Sworkit Shark Tank Update | Sworkit Net Worth

Sworkit is a health and fitness application that appeared on Season 7 of Shark Tank. Its primary function is to offer customizable workout programs that cater to individual needs, making it an appealing product for users of all fitness levels. 

Sworkit’s impressive customization is one of its most distinguishing features. The app allows users to select the type of workout they want, such as strength training, cardio, yoga, or stretching, and the available time ranges from just five minutes to an hour.

The app then generates a sequence of exercises tailored to those preferences. It also has a “kids workout” feature which makes it inclusive for younger users. Furthermore, Sworkit doesn’t require special equipment, and professional trainers demonstrate the exercises via video, making them easy to follow.

What sets Sworkit apart from many other fitness apps is its adaptability. The app allows users to exercise anytime and anywhere, eliminating common barriers to exercise, such as lack of time or gym access.

Sworkit also considers all fitness levels; whether a user is a beginner or a seasoned athlete, Sworkit can accommodate them. Sworkit’s user-friendly interface and professionally guided workouts make it an effective and accessible tool for improving physical fitness.

Its appearance on Shark Tank gave it substantial media attention and solidified its standing in the fitness industry. Sharks were impressed by its versatility, the range of its exercise database, and its monetization strategy. They recognized its potential for a positive impact on the health and wellness of its users, thus making it an attractive investment.

Given its comprehensive nature and ability to provide a customized, accessible, and user-friendly fitness experience, Sworkit is a strong choice for those seeking to maintain or improve their health and wellness.

It’s an app that considers users’ differing needs and limitations, offering flexible and engaging workout routines that can be done anywhere, at any time.

Company NameSworkit
EntrepreneurBen Young And Greg Coleman
ProductFitness App with Customizable Video Workouts
Investment Asking For$1,500,000 For 8% equity in Sworkit
Final Deal$1,500,000 For 10% equity in Sworkit
SharkMark Cuban
Sworkit Episode Season 7, Episode 18
Sworkit Business StatusIn Business
Sworkit WebsiteSworkit Website
Sworkit Net Worth$60 Million

What Is SworkIt?

Sworkit is a fitness application that promotes daily movement by making the workout experience easy and enjoyable. The platform allows users to customize their workouts by choosing from over 300 individual exercises in its robust Exercise Library.

The workouts are flexible and can be tailored to fit the lifestyle of all types of users – from absolute beginners and intermediates to advanced athletes.

The SworkIt application, ranked as the number one fitness app by the American College of Sports standards, caters to adults and children, making it a great tool to introduce fitness early. It is an excellent activity to get students moving during longer gym classes or after prolonged periods of inactivity. 

Sworkit Shark Tank Update | Sworkit Net Worth

Sworkit is a workout-on-demand application that offers a wide range of exercises without needing any equipment, making it accessible just about anywhere. At its core, Sworkit’s CIO, Young, describes it as the “Spotify for workouts,” wherein it operates on a subscription basis.

Subscribers gain access to hundreds of exercises, personalized workouts, and certified trainers, delivering a professional, flexible, and accessible workout experience right at their fingertips. 

With its primary mission to simplify fitness, Sworkit has attracted millions of users, including employees, beginners, and professional athletes, changing the landscape of health and wellness in the digital age.

Who Is The Founder Of SworkIt?

Benjamin Young and Gregory Coleman are the co-founders of Sworkit. Before diving into the tech industry, Benjamin Young served as a submarine officer in the U.S. Navy for eight years, demonstrating his leadership skills and discipline.

After his military service, Young went on to earn his MBA from the University of Maryland. His experiences and academic background shaped his business acumen, preparing him to lead Sworkit. 

Gregory Coleman, on the other hand, possesses a background in computer engineering. His technical skills were crucial in bringing the vision of Sworkit to life.

Coleman holds a degree in computer engineering from the University of Maryland and has spent over a decade working with various tech startups, which provided him with the experience and insight needed to develop a product like Sworkit.

The idea for Sworkit was born out of the founder’s own experiences. Young, a former military officer, understood the importance of physical fitness but recognized the challenges of maintaining a consistent workout routine given varying schedules and commitments.

Combining Young’s vision with Coleman’s technical expertise, they sought to create a solution that offered flexibility, accessibility, and customization in fitness — a digital personal trainer that could accommodate any schedule, fitness level, or workout preference. 

Before appearing on Shark Tank, Sworkit had already gained significant traction. The app was available on both iOS and Android platforms, and it had been downloaded millions of times globally.

Its user-friendly interface and unique selling proposition — the ability to customize workout plans according to individual time constraints and fitness goals — made it a popular choice among fitness enthusiasts.

Its subscription model also provided a steady stream of revenue for the company. Despite this success, the founders went on Shark Tank to seek additional funding to fuel further growth and to reach even more people with their innovative fitness solutions.

How Was The Shark Tank Pitch Of SworkIt?

During Season 7 of Shark Tank, Benjamin Young and Gregory Coleman came prepared to pitch Sworkit. They began their presentation by demonstrating the app’s functionality and customizable features.

