BetterBack Shark Tank Net Worth 2023
During the Shark Tank pitch, Katherine was seeking an investment of $750,000 for a 7.5% equity stake in her company, which implied that her company was valued at $10 million.
The BetterBack Company has already sold more than one million units of its product.
Katherine’s earnings from the BetterBack Company were substantial, as she was receiving over 30% of the total revenue generated by the company.
Additionally, she received payments through preorders and will continue to receive monthly payments throughout her lifetime.
Furthermore, the BetterBack Company received $300,000 in venture capital funding within the past year alone. Katherine’s net worth has increased as a result of her partnerships with other companies, and as of 2021, she has an estimated net worth of $7.3 million.
What is BetterBack? Who is the Founder of BetterBack?
BetterBack is a groundbreaking patented technology that assists users in sitting comfortably and correctly at work.
Unlike traditional cushions that force users to lean forward for support, BetterBack enables users to maintain correct posture effortlessly.
Created by Katherine Krug in 2015, BetterBack was designed to help people worldwide who suffer from back pain caused by sitting and slouching to improve their posture.
Katherine, a mechanical engineering graduate from Las Vegas, Nevada, came up with the idea in April 2015 after her previous startup failed.
She realized that sitting and working at her desk for up to 14 hours a day was causing her back pain and negatively affecting her posture.
Katherine conducted research and collaborated with a team of designers and prototypes to develop BetterBack, a product that would benefit anyone experiencing back pain due to long periods of sitting.
Her campaign was a resounding success, raising over $1.65 million on a $12,500 budget. Katherine was also the first solo female entrepreneur to reach the million-dollar mark on Kickstarter with her product.
BetterBack is lightweight and portable, and it enhances the ergonomics of any chair. By wearing it for just 15 minutes per day, users can retrain their bodies to maintain proper posture while standing or sitting.
More than 30,000 people have used the product, and over $3.0 million has been raised through Indiegogo.
BetterBack Shark Tank Pitch
Katherine had a highly successful campaign where she was able to raise over $1.65 million on a budget of $12,500. With this success, she proceeded to the Shark Tank Pitch to seek additional partnership from investors.
During the pitch, Katherine asked for $750,000 for a 7.5% equity stake in her company, which meant the company was valued at $10 million.
She had 10,000 units leave her factory and expected an additional 20,000 units in a week. The cost to make each unit was $8.50, and they sold for $59. Katherine’s bank account had $875,000 in cash.
Katherine explained the significance and effectiveness of her product, BetterBack, which was Amazon’s best-selling product, and received positive feedback from people all over the country. However, Barbara Corcoran and Mark Cuban were out of the deal due to the high valuation of the company.
Robert Herjavec offered $750,000 for 20% ownership of the company, while Kevin O’ Leary offered $750,000 for a 25% stake in the company, and Lori Greiner offered $750,000 for 20% equity shares.
Kevin O’ Leary countered with a $750,000 loan for 24 months plus 7.5% equity shares of the company. Lori Greiner revised her offer to a $750,000 loan for 36 months with 8% equity shares.
Katherine then countered Lori Greiner’s offer with a $750,000 loan for 36 months with 7.5% equity shares of the company.
Finally, Katherine and Lori Greiner reached an agreement for a $750,000 loan for 36 months with 8% equity shares of the business, and the deal was closed.
After the deal was closed, BetterBack continued to progress well in their business. The product was previously available on Amazon but is now available mostly through their website at the old $59 price point.
The company introduced a new product called Flex Back, which can replace traditional bulky cushions and generates $7.3 million in revenue in 2021.
Competitors of BetterBack
The company is competing with the following companies; Postura, PoseAlert and Mevics.
Net Worth of BetterBack
During the shark tank pitch Katherine was seeking $750,000 investment for a 7.5% company equity. That means the valuation was estimated at $10 million.
The BetterBack Company has already sold more than 1,000,000 units of the product.
Katherine was getting over 30% of total revenue generated by the BetterBack Company. She i also received payments through preorders and will make monthly payments through her lifetime payments.
BetterBack Company has received $300,000 in venture capital funding in the past year alone. Katherine’s net worth has increased due to partnerships with other companies.
As of 2021, Katherine has an estimated net worth of $7.3 million.
BetterBack FAQs
What is BetterBack?
It is a new revolutionary patented technology that helps users to sit comfortably and properly at work.
While traditional cushions make a user to tilt forward in order to get support, BetterBack makes users sit in a correct posture without having any additional effort.
Who is the founder?
Katherine is the founder of this brilliant product.
What is their offer on Shark Tank?
In the pitch, Katherine asking for $750,000 for 7.5% stake for her company.
Who won Shark Tank deal?
Lori and Katherine agree to $750,000 for 36 months with 8% share of the company.
Did they transact successful?
No, the transaction was not sealed successfully.
What is their revenue generated?
The company generated $7.3 million in revenue in 2021.
What is their website?
How many units they sold?
Over 1,000,000 units of BetterBack products were sold until now.
Who are the competitors of BetterBack?
Competitors include Postura, PoseAlert and Mevics
How it Works?
BetterBack helps you maintain proper posture when sitting. This way it can reduce your back pain and strain on your body.
What are the strengths?
BetterBack is a revolutionary product that helps users to sit comfortably and properly at work. It takes only 15 minutes a day to achieve a result.
How do I buy online?
One can purchase BetterBack directly from their website. Simply select one of the options and complete the payment process.
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How to return a product?
One can return any purchase from BetterBack by following these simple steps:
Call BetterBack customer service at 1-888-892-5291 to receive a return authorization number.
Package their product securely, along with proof of purchase and a completed RMA form that they will receive from customer service.
Is safe to buy online?
Yes, BetterBack is a secure website and all the purchases made will have a 100% satisfaction guarantee. This way if you are not satisfied with the product, you can return it.
Is BetterBack truly effective?
BetterBack is a one-of-a-kind and effective tool. It only takes a few tries and adjustments to get the strap on your back just right. When you do, the difference will be noticeable.
Is BetterBack useful for sciatica?
BetterBack to help her posture and relieve Sciatica pain.
Do posture correctors actually work?
Yes, having good posture is a great goal; however, most posture correctors do not assist users in achieving it.
Is Better Back still in operation?
Yes, BetterBack is still in operation and has many new products in their portfolio. You can check their website for more details.
