Sworkit Net Worth
During the Shark Tank pitch, Ben and Greg proposed a bid of $1.5 million for an 8% ownership stake in the company. Based on this offer, the implied valuation of the company was $18.75 million.
However, they ultimately accepted an offer from Mark for $1.5 million in exchange for a 10% stake in the company. This new deal altered the company’s valuation, bringing it down to $15 million.
What is Sworkit and Who Founded Sworkit?
Sworkit is a fitness application that is available for iOS and Android platforms, providing both free and paid subscription options. Users can choose from a variety of workout routines, including cardio, strength, stretching, and yoga, and mix and match them within the same session.
They can customize their workout length, repetitions, and exercises, and follow along with directions using their smartphone. The app is suitable for both at-home and gym workouts, making it a versatile fitness solution.
The premium version of Sworkit is ad-free and offers additional features such as professional tips and access to more customization options. The app was created in 2012 by Ben Young, Ryan Hanna, and Greg Coleman, with Greg serving as CEO.
Ryan is a University of North Carolina graduate and a former captain in the United States Army, while Greg is a former Air Force colonel who served for almost 20 years. Both Ryan and Greg remain on the Sworkit board of directors.
Ben, who has a background in company development and a degree in computer science from the University of Virginia, stepped down as CEO in 2019 and now works as a development and strategy consultant for the company.
Ben and Greg identified a need in the market for personalized fitness applications in 2012, which led them to create their first product, Nexercise, a fitness tracker. They purchased Sworkit from Ryan in 2014 and launched a child-friendly version for kids’ workouts a year later.
Since its debut, Sworkit has garnered over 10 million users and has consistently been ranked among the top five fitness-related apps. The company made approximately $2 million in revenue from selling ad space on the free version of the app. Ben Young, Ryan Hanna, and Greg Coleman are the co-founders of Sworkit.
Sworkit Shark Tank Pitch
Sworkit, a fitness app that provides personalized workout routines, was presented on Shark Tank. Its founders, Ben Young and Greg Coleman asked for $1.5 million for 8% of the company, valuing it at $18.75 million.
The Sharks were impressed by the app’s potential, and Mark Cuban and Mr. Wonderful offered to invest. Mark gave $1.5 million for 10% of the company and received $1.5 million in unsold ad space. Mr. Wonderful provided a $1.5 million loan at 7.5% for two years, with a bonus of 2.75% of the company.
Unfortunately, the deal fell through during the due diligence process because the entrepreneurs’ vision and Mark’s vision for the app did not align. Despite this setback, Sworkit continued to grow.
In March 2020, Sworkit announced a partnership with Blink Fitness to expand its range of fitness content. The Covid-19 pandemic increased revenue for workout apps across the board, and Sworkit continued to thrive.
As of 2021, the app has around 30 million downloads and 10 million registered users, generating an estimated $60 million in annual sales. It has over 27,000 reviews with a 4.77-star rating in the app store.
Sworkit Net Worth
Ben and Greg come in with a bid of $1.5 million for 8% of the company.
This implies a valuation of $18.75 million. They accepted a deal from Mark of $ 1.5 million for 10%, which brings the valuation of the Company to $ 15 million.
Sworkit Competitors
An issue that is currently facing Sworkit is its competitors.
The app has the same content that competitors like Daily Burn, Fitness Blender, Runkeeper Technology, Welzen Technology, Skimble Healthcare, Fitgate Technology, FitOn Technology, Auro. Technology.
Sworkit Shark Tank Updates
Sworkit is a free fitness app that simplifies the exercise process for those who can’t make it to the gym. It allows users to work out anywhere on their own time. The app is like having a personal trainer on your smartphone.
Sworkit was pitched on Shark Tank by co-founders Ben Young and Greg Coleman in season 7. They called it “Spotify for workouts”.
The entrepreneurs asked for $1.5 million for 8% equity, but Mark Cuban offered $1.5 million for 10% equity. Barbara Corcoran declined to invest. Ben and Greg accepted Mark’s deal.
After the Shark Tank appearance, Sworkit launched the Sworkit Youth Initiative in 2018 to help reduce childhood obesity and Sworkit for Business in 2020 to address the wellness needs of corporations.
The Covid-19 pandemic created a boom for the workout app market, and a 2020 partnership with Blink Fitness allowed the company to diversify its content. The app offers three different subscription plans.
The premium version of Sworkit costs $2.99 a month or $19.99 a year and allows users to save an unlimited number of custom workouts instead of just keeping three at a time. It also adds bonus workouts and allows users to store their full workout history for longer than a month.
