Sworkit Shark Tank Update | Sworkit after Shark Tank Pitch
What is Sworkit?
Sworkit, which stands for Simply Work It, is a fitness app that is available for both iOS and Android. It offers both free and paid subscription options.
It allows the user to mix and combine four common training routines: cardio, strength, stretching, and yoga, all within the same session.
However, they set the workout length, repetitions, exercises, and follow the directions using their smartphone—they are the personal trainer.
Another advantage is that the activities are suitable for both at-home and gym fitness regimens.
The premium edition is ad-free and includes extras like professional tips and access to more customization options.
Sworkit was started in 2012 by Ben Young, Ryan Hanna, and Greg Coleman (CEO).
Ryan is a University of North Carolina graduate and a former captain in the United States Army.
Greg is a former Air Force colonel who served for almost 20 years.
Greg and Ryan are both still on the Sworkit board of directors.
Ben is a computer science graduate from the University of Virginia with a background in company development.
He resigned down as CEO in 2019 and remains a development and strategy consultant for the firm.
Ben and Greg noticed a need in the market for personalized fitness applications around 2012.
As a result, they created their first product, Nexercise, a fitness tracker.
They purchased Sworkit from Ryan in 2014, then a year later produced a child-friendly version for children-focused workouts.
They had over 10 million users a year or so after debut, placing their app in the top five ratings for fitness-related applications and making roughly $2 million in income from selling ad space on the free edition.
Who Founded Sworkit?
Ben Young, Ryan Hanna, and Greg Coleman are the founders of Sworkit.
What happen to Sworkit at the Shark Tank Pitch?
There are literally thousands of workout apps available, but Sworkit is regarded as one of the best because it is the most closely aligned with the American College of Sports Medicine’s training guidelines.
It state that a workout should include aerobic, strength and resistance, and flexibility components.
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’re tired of hearing excuses for why people can’t work out, so they launched Sworkit, which allows them to choose a workout that they can perform anywhere, at any time.
They claim it’s similar to Spotify, except for exercises; they can skip a difficult activity the same way they skip a song.
The software even integrates with Spotify, allowing them to work out while listening to music.
They founded the firm a year ago and produce all of the material. They got the idea five years ago after making $2 million with a fitness tracker software.
They grossed $775K last year, with one-third coming from advertising and two-thirds from memberships.
They made $90,000 in sales in the previous three months.
The start-up received $2.5 million in venture capital funding.
Even though only 2.9 percent of users upgrade to the premium service, the free app is still profitable.
Mr. Wonderful believes they are quite credible in their field. He gives them $1.5 million in loans at 7.5 percent for two years with a bonus of 2.75 percent of the firm.
Mark gives $1.5 million for 10% and receives $1.5 million in unsold ad space; he calls it a win-win situation.
Lori claims she can’t see the valuation and is leaving.
Robert says he was prepared to pay $1.5 million for a 16 percent stake, but Mark’s offer is superior, so he’s out.
Barbara claims that Sworkit is the solution to her problem, but should she invest $1.5 million or $3.99 in the app to get in shape? She’s gone.
Mark asks if they have a deal, and Ben and Greg both say yes and shake Mark’s hand.
They enjoy what Mark brings to the table and his sports ties, according to others in the hall.
Sworkit after Shark Tank Pitch
Unfortunately, difficulties occurred during the due diligence process.
The entrepreneurs’ vision and Mark’s vision for Sworkit did not align.
The agreement fell through, and the two were unable to secure a Shark investor for their software.
Even the death of the deal was insufficient to put an end to Sworkit. The couple aims to recruit other investors in order to make their dream a reality.
In March 2020, the firm announced a collaboration with Blink Fitness to deliver a broader range of fitness material. The Covid-19 epidemic raised revenue for workout applications across the board.
The app has approximately 30 million downloads and 10 million registered users as of 2021. That equates to around $60 million in annual sales.
They have over 27,000 reviews and 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.
