Sway Motorsports Shark Tank Net Worth 2023

Sway Motorsports appeared on Shark Tank in 2015 and received an investment of $300,000 from Mark Cuban for a 20% stake in the company. The valuation of Sway Motorsports was $3 million when it appeared on Shark Tank.

As of 2020, Faze Sway’s net worth is $5 million dollars. However, we do not yet have an estimate of Sway Motosport’s net worth for the year 2023.

Sway Motorsports produces a three-wheeled electric scooter with no pedals and minimal manual effort required to operate.

The unique design gives users more control over their rides without worrying about balance loss or gasoline runoff thanks to better balance tilt sensors and lithium iodine battery packs.

The company received more than $1 million worth of pre-orders after appearing on Shark Tank. They even landed a partnership deal with Govecs, a German electric scooter manufacturer, that would put the Sway into production.

However, Joe Wilcox closed the firm in 2018 without producing any scooters after accepting Mark Cuban’s offer on Shark Tank. The website is still operational as of August 2021, however social media has not been updated since 2017.

What is Sway Motorsports? Who is the Founder of Sway Motorsports?

Sway Motorsports developed a unique brand of electric three-wheeled vehicles named Sway, which uses a leaning mechanism instead of handlebars to turn.

The experience of riding it is similar to that of riding a skateboard. The vehicle is powered by rechargeable lithium batteries and has a range of 40-60 miles on a single charge, with a top speed of 55-75 mph.

The three-wheeled design provides greater stability than a typical two-wheeled scooter, eliminating the need for the rider to balance when stopped.

Additionally, the third wheel enhances the vehicle’s agility and safety compared to a motorcycle. The Sway can also carry cargo, making it more practical than a two-wheeled vehicle.

Sway Motorsports was founded by Joe Wilcox, an Industrial Designer who previously worked at NASA and IDEO as a Senior Designer and Toy Inventor.

He served as Sway’s CEO until 2018. Joe was motivated to create Sway to meet the demands of urban residents who were seeking a new mode of transportation that combined the features of motorcycles and scooters and could be operated by anyone with a driver’s license.

Sway Motorsports Shark Tank Pitch

Joe made an appearance on the 29th episode of the sixth season of Shark Tank, seeking an investment of $300,000 in exchange for a 10% stake in his company, which was valued at $3 million.

He demonstrated how his scooter worked and showed a video of it in action on the streets. When asked about the cost, Joe revealed it was $7,999.

Joe’s plan for the investment was to locate an original equipment manufacturer (OEM) to produce the scooter’s parts, and then partner with a distributor to manufacture and sell the bike, creating a dealership program.

He had already pre-sold $350,000 worth of the scooters and aimed to deliver within a year. He held patents on the Sway and believed they were secure.

During the pitch, Kevin O’Leary expressed concerns about the market and stated that he would only recoup his investment if the product was constructed and became successful.

He decided to pass on the investment opportunity. Daymond John, a potential investor, inquired about maintenance, but he was excluded as an investor since he was also a consumer.

Mark Cuban believed that the product would either be a huge success or a complete failure and declined to invest, as did Nick. Lori also did not see a way she could contribute.

Mark Cuban suggested that Joe return to the show when the company had grown. Joe made an offer of $300,000 for a 20% down payment, which Mark accepted.

However, the deal was never completed, and Joe ultimately shut down the company in 2018.

Although the website was still functioning as of August 2021, there had been no updates to the social media accounts since 2017.

Sway Motorsports Net Worth

Joe appears on Shark Tank Season 6 Episode 29 in search of $300,000 for a 10% stake in his firm. This represents a $3 million valuation.

He accepted an offer from Mark of $300,000 for 20% stake thus bringing valuation to be $1.5 million valuation.

Sway Motorsports Competitors?

Sway Motorsports competitors include Carver, Akkurad, Butchers & Bicycles, and Doohan.

Sway Motorsports Shark Tank Updates

Sway Motorsports is an innovative electric vehicle company that produces a three-wheeled electric scooter with no pedals and minimal manual effort required to operate. The unique design gives users more control over their rides while keeping them safe and secure.