They emphasized its convenience and adaptability, explaining how it could be used anywhere, anytime, and by anyone, regardless of fitness level or time constraints.

The founders sought $1.5 million for 8% equity in their company, valuing Sworkit at $18.75 million. They justified this high valuation by highlighting the app’s growth trajectory, millions of downloads, and recurring revenue through the subscription-based model.

The Sharks were impressed by Sworkit’s performance and potential. Mark Cuban, in particular, praised the app’s accessibility and customization, recognizing the significant market potential for a fitness app that could cater to users’ individual needs and schedules.

Lori Greiner also appreciated the product, noting its potential to revolutionize home workouts. However, the proposed valuation became a contentious point.

While the Sharks acknowledged Sworkit’s success, some expressed concerns about the competitive landscape of fitness apps and the challenges of maintaining growth. Kevin O’Leary, for instance, felt that the valuation was too high and opted out.

Ultimately, it was Mark Cuban who made an offer. However, Cuban’s deal diverged from the typical equity-for-investment exchange.

He proposed a structured deal that included $1.5 million for a 10% equity stake, but with the condition that he would also receive a $1.5 million “breakup” fee if a certain exit amount was not met in a sale or another round of financing diluted his stake. This effectively provided him with a level of protection for his investment.

Young and Coleman accepted Cuban’s deal, gaining the investment they sought and a strategic partner who could provide invaluable guidance and support as they continued to scale their business.

Final Deal: Mark Cuban agrees to invest $1.5 million for 10% equity in Sworkit.

What Happened To SworkIt After Shark Tank?

After appearing on Shark Tank, Sworkit experienced a significant surge in popularity. The media attention following the show boosted the app’s visibility, leading to increased downloads and user registrations.

Despite the initial excitement of closing a deal with Mark Cuban on the show, the finer details of the investment couldn’t be agreed upon, and the deal ultimately fell through.

Nevertheless, the experience was far from a setback for the company; the exposure from the show attracted interest from other potential investors and helped to further establish Sworkit’s brand.

Although they did not finalize the investment deal with Cuban, co-founders Benjamin Young and Gregory Coleman continued to capitalize on the momentum generated by their Shark Tank appearance.

Sworkit Shark Tank Update | Sworkit Net Worth

They went on to establish partnerships with Blink Fitness and Solera Health to diversify and enhance the app’s content, positioning it as not just a workout planning tool but also a resource for managing chronic conditions and aiding recovery post-injuries or surgeries.

By 2021, Sworkit had amassed over ten million registered users and had maintained a high rating of 4.8 stars in the Android store. This shows that the app continued to resonate with users, who appreciated its customizable, user-friendly workout plans.

Financially, the company also appeared to thrive, with annual revenue estimates around $60 million. This indicates that, despite the fall-through of the Shark Tank deal, Sworkit continued to grow and prosper, benefiting from its Shark Tank exposure and demonstrating the resilience and adaptability of its founders and business model. 

Users can access Sworkit via the app or the company’s official website, affirming Sworkit’s commitment to providing accessible and flexible fitness solutions.

SworkIt Shark Tank Update

After appearing on Shark Tank, SworkIt, a free fitness app founded by Ben Young, Ryan Hanna, and Greg Coleman in 2012, experienced both successes and setbacks.

During their Shark Tank pitch, they sought $1.5 million for 8% equity, and Mark Cuban offered the desired amount for a 10% stake and $1.5 million in credit for unsold ad inventory. However, the deal fell through during due diligence, and they did not secure investment from the Sharks.

Despite not securing a deal on the show, SworkIt thrived and achieved significant growth. The app gained popularity and amassed a user base of over 10 million people, ranking among the top five fitness apps.

Sworkit Shark Tank Update | Sworkit Net Worth

They partnered with Blink Fitness and Solera Health, further contributing to their success. Additionally, SworkIt launched various initiatives to expand its offerings, such as the Sworkit Youth Initiative in 2018 and Sworkit for Business in 2020.

By December 2021, the app had achieved remarkable milestones, including over 30 million downloads, 10 million users, and generating an estimated $60 million in annual sales.

The SworkIt app received positive feedback, with a 4.8-star rating. Its success and innovative approach to personalized workout routines without expensive equipment contributed to its widespread appeal.

Despite the setback with Mark Cuban, the company remained positive and valued the exposure gained from appearing on Shark Tank. SworkIt continued to attract potential partners and investors, demonstrating resilience and adaptability in a competitive app market.

Is SworkIt Still In Business?

Yes, Sworkit is still in business. The fitness app continues offering members various fitness challenges and workout plans. Despite not securing a deal with Mark Cuban during their appearance on Shark Tank, Sworkit has thrived and achieved significant success.

They partnered with Blink Fitness and Solera Health for specialized workout content. Additionally, Sworkit has received positive reviews and is well-regarded for helping users enjoy workouts and improve their health.

The Sworkit app remains operational and offers monthly and yearly subscriptions for unlimited access to its fitness content.

What Is the Net Worth of Sworkit?

According to our research, the net worth of Sworkit is estimated to be $60 million. The valuation of Sworkit was $15 million after securing an investment from Mark Cuban on Shark Tank.