How many times have we all swore to go to the gym and then ditch the plans just because we thought we wouldnāt be regular or our bodies would not fit the types of prescribed exercises?
The answer is an unhealthy number of times, right?
It knows and cures exactly this fatality that never allows us to get up from our beds by providing an āIn-homeā workout solution!
Sworkit at a Glance:-
| Idea | Customizable video fitness app |
| Founders | Ben Young and Greg Coleman |
| Asked For | $1,500,000 for 8% |
| Accepted Deal | $1,500,000 for 10% |
| Sharks | Mark cuban |
| Business status | In Business |
| Episode No. | Season 7, Episode 18 |
| Buy on Amazon | Buy Now! |
Index:
WhatĀ isĀ Sworkit?
SworkIt(short for Simply Work It) is an app that helps you keep your fitness schedule intact without the need for a personal trainer.
It is a free app that customers can use to workout and set their fitness goals. SworkIt combines four major components of a workout: strength, Cardio, Yoga, and Stretching.
The app also has a premium version of it, which comes with various advantages over the free service.
The premium subscription of the app provides you with features such as saving multiple custom workouts, managing rest and transition intervals, saving workout history for future reference, and a special āAsk a trainerā option, where you can get direct advice from a professional trainer.
Founder Story:
SworkIt is an extension of an app called, Nexercise, which was also a product developed by Ben and Greg. Both the founders completed their MBA from Wharton and this is where they met with Ryan Hanna.
Together with him, they designed SworkIt in an attempt to learn coding and ended up making a business out of it.
Ben, with a background in computer science and company development, serves as a COO of the company, while Greg, a former Air Force colonel served the force for almost 20 years and now functions as the CEO of the company.
Both of them came together to solve the market need for personalized fitness applications.
Did Sworkit get a deal on Shark Tank?
Greg and Ben entered the tank with their company SworkIt and a demand of $1.5 million in exchange for 8% equity.
Subsequently, they continued their presentation by stating the need for a personalized fitness tracker and claiming over 10 million users on their app as a testament to their presentation.
Their product is also one of the few apps to follow the American College of Sports Medicineās training guidelines.
They launched SworkIt a year ago and have done $90,000 in sales just in the last 3 months. They made $775k in the previous year, one-third of which came from advertising and the rest from subscriptions.
They had also raised $2.5 million in venture capital. Their conversion rate was around 2.9% from free apps to subscriptions.
With a company this successful within just a year of its inception and entrepreneurs who understand business on a very deep level, the deal was a must-catch for all the sharks.
Kevin started the downpour of offers by giving them $1,5 million for a 7.5% interest rate and 2.75% in inventory, Mark followed with an offer of $1.5 million for 10% along with $1.5 million worth of unsold ad inventory, and another offer from Robert $1.5 million for 16%.
After loads of bickering and negotiations, the founders finally agreed that Markās offer was in their best interest and hence, they went forward with his deal.
What happened to Sworkit after Shark Tank?
The founders apparently sealed a deal with Shark Mark Cuban on the Show, but unfortunately during the final stages of the deal, the vision of the founders and Mark was disoriented, which resulted in them losing their deal.
Even through this, the company has managed to strengthen its position in the market and increase its sales considerably.
In March 2020, SworkIt partnered up with Blink Fitness in order to increase its influence and market size as well as provide a wider array of exercises.
The surge of Covid-19 only increased their sales further, with many people opting for fitness apps during their confinements.
As of 2021, the app has 30 million downloads all across the globe along with 10 million registered users. They register around $60 million in annual sales.
Also in December 2021, the company partnered with Solera Health to address an array of complex musculoskeletal diseases.
Product Details:
- It is a fitness app that helps you not only with your exercises but also in aligning and adjusting them.
- The app works for both IOS and Android devices and is free of cost for the basic tools.
- It also has a āPremium Subscriptionā for leveraging advanced features.
- The app has the ability to merge with Spotify, enabling you to work out with music.
- The app provides the option to skip a move if you find it difficult.
Whatās the net worth of Sworkit?
Greg and Ben entered the tank with a demand of $1.5 million for 8% equity, valuating the company to $18.75 million. They accepted Markās offer, hence evaluating the company to $15 million.
The company is currently in booming business and is making around $60 million annually. The Net Worth of the company has surged to $60 million as seen in 2023.
Who are the competitors of Sworkit?
The major competitors of the company are:
- Daily Burn
- Fitness Blender
- Runkeeper Technology
- Fitgate Technology
- Auro. Technology, and many others aiming to leverage the same market as SworkIt.
Is Sworkit still in business?
Yes, SworkIt is still in business and is in fact āWorkinā itā promisingly well.
The company seems to have found a consolidated position in the fitness market and is sure to soar up to even greater heights than it is at now.
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FAQs:
What is Sworkit?
SworkIt(short for Simply Work It) is an app that helps you keep your fitness schedule intact without the need for a personal trainer.
What's the net worth of Sworkit?
Greg and Ben entered the tank with a demand of $1.5 million for 8% equity, valuating the company to $18.75 million. They accepted Markās offer, hence evaluating the company to $15 million. The Net Worth of the company has surged to $60 million as seen in 2023.