The original prototype was created in 2014, but it wasn’t until Joe Wilcox pitched his idea on Shark Tank that the business began to take off. Joe Wilcox is the owner and inventor of the Sway Motorsports Bike.

Sway Motorsports appeared on Shark Tank in season 6, episode 23, seeking an investment of $300,000 in exchange for 10% of the company. After successfully defending his product from skeptical sharks, Joe Wilcox gained two offers for a joint venture funding deal worth $1 million.

The valuation of Sway Motorsports was $3 million when it appeared on Shark Tank. The net worth of Sway Motorsports is $5 million as of 2023.

As of August 2021, the Sway Motorsports website was still up, but social media had not been updated since 2017. As of May 2022, the website was dark, but as of July 2022, the website was back, but still no scooters.

There is no recent information on the current status of Sway Motorsports or whether it has received any further investment or funding.

Summary Table: Sway Motorsports Shark Tank

TOPIC	INFORMATION
Company Name	Sway Motorsports
Founder	Joe Wilcox
Shark Tank	Appeared on season 6, episode 23
Investment	$300,000 for a 20% stake from Mark Cuban
Valuation	$3 million before investment, $1.5 million after investment
Product	Three-wheeled electric scooter with a leaning mechanism, powered by rechargeable lithium batteries
Range	40-60 miles on a single charge
Top Speed	55-75 mph
Competitors	Carver, Akkurad, Butchers & Bicycles, Doohan
Status	The company closed in 2018, the website is still operational as of August 2021
Net Worth	$5 million as of 2023 (Faze Sway)

Sway Motorsports FAQS

What Is Sway Motorsports And How Does It Work?

Sway Motorsports is a company that produces electric three-wheeled scooters that are designed to facilitate a safe and balanced commute. The scooters are powered by lithium-ion battery packs, making them run without fuel and keeping the environment pollution-free.

The unique feature of the Sway scooter is that it requires the rider to sway back and forth to operate it. The Sway scooter is targeted at the in-city rider, with an overall width of only 35 inches, allowing it to squeeze through traffic like a motorcycle and fit into motorcycle parking spots while having the stability of three wheels.

It has disc brakes all around and regenerative braking to help with battery life. The Sway scooter can carry up to 350lbs, accommodating a passenger and up to 4 cubic feet of locking storage.

An interesting design feature of the Sway scooter is how the rider’s legs move in a turn, much like a skier, inside leg rising while the outside leg extends. The rider takes an active part in the degree of lean instead of having their feet planted on the pegs or floorboard.

The Sway scooter is designed to be simple enough for anyone to ride, even non-motorcyclists. Sway Motorsports claims that it’s so simple that founder Joe Wilcox’s mother, who is five-foot-two and was 60 years old at the time, had no trouble riding an early prototype.

The Sway scooter offers great stability and provides the thrill and maneuverability of motorcycling without the same risk of falling.

Who was the founder of Sway Motorsports?

Joe Wilcox is the founder of Sway Motorsports.

What Was The Outcome Of The Sway Motorsports Shark Tank Pitch?

As of 2023, the net worth of Sway Motorsports is $5 million. However, there is no recent update on whether the company received funding or not. As of August 2021, the website was still up but social media had not been updated since 2017.

As of May 2022, the website was dark, but as of July 2022, the website is back, but still no scooters. Joe Wilcox, the founder of Sway Motorsports, hopes the Sharks get on for a ride when he pitches Sway Motorsports, his line of electric, three-wheeled motor scooters, in Shark Tank episode 623, the season six finale.

What Happened To Sway Motorsports After Its Appearance At The Shark Tank?

After appearing on Shark Tank, Sway Motorsports received an investment of $300,000 from Mark Cuban for a 20% stake in the company.

However, it is unclear if the company received any other deals or investments from the Sharks. As of August 2021, the website was still up but social media had not been updated since 2017.

As of May 2022, the website was dark, but as of July 2022, the website is back, but still no scooters. The net worth of Sway Motorsports is $5 million as of 2023.

Joe Wilcox, the founder of Sway Motorsports, has created a new method of transportation that takes the thrill of a motorcycle but adds safety and maneuverability.

