What Happened to Sworkit After Shark Tank Pitch?
What is Sworkit?
Sworkit, which means for Simply Work It, is a workout app for both iOS and Android. It provides both free and paid subscriptions.
It enables the user to mix and match four popular training routines within the same session: cardio, strength, stretching, and yoga.
They do, however, set the workout time, repetitions, and exercises, as well as follow the recommendations on their smartphone—they are the personal trainer.
Another benefit is that the activities are appropriate for both at-home and gym training routines.
The premium edition is ad-free and contains bonuses such as professional recommendations and access to more customization choices.
Who Founded Sworkit?
Ben Young, Ryan Hanna, and Greg Coleman founded Sworkit in 2012. (CEO).
Ryan is a graduate of the University of North Carolina and a former captain in the United States Army.
Greg is a retired Air Force colonel who served for over two decades.
Greg and Ryan are still on the board of directors for Sworkit.
Ben is a University of Virginia computer science graduate with a background in business development.
He stepped down as CEO in 2019 and now works as a development and strategy consultant for the company.
Around 2012, Ben and Greg spotted a need in the market for tailored exercise software.
Consequently, they developed Nexercise, a fitness tracker, as their first product.
They bought Sworkit from Ryan in 2014 and a year later created a kid-friendly version for kid-focused workouts.
They had over 10 million users a year or so after their launch, ranking their app in the top five for fitness-related apps and earning over $2 million in revenue from selling ad space on the free edition.
Sworkit is recognized as one of the finest exercise apps since it is the most closely aligned with the American College of Sports Medicine’s training recommendations, which stipulate that a workout should contain aerobic, strength and resistance, and flexibility components.
What happened to Sworkit at the Shark Tank Pitch?
Ben and Greg made an offer of $1.5 million for 8% of the firm. This equates to a valuation of 18.75 million.
They’re sick of hearing people’s excuses for not working out, so they created Sworkit, which allows users to pick a workout that they can do anywhere, at any time.
They believe it’s comparable to Spotify, except for workouts; they may skip a challenging task, in the same manner, they skip a song.
The program even works with Spotify, allowing people to exercise while listening to music.
They established the company a year ago and created all of the materials. They came up with the concept five years ago after generating $2 million with fitness tracker software.
Last year, they made $775,000, with one-third coming from advertising and two-thirds subscriptions.
In the preceding three months, they generated $90,000 in sales.
Venture capital investment of $2.5 million was provided to the start-up.
Even though just 2.9 % upgraded to the premium service, the free app remains lucrative.
Mr. Wonderful thinks they’re pretty reputable in their profession. He grants them $1.5 million in loans at 7.5 percent for two years, plus a 2.75 % stake in the company.
Mark contributes $1.5 million for 10% and receives $1.5 million in unfilled ad space; he refers to it as a win-win situation.
Lori states she is unable to see the valuation and is departing.
Robert claims he was willing to pay $1.5 million for a 16% stake, but Mark’s offer is better, so he’s out.
Barbara thinks that Sworkit is the answer to her problem, but should she spend $1.5 million or $3.99 on the app to lose weight? She’s no longer there.
Ben and Greg both respond yes and shake Mark’s hand when Mark asks whether they have a deal.
According to others in the hall, they like what Mark brings to the table and his sports affiliations.
What Happened to Sworkit After Shark Tank Pitch?
Unfortunately, issues arose throughout the due diligence process.
The entrepreneurs’ and Mark’s visions for Sworkit did not coincide.
The deal didn’t work out, and the two could not find a Shark investor for their program.
Even the deal’s demise was inadequate to bring Sworkit to an end. The pair hopes to attract other investors to make their dream a reality.
In March 2020, the company announced a partnership with Blink Fitness to provide a more superb choice of fitness content. The Covid-19 outbreak increased sales for fitness apps across the board.
As of 2021, the app has over 30 million downloads and 10 million registered users. This translates to around $60 million in yearly sales.
The app store has over 27,000 reviews and a 4.77-star rating.
What is Sworkit’s Net Worth?
Ben and Greg offer $1.5 million for 8% of the firm.
This equates to an $18.75 million valuation. They accepted a $ 1.5 million for 10% agreement from Mark, bringing the company’s valuation to $ 15 million.
Who are the Competitors of Sworkit?
Competitors include Daily Burn, Fitness Blender, Runkeeper Technology, Welzen Technology, Skimble Healthcare, Fitgate Technology, FitOn Technology, and Auro. Technology.
When was Sworkit on Shark Tank?
On February 19, 2016, Sworkit featured on ABC’s “Shark Tank.”
Who Founded Sworkit Shark Tank?
Sworkit was founded by Ben Young, Ryan Hanna, and Greg Coleman. They formerly owned the well-known fitness app Nexercise.
What happened to Nexercise?
Nexercise, Inc. buys Sworkit and rebuilds its platform.
Are Sworkit kids free?
The workouts on Sworkit Kids are always free. A parent will need to help the kid enroll after completing their first exercise, but the Kid Workouts are free to use even if they do not have a Sworkit subscription.
Their Sworkit Youth Initiative also gives free Sworkit access to older children.
When did Sworkit begin charging for its services?
If their purchase includes a seven-day trial, their first charge will be made once the trial period has ended and they are still registered to renew.
If they choose a monthly subscription, they will be billed on the anniversary of their original membership start date each month.
How much does Sworkit have a cost?
Sworkit cost is $9.99 per month or $59.99 per year.
How much does Sworkit cost per month?
Sworkit now offers two membership options: an annual subscription for $59.99 and a monthly subscription for $9.99.
Where is Sworkit located?
Its headquarters are located in Bethesda, Maryland.
How long do Sworkit exercises last?
They pick the duration (from 1 minute to 90 minutes) and the variety (including strength training, stretching, cardio, yoga, and other activities).
Does Sworkit communicate with a tracking device?
They can work out on whichever gadget they choose when they utilize Sworkit on all of their devices.
There is only one fitness membership that reigns supreme! Sworkit may be viewed and utilized on any smart device, and their exercises and preferences will sync across all of them smoothly.
How can they unsubscribe from Sworkit?
Visit app.sworkit.com or click “Manage Subscriptions” from their mobile app’s “My Account” section. They can cancel their subscription plan by clicking “Cancel Plan” here.
When they see a green checkmark, the operation is complete.
Is Sworkit simple to use?
Sworkit is a workout app that offers practical exercises that can be done from the convenience of one’s own home.
It is mainly done using bodyweight methods and HIIT-style exercise, requiring little to no equipment.
Users may change the length of each session, making training much more manageable.
Does Roku have Sworkit?
In the near future, Sworkit aims to develop an online version of the software and versions for Apple TV, Google TV, and Roku.
Is Sworkit still in business?
Sworkit is still in operation and currently has a 4.7 out of 5-star rating on iOS.
Is Sworkit an honest company?
Sworkit is a workout-on-demand software that offers a wide range of workouts that can be done practically anywhere and with no equipment.
It’s not the most complicated workout-on-demand program, but it’s perfect and ranks among the best fitness apps.