Chirp Wheel is a product designed to alleviate back pain, created by Tate Stock, a Brigham Young University graduate and now the company CEO. It was introduced to the wider audience in Season 12 of the popular TV show Shark Tank, where Stock sought $900,000 for 2% equity in his company.
The Chirp Wheel is a fitness and wellness tool specifically tailored for back pain relief. Its design is backed by scientific research and ensures an effective solution to back pain quickly.
Chirp Wheel stands out because its unique design focuses on the spinal area, providing targeted pain relief and prevention. The wheel features a spinal canal with a soft EVA foam layer, enabling it to stretch the muscles around the spine in four directions for a deep, satisfying stretch.
Chirp Wheel’s versatility is one of its most notable features. It comes in five sizes: Gentle, Firm, Deep Tissue, Focus, and Cloud. These different sizes cater to various needs and the requirements of the area of your back that needs attention.
The larger wheels offer a full stretch for your entire back, while smaller sizes are more targeted, ideal for traveling or focusing on particular muscles like those in the neck and shoulder area.
The Chirp Wheel is not only affordable but also effective. It is an excellent choice for those who suffer from back pain due to long hours of sitting or lack of exercise.
Its compact size allows for portability, meaning you can have it at your office, home, or even during travel. Furthermore, it is constructed with molded plastic, allowing it to withstand substantial weight, up to 500 lbs.
Despite its simple design, the Chirp Wheel solves a widespread problem in today’s society, offering a cost-effective and practical solution for back pain.
A Chirp Wheel offers a convenient and effective solution to back pain caused by sedentary lifestyles or long hours at a desk. As a result, it is an excellent option for individuals looking for a cost-effective and practical way to manage their back pain.
Chirp Wheel is a reliable product that has garnered significant attention and success since its appearance on Shark Tank. Its unique design, backed by science, and affordability make it an excellent choice for back pain relief.
|Company Name||Chirp Wheel|
|Product||Back pain relief with an exercise wheel|
|Investment Asking For||$900,000 for 2% Equity in Chirp Wheel|
|Final Deal||$900,000 for 2.5% equity in Chirp Wheel to be repaid in 18 months in 2 installments|
|Chirp Wheel Episode||Season 12, Episode 3|
|Chirp Wheel Business Status||In Business|
|Chirp Wheel Website||Visit Website|
|Chirp Wheel Net Worth||$50 Million|
What Is Chirp Wheel?
The Chirp Wheel is a fitness device designed to help with back pain relief and posture improvement. It resembles a large wheel that you can roll on using your back. Its unique design fits perfectly between the shoulder blades, targeting the muscles around the spine for deep tissue massage and stretching.
The Chirp Wheel is a fitness tool that alleviates back pain and enhances posture. The back roller looks like a large wheel and is used for rolling your back.
Its unique design makes it stand out, which fits snugly between your shoulder blades, targeting the muscles surrounding your spine. This facilitates a deep-tissue massage and stretching experience.
The Chirp Wheel is available in three sizes, namely 12”, 10”, and 6”, each designed to deliver different levels of pressure and stretch as per your comfort and requirements.
The spinal canal is one of the key features of this device. This groove running through the center is built to cradle your spine, providing a comfortable stretch.
The Chirp Wheel is durable and features a robust injection-molded rigid core that can support up to 500 lbs; for added comfort while in use, the outer layer of the wheel is enveloped with thick padding. Moreover, it is a user-friendly device you can conveniently use at home, office, or even while traveling.
The Chirp Wheel can relieve tension, augment flexibility, improve posture, and promote better back health. However, seeking professional medical advice before initiating any new exercise regimen is always advisable.
Here are some key features of the Chirp Wheel:
- Three Different Sizes: The Chirp Wheel comes in three different sizes (12”, 10”, and 6”) to match the level of pressure and stretch you need.
- Spinal Canal: The wheel has a groove in the center designed to cradle the spine and provide a comfortable stretch.
- Durable Material: It’s made of a strong injection-molded rigid core that supports up to 500 lbs.
- Comfortable Padding: The outer layer of the wheel is covered with thick padding for comfort while in use.
