What Happened to Terra-Core Fitness What Happens After the Shark Tank Pitch?
What is Terra-Core Fitness?
The Terra-Core Fitness is a portable, lightweight gym that may be used for a range of exercises. The Terra-Core combines resistance and aerobic training for the perfect exercise, whether they want to lose weight, improve endurance, or build up.
The Terra-Core is a two-sided air-filled, core-busting machine with two sides.
On one side, an inflated rubber dome with a standing or kneeling surface is included. The other is a moulded flat surface with handles and sidebars that may be utilized for a variety of workouts.
Who is the Founder of Terra-Core Fitness?
Greg Nigro is the entrepreneur behind Terra-Core Fitness.
Core’s Terra-creator is no stranger to the exercise industry. Prior to launching Terra-Core, Greg Nigro worked in the fitness industry for almost two decades.
Greg spent several years as a Gold’s Gym franchisee, where he built a reputation as a fitness genius as an equipment dealer, trainer, and consultant.
Greg was born and reared in Kansas City, Missouri, and has been noted since childhood for his boundless energy, excitement, huge ideas, and gentle demeanour.
During his stay at Gold’s Gym, he began to develop concepts for a machine that would aid in the improvement of exercise; this machine would later become the Terra-Core.
Greg now lives in Santa Monica, California, with his wife and child, and continues to work with celebrities.
He was recently invited to provide an instructional course on home gym design for the National Academy of Sports Medicine as a consequence of his huge success.
What Happened to Terra-Core Fitness at the Shark Tank Pitch?
Greg Nigro launched his company in 2016 with a successful Kickstarter campaign that raised $95,678.
He completed his obligations and now sells his product on the company website and on Amazon for $199.00.
While he has had some success with the product, he wants to start certifying trainers and securing others who want to become dealers.
Terra Core fitness classes will soon be accessible across the United States.
Greg joins the Tank with two fitness demos, asking $300,000 for a 15% stake in the company. This corresponds to a $20 million valuation.
He explained the product and began demonstrating several routines.
He’s been selling the product since 2017 and has made $2.1 million in total sales. The Sharks enjoy his profit margins, which he gets by producing them for $73 and selling them for $199.
Lori asked him where he sells his stuff. Greg explained that 38% of his sales were commercial, 38% were direct-to-consumer, and 12% were foreign.
Lori questioned as to whether it was made in China. Greg confirmed that it was, and that tariffs were reflected into the pricing. He felt he could reduce the price to $40-$45.
Kevin enquired whether he had made any money this year. Greg revealed that he earned $850,000 in sales and broke even that year. He anticipated sales of $1.4 million and a profit of $200,000.
Daymond made an initial offer of $300,000 in return for 40% of the company.
That offer was seen as “savage” by Kevin, but Daymond pointed out that he had seen numerous entrepreneurs go on the program without demanding all of the capital they required upfront.
Kevin claimed that he would pay $300,000 for a 15% ownership in exchange for a $20 royalty per unit. Kevin’s royalty demand surprised Greg at first, but Kevin told him that the cost would be dropped after he made $1 million.
That’s when Mark called Kevin a rapacious savage.
Daymond is about to make a counter-offer, when Greg interrupts and recommends a 20 percent discount, which Daymond dismisses as insufficient movement.
Anne mentioned an app, and Greg said he had one with workouts made by his team.
Daymond immediately declared that he would cut his offer from 40% to 30%.
Lori told Greg that if he made an infomercial, he might be very successful. She then countered with a $300,000 offer in return for 22.5%.
Daymond reiterated his counteroffer of $300,000 for 30%, which was remarkable given that it was a worse deal than Lori had made.
Then Anne made an offer: $300,000 for a 17.5%, but she asked a $10 per unit everlasting charge.
However, Greg was unsatisfied with the idea of paying royalties.
Lori mentioned that she admired Greg and wanted to make a deal with him. She told him she thought her offer was realistic. Lori’s offer was accepted by Greg, who nodded.
