BetterBack Shark Tank Update | BetterBack after the Shark Tank
What is BetterBack?
BetterBack 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.
BetterBack was created to help people all over the world who suffer from back pain caused by sitting and slouching improves their posture.
The product was created by Katherine Krug in 2015. Katherine Krug is the creative force behind this useful product.
She is originally from Las Vegas, Nevada, and has a mechanical engineering degree.
Katherine came up with this idea in April 2015, following the failure of a start-up she co-founded.
She realized that sitting and working at her desk for up to 14 hours a day was causing her backaches, and her posture was also suffering as a result.
Who is the Founder of BetterBack?
Katherine Krug created the product in 2015 because of the ingenious mind behind this useful product.
She is originally from Las Vegas, Nevada, and holds a degree in mechanical engineering. Katherine had this idea in April 2015, after the failure of a start-up she co-founded.
She realized that sitting at her desk for up to 14 hours a day was causing her backaches, and her posture was suffering as a result.
So she did some research and developed the BetterBack product. She was aware that there were many others in her position, working at desks for long periods of time and dealing with the pain that came with it.
Many people were unaware they were slouching for a significant portion of the day.
She collaborated with a team of designers and prototypes to create a product that would benefit anyone suffering from back pain.
Her campaign was a huge success, and she rose over $1.65 million on a $12,500 budget.
Katherine was the first solo female entrepreneur to reach the million dollar mark on Kickstarter with her product, which allows users to sit in perfect posture effortlessly, easing and preventing back pain.
BetterBack is lightweight and portable, and it improves the ergonomics of any chair.
Wearing it for just 15 minutes per day can help users retrain their body’s default posture when standing or sitting.
Over 30,000 people have used the product, and $3.0 million has been raised through Indiegogo.
What Happened to BetterBack at Shark Tank pitch?
After a hugely successful campaign in which she was able to raise over $1.65 million on a $12,500 budget, Katherine proceeded to the Shark Tank Pitch in order to seek additional partnership from the investors.
Katherine was asking $750,000 for a 7.5% company equity. That means the valuation was estimated at $10 million.
Katherine had 10,000 units leave her factory with another, and she expected 20,000 units in a week.
They cost $8.50 to make and $59 to sell. Katherine’s bank account has $875,000 in cash.
She explained the significance of her product and how effective it is to the sharks.
Katherine went on to say that she has received positive feedback from people all over the country. BetterBack is Amazon‘s best-selling product.
Barbara Corcoran and Mark Cuban were out of the deal due to high valuation of the company.
Meanwhile Robert Herjavec offers $750,000 for 20% ownership of the company. Kevin O’ Leary makes his offer of $750,000 for 25% stake of the company, while Lori Greiner offers $750,000 for 20% equity shares of the company.
Kevin O’ Leary counter offer $750,000 loan for 24 months plus 7.5% equity shares of the company.
Lori Greiner revised her offer $750,000 loan for 36 months with 8% equity shares, immediately Katherine counter offer Lori Greiner’s offer to $750,000 loan for 36 months with 7.5% equity shares of the company.
Finally Lori Greiner and Katherine reached an agreement of $750,000 loan for 36 months with 8% equity shares of the business, and therefore they close a deal.
What Happened to BetterBack after the Shark Tank?
After the deal was closed between Lori and Katherine the deal was never sealed. But after a while the BetterBack Company is progressing well in their business.
BetterBack was previously available on Amazon, but is now available at the old $59 price point mostly through the website.
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In the new demonstration video, they have introduced their new product called Flex Back, which can be used as a replacement of a traditional bulky cushion.
This cushion is very comfortable and good for sitting on a regular chair. There are different options to use this cushion; however they have added one more option that they call as ‘Flex Back.
The company 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.