- Ease of Use: It’s easy to use at home, in the office, or while traveling.
The Chirp Wheel helps relieve tension, increase flexibility, improve posture, and promote better back health. It is always advisable to consult with a healthcare professional before beginning a new exercise program.
Who Is The Founder Of Chirp Wheel?
The founder of Chirp Wheel is Tate Stock. A former senior in economics at Brigham Young University, Stock demonstrated his entrepreneurial spirit and business acumen through his innovative development of the Chirp Wheel.
The inspiration for the Chirp Wheel came from his aunt’s yoga wheel. Intrigued by the design but seeing room for improvement, Stock began brainstorming ways to enhance the product.
Starting with a humble investment of just $400, which he used to purchase PVC pipes and yoga mats, Stock constructed a prototype of the improved yoga wheel to alleviate back pain.
The modified design featured a comfortable wheel that allowed users to stretch their back muscles. The stock then began selling this product on Amazon.com. Within his first two weeks, he sold more than 100 wheels, bringing in $12,000 in revenue.
To scale the business, Stock used the $100,000 savings he had accumulated from his summer job selling pest control products door to door. With this investment, he was able to produce more Chirp Wheels.
Despite facing a setback when a factory in China stole his design and began selling similar products, Stock continued his operations, moving manufacturing back to Utah.
Before its appearance on the TV show Shark Tank, Chirp Wheel had already established a significant presence in the market. Stock’s proactive business strategy and efficient utilization of resources led to an impressive sales record.
In fact, by the time of the Shark Tank episode, the company had already achieved $12 million in sales for 2020 and made $4 million in profit. This demonstrated the substantial demand for the product and the effectiveness of Stock’s entrepreneurial strategies.
Thus, the creation of the Chirp Wheel was not just a story of product development but also a testament to the entrepreneurial spirit of its founder, Tate Stock.
His background in economics and his innovative thinking played significant roles in the successful inception and early growth of the Chirp Wheel.
How Was The Shark Tank Pitch Of Chirp Wheel?
Tate Stock, the founder of Chirp Wheel, entered the Shark Tank with high hopes and a product with a proven track record of success. Stock sought an investment of $900,000 in exchange for a 2% equity in Chirp Wheel.
However, his pitch faced some initial turbulence when he valued the company at a whopping $45 million, which led Shark Daymond John to accuse him of using the show merely for promotional purposes.
Stock maintained his stance, explaining that his company had already achieved $12 million in sales for 2020 alone, with $4 million in profit at the time of the Shark Tank episode.
Furthermore, he projected that the company was on track to earn $40 million in sales and $12 million in profit by the end of the year.
Seeking investment for future growth, Stock pitched the Sharks for $900,000 in exchange for a 2% equity stake in his company.
He justified this investment by explaining the need for funding to fulfill large purchase orders and keep up with the product’s high demand.
Despite the initial skepticism, three Sharks – Lori Greiner, Kevin O’Leary, and Robert Herjavec – made offers. Greiner proposed $900,000 for a 2% stake, to be paid back by the end of 2021.
On the other hand, Kevin O’Leary proposed $900,000 for a 2.5% stake plus a $3 royalty per unit until he is paid $2.7 million, without any time pressure on the repayment.
Robert Herjavec offered $900,000 for a 3% stake plus a royalty of $1.50 per unit sold until $1.2 million was paid back.
Daymond John and Mark Cuban did not make any offers, with John stating he wanted to give opportunities to businesses that were starting, while Cuban expressed concern about the COVID-19-related sales boost and the uncertainty of future growth.
In the end, Stock found common ground with Lori Greiner, who revised her offer to $900,000 for a 2.5% stake, with repayment to be made within 18 months. After some back and forth, Stock agreed to these terms, closing the deal with Greiner and securing a Shark partner for Chirp Wheel.
This presentation to the Sharks was not just a pitch for investment but also an opportunity for Stock to validate the success of Chirp Wheel and gain the mentorship of a seasoned entrepreneur like Lori Greiner.
Did Chirp Wheel Get a Deal on Shark Tank?