Sworkit Shark Tank Table Summary:
| KEY INFORMATION | DESCRIPTION |
| Company Name | Sworkit |
| Founders | Ben Young, Ryan Hanna, and Greg Coleman |
| Founding Year | 2012 |
| Company Valuation on Shark Tank | $18.75 million |
| Offer on Shark Tank | $1.5 million for 8% stake |
| Deal with Mark Cuban on Shark Tank | $1.5 million for 10% stake, valuing the company at $15 million |
| Current CEO | Greg Coleman |
| Sworkit Features | Personalized workout routines for cardio, strength, stretching, and yoga |
| Free Version | Available for iOS and Android platforms |
| Premium Version | Ad-free with professional tips and more customization options |
| Revenue (estimated) | $60 million |
| Registered Users (estimated) | 10 million |
| Downloads (estimated) | 30 million |
| Competitors | Daily Burn, Fitness Blender, Runkeeper Technology, Welzen Technology, Skimble Healthcare, Fitgate Technology, FitOn Technology, Auro. Technology |
| Subscription Plans | Three different options with the premium version costing $2.99 a month or $19.99 a year |
Sworkit FAQS
What Is Sworkit Shark Tank?
Sworkit is a free fitness app that was pitched on Shark Tank by co-founders Ben Young and Greg Coleman. The app is designed for the startup generation and allows users to perform a variety of exercises without purchasing expensive equipment.
Sworkit is like having a personal trainer on your smartphone, and it is the evolution of another app called Nexercise. The app is available for download on the iTunes App Store or Google Play, and users can choose from three different subscription plans offered on Sworkit’s website.
During their Shark Tank pitch, Ben and Greg sought $1.5 million for 8.5% of the company. Mark Cuban made a deal with the co-founders for $1.5 million for 10% of the company. However, during the due diligence process, roadblocks arose, and the deal fell through.
Despite this setback, Sworkit has done well since its appearance on Shark Tank. The app gained much attention after the episode aired, and Sworkit downloads on Android and iOS platforms were unimaginable because of the Shark Tank effect.
Since its Shark Tank appearance, Sworkit has launched both the Sworkit Youth Initiative in 2018 to help reduce childhood obesity and Sworkit for Business in 2020 to address the wellness needs of corporations.
The co-founders have been regrouping and still seeing the benefit of the show, with interest from potential partners and investors.
How Does Sworkit After Shark Tank?
Sworkit is a free fitness app that was pitched on Shark Tank by co-founders Gregory Coleman and Ben Young. The app is like having a personal trainer on your smartphone, and it allows users to pick a workout they can do anywhere at any time.
The app is available for download on the iTunes App Store or Google Play, and users can choose from three different subscription plans offered on Sworkit’s website.
During their Shark Tank appearance, Coleman and Young sought $1.5 million for 8.5% of the company. Mark Cuban made a deal with the co-founders for $1.5 million for 10% of the company. However, during the due diligence process, roadblocks arose, and the deal fell through.
Despite the failed deal, Sworkit has done well since its Shark Tank appearance. The company has launched both the Sworkit Youth Initiative in 2018 to help reduce childhood obesity and Sworkit for Business in 2020 to address the wellness needs of corporations. Sworkit has also seen interest from potential partners and investors.
What Happened To Sworkit Shark Tank?
Sworkit is a free fitness app that simplifies the exercise process for those who can’t make it to the gym. It allows users to work out anywhere on their own time. The app was pitched on Shark Tank in season 7 by co-founders Ben Young and Greg Coleman.
They entered the tank seeking $1.5 million for 8.5% of the company. Mark Cuban offered $1.5 million for 10% equity, and the deal was accepted. However, during the due diligence process, roadblocks arose, and the deal ultimately fell through.
Despite the failed deal with Mark Cuban, Sworkit has done well since its appearance on Shark Tank. As of December 2021, the app has over 30 million downloads and ten million registered users.
The company has launched both the Sworkit Youth Initiative in 2018 to help reduce childhood obesity and Sworkit for Business in 2020 to address the wellness needs of corporations.
Today, fitness enthusiasts can download the app from the iTunes App Store or Google Play and choose from three different subscription plans offered on Sworkit’s website.
Is The Sworkit Shark Tank Still In Business?
Yes, Sworkit is still in business as of 2022. The company was founded by Ben Young and Greg Coleman, who pitched their free fitness app on Shark Tank seeking an investment of $1.5 million in exchange for an 8.5% stake in Sworkit.
