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 bring the valuation of the Company to be $ 15 million.
Sworkit Competitors
An issue that is currently facing Sworkit is their 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 FAQS
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.