Yes, Chirp Wheel did secure a deal on Shark Tank. Founder Tate Stock appeared in Season 12 Episode 3 of Shark Tank and pitched his product, the Chirp Wheel, an exercise wheel designed to relieve back pain.
Stock asked for $900,000 in exchange for 2% equity in his company. After negotiations with the Sharks, Lori Greiner offered $900,000 for a 2.5% stake, with $1 million to be repaid in two installments of $500,000.
Stock accepted Lori’s offer, and the deal was made. The episode aired on October 30, 2020.
What Happened To Chirp Wheel After Shark Tank?
After its appearance on the third episode of Shark Tank’s 12th season, Chirp Wheel continued its upward trajectory. The company maintained a strong online presence and leveraged its Shark Tank appearance by offering a special deal on its website.
To manage growing fulfillment and shipping costs, Chirp’s CEO, Tate Stock, went further in his entrepreneurial journey and established his own shipping and fulfillment company, ShipStud. In addition to managing Chirp’s logistical needs, ShipStud provides services to other startups.
Chirp Wheel’s products continued to be available through their website and Amazon, where the Chirp Wheel Plus maintained a solid 4.4-star rating from more than 3,000 ratings, indicating high customer satisfaction.
The $900,000 investment from Lori Greiner in exchange for 2.5% equity slightly reduced the company’s worth to $36 million from the original $45 million valuation proposed by Stock on Shark Tank.
Despite this, the Chirp Wheel remains one of the more successful and highly-valued companies to secure a deal on Shark Tank. The partnership with Lori Greiner, known for her expertise in marketing home products, brought additional funding and valuable mentorship to the business.
Chirp Wheel is still in business, providing its customers with a solution for back pain relief at home.
Chirp Wheel Shark Tank Update
After appearing on Shark Tank, Chirp Wheel experienced significant growth and success. The exposure from the show helped to boost brand awareness and sales.
Following the show, Chirp Wheel launched a new product, the Chirp Wheel Pro. This version of their popular pain relief wheel features a vibrating core with three power levels designed to increase blood flow, penetrate deeper muscles, and enhance faster recovery.
In addition, the company established its shipping firm. This move reduced shipping and fulfillment costs for Chirp and offered services to other startups, creating an additional revenue stream.
While CEO Tate Stock did agree to a deal with Lori Greiner on the show, it’s reported that this deal did not close post-show. However, this didn’t hinder the company’s progress.
As of today, Chirp is still very much in business and thriving. They sell the Chirp wheels through their website, Amazon, and other outlets.
The wheels are available in various sizes and can be purchased individually or in packages. The company has also expanded its product line to include complementary products.
Regarding its valuation, when Chirp appeared on Shark Tank, it was valued at $45 million based on Tate Stock’s request of $900,000 for 2% equity.
Lori Greiner’s final accepted offer of the same amount for a 2.5% stake valued the company at $36 million. In February 2021, Stock mentioned that the company’s valuation was significantly higher now, though he didn’t disclose specific numbers.
Chirp has experienced considerable growth and success following its Shark Tank appearance. Despite the reported deal with Lori Greiner not closing, the company has expanded its product range, established a new shipping business, and continues to thrive in the market.
Is Chirp Wheel Still In Business?
Our research shows that Chirp Wheel is still in business and flourishing. The company has grown significantly following Tate Stock’s appearance on Shark Tank Season 12.
They have now reached over 1 million satisfied customers, a testament to both the effectiveness of their product and their commitment to customer service. In addition to its original product, the wheeled roller designed to relieve back pain, Chirp Wheel has also expanded its offerings.
They now sell a range of products, including different sizes of wheels, muscle rollers, posture correctors, and various Chirp accessories. This product line expansion demonstrates the company’s innovation and responsiveness to customer needs.
Furthermore, Chirp Wheel offers its products through various platforms, including its official website and Amazon, reflecting a robust and efficient distribution network.
In summary, not only has Chirp Wheel remained in business post-Shark Tank, but it has also seen remarkable growth and success.
What Is the Net Worth Of Chirp Wheel?
According to our research, the net worth of Chirp Wheel is estimated to be $50 million. The valuation of Chirp Wheel was $36 million after securing an investment from Lori Greiner on Shark Tank.
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