Mark Cuban offered to invest $1.5 million for a 10% stake in the company, but the deal fell through during the due diligence process. Despite this setback, Sworkit has continued to grow and expand its offerings.
Since its appearance on Shark Tank, Sworkit has launched the Sworkit Youth Initiative in 2018 to help reduce childhood obesity and Sworkit for Business in 2020 to address the wellness needs of corporations.
The company generates about $60 million in sales each year and has been downloaded over 27,000 times with a rating of 4.77 out of 5.
Although the deal with Mark Cuban did not work out, the Sworkit co-founders have been regrouping and have seen interest from potential partners and investors.
What Is The Current Valuation Of Sworkit After Shark Tank?
Sworkit is a fitness app that provides personalized workout routines. Its founders, Ben Young and Greg Coleman, appeared on Shark Tank in February 2016, asking for $1.5 million for 8% of the company, valuing it at $18.75 million.
Mark Cuban offered $1.5 million in exchange for a 10% stake in the company, which brought down the company’s valuation to $15 million. However, the deal between Mark Cuban and Sworkit could not be finalized after the show due to a different vision for the product.
Despite the failed deal with Mark Cuban, Sworkit continued to grow and expand. It launched the Sworkit Youth Initiative in 2018 to help reduce childhood obesity and Sworkit for Business in 2020 to address the wellness needs of corporations. As of 2022, Sworkit’s net worth is around $60 million.
When was Sworkit on Shark Tank?
Sworkit appeared on ABC’s “Shark Tank” on February 19, 2016.
Who Founded Sworkit Shark Tank?
Ben Young, Ryan Hanna, and Greg Coleman are the founders of Sworkit. They had previously owned the popular fitness app Nexercise.
What happened to Nexercise?
Nexercise, Inc. acquires Sworkit and rebuilds the platform.
Are Sworkit kids free?
Sworkit Kids exercises are always free. After completing their first workout, a parent will need to assist the child in registering, but the Kid Workouts are free to use even if they do not have a Sworkit membership.
They also provide free Sworkit access to older kids through their Sworkit Youth Initiative.
When did Sworkit begin charging for its services?
If their purchase includes a seven-day trial, their first charge will occur after the seven days have elapsed and they are still enrolled to renew.
If they choose a monthly subscription, they will bill them each month on the anniversary of their original membership start date.
What does Sworkit stand for?
The name Sworkit stands for Simply Work It
Does Sworkit cost money?
Sworkit. Price $9.99 a month or $59.99 a year.
How much does Sworkit cost per month?
Sworkit presently has two membership options: a $59.99 USD yearly subscription and a $9.99 USD monthly subscription.
Where is Sworkit located?
It is headquartered in Bethesda, Maryland.
How long do Sworkit exercises last?
They choose the length of time – from 1 minute to 90 minutes – and they provide the variety, which includes strength training, stretching, cardio, yoga, and other activities.
Does Sworkit communicate with a tracking device?
When they use Sworkit on all of their devices, they can work out on any device they like.
There is only one fitness subscription that rules them all! Sworkit can be accessed and used on any smart device, and their workouts and preferences will sync seamlessly across all of them.
How can they unsubscribe from Sworkit?
Visit app.sworkit.com or select “Manage Subscriptions” on their mobile app under “My Account.” They may terminate their subscription plan here by clicking on “Cancel Plan.”
The procedure will be completed when they see a green checkmark.
Is Sworkit simple to use?
Sworkit is a fitness app that provides efficient exercises that can be completed from the comfort of one’s own home.
It is largely done with bodyweight techniques and HIIT-style training, so it takes little to no equipment.
Users may modify the length of each session, making training much easier to complete.
Does Roku have Sworkit?
Sworkit hopes to release a web version of the program as well as versions for Apple TV, Google TV, and Roku in the near future.
Is Sworkit still in business?
Sworkit remains in business and presently has a 4.7 out of 5 stars rating review on iOS.
Is Sworkit a real company?
Sworkit is a workout-on-demand app featuring a broad variety of workouts that they can do almost anywhere, with no equipment.
It’s not the most complex workout-on-demand software, but it’s pretty excellent and rates among the greatest fitness applications.
What is the net worth of Ben Young?
Ben Young has a current net worth of $535,000
What is the net worth of Ryan Hanna?
Ryan Hanna net worth is $900,000
What is the net worth of Greg Coleman?
Currently there is no update about his worth.