The company produces a three-wheeled electric scooter with a unique steering mechanism that allows the rider to lean or sway in the direction they want to turn. The scooter is powered by rechargeable lithium batteries and has a range of 40-60 miles per charge.

Did Sway Motorsports Get A Deal On Shark Tank?

Yes, Sway Motorsports received a deal on Shark Tank. Mark Cuban invested $300,000 for a 20% stake in the company in 2015. The valuation of Sway Motorsports was $3 million when it appeared on Shark Tank.

The company produces a three-wheeled electric scooter with a unique steering mechanism that allows the rider to lean or sway in the direction they want to turn.

The scooter is powered by rechargeable lithium batteries and has a range of 40-60 miles per charge. The company’s founder, Joe Wilcox, pitched the idea on Shark Tank and successfully defended his product from skeptical sharks.

What Happened To Sway Motorsports After Its Appearance At The Shark Tank?

After appearing on Shark Tank, Sway Motorsports received an investment of $300,000 from Mark Cuban for a 20% stake in the company. The valuation of Sway Motorsports was $3 million when it appeared on Shark Tank.

As of August 2021, the website was still up but social media had not been updated since 2017. As of May 2022, the website was dark, but as of July 2022, the website is back, but still no scooters.

Joe Wilcox, the founder of Sway Motorsports, pitched the idea on Shark Tank and successfully defended his product from skeptical sharks. As of 2023, the net worth of Sway Motorsports is $5 million.

How much was Joe Wilcox seeking in the Shark Tank?

Joe Wilcox was seeking $300,000 for a 10% stake in his firm. This represents a $3 million valuation.

Is Sway Motorsports still in business?

Joe never produced any scooters and closed the firm in 2018. The website is still operational as of August 2021, however social media has not been updated since 2017.

What problem does Sway Motorsports solve?

Sway is a one of a kind 3-wheeled scooter that solves the problem of missing experience and fun in the lives of city dwellers.

What episode of Shark Tank was Sway Motorsports featured?

Sway Motorsports was featured on Season 6 Episode 29 of Shark Tank.

When was Sway Motorsports aired on Shark Tank?

Sway Motorsports was aired on May, 15th 2015.

Where was Sway Motorsports located?

Sway Motorsports was based out of Alto Palo, California.

How much was Sway sold for?

The cost of Sway was $7999.

Who was eligible to ride Sway?

Sway is a comfortable fit and simple ride for everyone who can ride a standard-sized motor scooter, male or woman.

An early version was tested in a parking lot by creator Joe Wilcox’s mother–who stands 5’2″ and is 60 years old!

What was distinguishing Sway from other three-wheeled motorcycles?

Riders on a Sway have direct control of vehicle tilt with their legs thanks to the innovative linkage system.

Riding a Sway is thus an entirely different sensation from riding a motorbike – or any other three-wheel design on the market.

What type of license are they going to need to ride one?

In California, they may ride Sway with nothing more than a driver’s license.

Because licensing requirements differ by town, they urge that customers verify their state regulations regarding three-wheeled electric bikes before booking their Sway.

How many cc’s is Sway’s engine?

Because they are electric, the motor is not measured in cubic centimetres. Electric motor power is measured in watts (W).

Sway Lithium features a 6 kilowatt (kW) motor that produces about 8 horsepower. It has about the power of a 125cc gas engine, hence Sway Lithium is classified as a motorcycle.

How was the charging system? Does it come with a charging station? Does it work with existing car chargers in parking lots? How do they set up a charger at home?

The Sway charger is compatible with both 110v and 240v household electricity.

Sway will come equipped with an 110v wall charger socket and an upgrade option for a J1772 vehicle charger plug that will function at typical EV charging stations.

There is a home charging equipment available for charging the J1772, which takes 240v electricity.

How long was a charge last?

This, like a gas engine, will be determined by how they drive. They will get less miles per charge if they are constantly speeding or climbing steep slopes.

At 30 mph, the charge on Sway Lithium can last about 40 kilometres.

What is net worth of Joe Wilcox?

Joe Wilcox’s net worth is unavailable.

Sway Motorsports Shark Tank Net Worth 2023 | Sway Motorsports Shark Tank Updates