this valuable invention. She is originally from Las Vegas, Nevada, and holds a degree in mechanical engineering.
Katherine had this concept in April 2015, after the collapse of a start-up she co-founded. She discovered that sitting at her desk for up to 14 hours a day was giving her backaches, and her posture was failing as a result.
Who is the creator of BetterBack?
Katherine Krug, the brilliant mind behind this valuable tool, launched it in 2015. She is originally from Las Vegas, Nevada, and has a mechanical engineering degree. Katherine came up with this concept in April 2015, following the collapse of a start-up she co-founded.
She noticed that sitting at her desk for up to 14 hours a day was giving her backaches and caused her posture to deteriorate.
As a result, she conducted research and created the BetterBack product. She was aware that she was not alone in her situation of working at a desk for long periods of time and coping with the discomfort that accompanied it.
Many people were unaware they were slouching for the most of the day. She worked with a team of designers and prototypes to develop a solution that would help anyone suffering from back discomfort. Her campaign was a big success, with almost $1.65 million raised on a $12,500 budget.
Katherine was the first solo female entrepreneur to raise a million dollars on Kickstarter for her device, which allows customers to sit in correct posture effortlessly, alleviating and avoiding back discomfort. BetterBack is portable and lightweight, and it enhances the ergonomics of any chair.
Wearing it for only 15 minutes each day can assist users in retraining their body’s natural posture whether standing or sitting. The device has been utilized by over 30,000 people, and $3.0 million has been raised on Indiegogo.
What Happened to BetterBack’s Pitch on Shark Tank?
Katherine went to the Shark Tank Pitch to seek more collaboration from the investors after a tremendously successful campaign in which she was able to raise nearly $1.65 million on a $12,500 budget.
Katherine was seeking $750,000 for a 7.5% stake of her company, worth $10 million.
Katherine had 10,000 units depart her facility, and she expected 20,000 units in a week.
It costs $8.50 to create one and $59 to sell one. Katherine has $875,000 in cash in her bank account. Percent interest in her firm.
She described the importance of her product and how effective it is against sharks. Katherine continued by saying that she has gotten wonderful comments from individuals all throughout the country. BetterBack is the best-selling product on Amazon.
Due to the high valuation of the firm, Barbara Corcoran and Mark Cuban opted out of the acquisition.
Meanwhile, Robert Herjavec has offered $750,000 for a 20% stake in the firm. Kevin O’ Leary makes an offer of $750,000 for a 25% stake in the firm, while Lori Greiner makes an offer of $750,000 for a 20% stake in the company.
Kevin O’ Leary counter-offers a $750,000 loan for 24 months in exchange for 7.5% equity in the firm.
Lori Greiner updated her proposal. $750,000 loan for 36 months with 8% equity shares, available immediately Katherine counters Lori Greiner’s offer of a $750,000 loan for 36 months in exchange for 7.5% stock in the firm.
Finally, Lori Greiner and Katherine negotiated an agreement on a $750,000 loan for 36 months with 8% equity shares in the company, and they closed a deal.
What became to BetterBack following its appearance on the Shark Tank?
Lori and Katherine’s deal was never completed, and the transaction was never executed. However, after a period, the BetterBack Company is making good growth in their industry.
BetterBack was originally accessible on Amazon, but is now primarily available through the website at the old $59 price point.
In the new demonstration video, they demonstrate their innovative Flex Back product, which may be used in place of a standard bulky cushion.
This cushion is quite comfy and ideal for sitting in a standard chair. There are several ways to use this cushion; however, they have included a new option called ‘Flex Back.’ In 2021, the firm expects to make $7.3 million in sales.
Postura, PoseAlert, and Mevics are among the firms that compete with the corporation.
BetterBack’s net worth
BetterBack Company has now sold over one million pieces of the device. Katherine receives more than 30% of the BetterBack Company’s entire income. She is also getting presale payments and will be making monthly payments during her lifetime payments.
In the last year alone, BetterBack Company has secured $300,000 in venture capital investment. Katherine’s net worth has grown as a result of collaborations with other businesses.
The company valuation was $10million during the pitch, since then the company net worth might be higher than that of pitch.
How is BetterBack different from other products?
BetterBack is a portable, rechargeable design that gives customers the ability to sit in the correct posture automatically. It promotes health, wellness and does not require any training. The device can be used by both men and women.
How does the user recharge the device?
The BetterBack device can be recharged by plugging it into a USB port.
What is the size of BetterBack?
The company has reported that this product is 8″x 8″x 8″, and it weighs 2.5 pounds. The device is lightweight, portable and easy to use.
Where can BetterBack are purchased?
BetterBack is sold on Amazon, which provides the largest customer base in retail sales.
What is the return policy?
The company has a 30-day return policy. All the products come with a money back guarantee. In addition, BetterBack affords their customers a full refund within 90 days of purchase.
Where can I find more information on the BetterBack?
More details can be obtained from the official website of the company. Additionally, the BetterBack Company Facebook page can be found on the internet.
What is your company’s mission?
BetterBack’s mission is to help individuals live a healthier life.
Why did BetterBack choose to participate in Shark Tank?
Katherine was looking for investors who would help her develop her product and make it even better.
How much money has been raised for the BetterBack device?
The campaign raised $1,659,524 from 17,814 backers on Indiegogo.
What is the company’s current status?
Katherine has delivered nearly 10,000 units of the BetterBack device. She has gotten many positive reviews from customers on Amazon.
How does BetterBack work?
BetterBack was designed to help relieve muscle strain, reduce pain and enhance posture. Users follow the simple steps required to use the device. The device automatically detects the user’s posture and sets it in a good position.
What are some of BetterBack’s benefits?
BetterBack provides users with a comfortable sitting experience. This will allow them to sit longer, keep their backs straight, alleviate pain and correct muscular imbalances. It is portable, easy to assemble and rechargeable.