What Happened to SnapClips After Shark Tank?
What is SnapClips?
SnapClips are a straightforward, yet inventive, solution to a problem that many people were unaware existed. The SnapClips, which are almost like a super-heavy-duty version of a famous ’90s fad, were designed by Martin Dimitrov, a high school student at the time, and are a Godsend for Gyms worldwide.
Martin Dimitrov was a high school student who possessed an extraordinary aptitude for tenacity, enthusiasm, and sales (he and some of his friend even worked as telemarketers and then created their own telemarketing company).
The SnapClips concept was created while he and his students were challenged with coming up with a new solution to an everyday problem.
Martin is now a college student at the University of Illinois in Chicago, while still expanding his business.
Who is the founder of SnapClips?
Martin Dimitrov founded SnapClips while he was a senior in high school. He sought a weight collar that was lightweight, easy to use, and durable (the device that secures free weights to the barbell while lifting). The first prototypes were made from slap wrist bands.
In the spring of his senior year, he executed a successful Kickstarter campaign, garnering $23,040. This amounted to roughly 600 orders.
Following graduation, he enrolled in the University of Illinois in Chicago, where he is pursuing a business degree in entrepreneurial studies.
This did not stop him from working on the product’s development. In order to enhance and polish his innovation, he was continuously in contact with cross-fit athletes, power lifters, and others.
Snap Clips, like slap bracelets, snap around the end of a bar bell. Wrap the clip around the bar and fasten with the Velcro strip.
For added strength, each clip is made of military-grade Kevlar and reinforced with a high-strength rubber/fabric combination. Martin obtained patents for SnapClips in 2017 and began marketing them internationally.
They come in black or orange and cost $29.99 for a pair. Lifters are allowed to bring their own to the gym in order to speed up their training, but Martin plans to sell them to gyms as well.
What Happened to SnapClips at Shark Tank pitch?
Martin Dimitrov believes the Sharks will invest in SnapClips, his easy-to-use weight collars, in Shark Tank episode 918. Martin is searching for a Shark to help with cash flow and to help him take his business to the next level.
Martin appeared on Shark Tank in seeking of $150,000 in return for a 15% stake in his company, which worth $1 million.
He makes his point, tells his story, and shows off his wares. He also mentions that he was looking into new uses for his gadget. As he distributes samples, the inquiries begin.
He was enrolled in college but would drop out if the company succeeds. He claims that his institution will always be eager to take his contributions. Each unit costs $8.50 to produce and retails for $29.99.
He made $6500 in the month he was selling, in addition to the Kickstarter sales.
Lori feels that the industrial applications for aiding with hose and wire storage might be enormous. She, on the other hand, was inexperienced with weights.
Robert claims that he was uninterested since he was not yet in the industrial markets, therefore he goes out. Barbara has no relationship to the product; she went out.
Lori offers $150,000 in return for 50% ownership of the company. Alex proposes to co-invest $150,000 with her in return for 25% equity shares.
Mark joins in, suggesting that Martin would be foolish to take that offer. He claims he will invest $150,000 with Lori and Alex in return for 30% stock shares — 10% each.
Mark claims that he would involve NBA teams in the business, and Alex will ensure their presence in his facilities.
Alex expresses his willingness to accept the offer only provided Martin continues to attend school. Martin agrees and leaves the pitch with a deal.
What Happened to SnapClips After Shark Tank?
While the deal with Mark, Lori, and Alex was concluded, they have since left the company. Martin secured a private label deal with Crossfit in 2018. He has increased his distribution to over 30 countries by the end of 2018.
As of February 2022, the firm was still in operation, with over $4 million in lifetime sales.
Net Worth of SnapClips
During the pitch, the firm was valued at $1 million; after three Sharks invested, the company was valued at $500,000.
What is SnapClips?
SnapClips are attractive, straightforward, and long-lasting solutions to a basic problem. Their primary function is to keep your weights in position when lifting. This allows you to concentrate on your form and develop stronger without having to worry about how you’re going to keep the weights in place.
Who is the founder?
Martin Dimitrov is the creator and CEO of SnapClips.
How much was seeking on Shark Tank?
Martin was asking $150,000 for a 15% ownership in his firm.
Did he have the deal?
Yes, Martin secured the offer from Mark Cuban, Lori Greiner, and Alex Rodriguez on Shark Tank.
How much money did they put in?
They invested $150,000 for 30 percent of the company’s equity shares.
Is SnapClips still in operation?
Yes, SnapClips is still in business, and it will continue to operate until February 2022.
Where is SnapClips located?
SnapClips is headquartered in Chicago, Illinois.
What are SnapClips used for?
The goal is to give weight lifters with a dependable, high-quality option.
What material are SnapClips weights composed of?
The weights are comprised of a reinforced cloth and rubber mixture. They are designed to withstand numerous hours of lifting.
What are the prices of SnapClips?
SnapClips will be sold in packs of two for $29.99.
Is SnapClips available for purchase?
Yes, SnapClips will begin delivering in February 2022.
How much does it cost to send SnapClips?
SnapClips have a $5 delivery cost.
Who are the target markets of SnapClips?
SnapClips’ target market is weight lifters, particularly those who engage in power lifting and CrossFit contests.
Is SnapClips a patented product?
SnapClips are, in fact, patented.
Are there any SnapClips alternatives?
Yes, there are various different items on the market that can be utilized to replace the function of SnapClips. Collars, weight clips, and barbell weights are among the items available.
Is it true that SnapClips are solely for men?
No, the firm serves both men and women.
What is SnapClips’ return policy?
The firm provides a 30-day money-back guarantee. Customers who are dissatisfied with the goods can return it for a refund.
What if I need to get in touch with SnapClips?
Customers may reach them by email at [email protected] or via their website at www.SnapClip.com.
Is there a money-back guarantee?
Yes, the organization offers a 30-day money-back guarantee to dissatisfied clients.
How can I purchase SnapClips?
Customers can purchase SnapClips using debit or credit cards. They can also use PayPal to pay.
Who is the company’s CEO?
Martin Dimitrov is the CEO of SnapClips.