What Happened to Terra-Core Fitness What Happens After the Shark Tank Pitch?
Lori’s contract had been finalized. As of August 2020, the firm is still in existence. Greg Nigro departed Terra-Core Fitness in December 2020 to concentrate on Gym Sherpa (his other firm).
The company produced around $500,000 in July 2021.
What is the Net Worth of Terra-Core Fitness?
Greg joined the Tank looking for $300,000 in exchange for a 15% stake in the company. This corresponds to a $20 million valuation.
He accepted Lori’s offer of $300,000 for 22.5%, resulting in a $1,333,333.33 valuation.
Who are the Competitor of Terra-Core Fitness?
BOSU Balance Trainer is the biggest opponent.
Terra-Core Fitness FAQS
What episode of Shark Tank is Terra-Core Fitness?
In Shark Tank Season 11 Episode 8, Greg Nigro wants a Shark to assist him in negotiating a deal for Terra Core, his commercial-grade balance trainer and training program.
Did Terra-Core Fitness get a deal on Shark Tank?
Greg joined the Tank for $300,000 and a 15% stake in the company. He does, however, get a $300,000 investment from Lori at a 22.5 % share.
Is Terra-Core Fitness still in business?
Terra-Core is presently thriving as it extends into new markets throughout the world.
With over 80,000 Instagram followers, 9,000 Facebook followers, and over 38,000 Terra-Core Tribe members, Terra-Core is one of the fastest-growing fitness enterprises on the market.
What is the weight limit for Terra-Core Fitness?
Maximum load capacity: 4,500 lbs (1,000lbs recommended) All-in-one fitness accessory. There are several exercises.
How do they air my Terra-Core Fitness?
They will be in charge of inflating the Terra-Core air bladder with the included two-way hand pump.
Remember that the more air they inject into the surface, the more stable it becomes. It will become significantly more reactive if they add less air.
As a result, when they are just starting off, they require a solid but not too hard surface.
When did Terra-Core Fitness make an appearance on Shark Tank?
Terra-Core Fitness was aired on November 17th, 2019.
Where is the Terra-Core Fitness manufactured?
Terra-core is a Chinese-made material.
How much does Terra-Core Fitness cost to manufacture and sell?
Terra-Core units are presently on the market for $199, with a landed cost of $73 for production.
Greg is presently working with his Chinese manufacturer to cut his cost to $40, which would increase product margins even more.
What is the purpose of Terra-Core Fitness?
This all-in-one home gym is ideal for getting their complete body moving and burning calories.
It’s a balance trainer, a step, and a fully functional bench all rolled into one. The dynamic surface can bear weights of up to 4,000 pounds.
What is the weight of Terra-Core Fitness?
The Terra-Core weighs 28 pounds and measures 46 inches (117 cm) long, 17 inches (44 cm) wide, and 10 inches (26 cm) tall (13 kilograms).
Is shipping available to Canada, Hawaii, Alaska, and Mexico?
They cherish their Terra-Cores and yearn for them to travel the entire world. As a result, they will send them wherever they may find a loving home.
How do they make money?
They earn money by selling their wares.
What are strengths of Terra-Core Fitness?
They have the power to increase anyone’s core strength. Individuals may utilize the Terra Core to successfully balance and strengthen their core, so protecting themselves from potential back discomfort.
What is the headquarters of Terra-Core Fitness?
Salt Lake City, Utah, is the company’s headquarters.
What is the Terra-Core website?
Their official website is www.terracorefitness.com, and they can be reached on Twitter @terracorefitness.
Is the Terra-Core app available for free?
Following a 14-day free trial, the monthly fee is $19.99. The Terra-Core Fitness APP is now available for download! Their APP will provide them fresh and exciting workouts every month.
Follow-along sessions are available in the following categories: Core, Lower Body, HIIT, 1st/2nd/3rd Trimester, Postpartum, Upper Body, Sports Specific, Active Aging, 30 Day Foundation Plan, and Monthly Challenges.