Shark Tank episode 717 featured a free fitness app called SworkIt, developed by Ben Young and Greg Coleman.
What Is SworkIt?
Sworkit is a personal fitness app designed for the startup generation. It allows you to perform a variety of exercises without purchasing expensive equipment.
Sworkit was created by an MBA, a former Air Force pilot, and an ex-Army Tech guru.
Sworkit is designed as a simple alternative to all the other fitness apps installed on your phone.
Sworkit allows you to create workouts that require no equipment. This is an excellent program for people who are just starting to shape.
The workout app Sworkit allows you to customize your workout routines to suit your preferences.
You can work out for an hour in the morning or a quick 30-minute session before bed with the Sworkit app.
Do whatever fitness program you choose, such as strength training, yoga, pilates, cardio, or stretching.
Sworkit is suitable for people with long commutes, seniors, and young children. The Workit app allows you to build and share your fitness routines from a collection of over 170 different exercises.
Sworkit is as simple as building your music playlist and adding songs to your Sworkit workout.
Sworkit is an easy-to-use workout app that will help you achieve your goals, regardless of whether you are a beginner or a pro.
Personal trainers can share fitness content with their clients to encourage them to exercise away from the gym.
You do not need to purchase any gym equipment to start. Just have fun and be motivated to get a great workout anytime.
Four types of exercise are available on the app: cardio, strength training, stretching, and yoga, and the user can mix and match them to get the best of all four.
When you use a smartphone, you can adjust the length, number of repetitions, exercises, and workout instructions. You are your trainer. You can also follow a workout plan that has been suggested.
You get professional advice and more options for making your site look as you want with the paid version, which doesn’t have ads.
|Entrepreneur||Ben Young And Greg Coleman|
|Product||Fitness 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|
|Episode||Season 7 Episode 18|
|Business Status||In Business|
Who Is The Founder Of SworkIt?
Ben Young And Greg Coleman are the founders of SworKit.
Sworkit has a wide selection of workouts, such as cardio, core strength, stretching, yoga, and pilates.
The user can select a workout and how long to spend exercising. They can then add their playlist to the workout. You can skip one squat if she doesn’t like it or can’t do it.
Sworkit was founded in 2012 by three friends, Ben Young, Ryan Hanna, and Greg Coleman (CEO).
Ryan served as a captain in the US Army while in college. Greg served 20 years in the military.
Greg and Ryan remain on the board for Sworkit. Ben graduated from the University of Virginia with a degree in computer science. He also has experience in the business development arena.
He stepped down as CEO in 2019. The company still employs him as a development and strategy consultant, but he is not in charge anymore.
There was a need for workout apps that could be customized to meet the needs of each individual. Therefore, they created the Nexercise fitness tracker as their first product.
Ryan developed Sworkit to keep track of his military workouts and sold it to them in 2014. The following year, they made a children’s version.
A year after they launched, they had over 10 million users, were ranked in the top five fitness apps, and made about $2 million selling ads.
Their app needed to be improved; they wanted to reach a wider market, so they searched for funding.
SworkIt Before Shark Tank
SworkIt is a free fitness app for the smartphone made by two friends who became entrepreneurs. Ben Young and Greg Coleman created the app.
SworkIt is short for “Simply Work,” It is an app that allows users to do strength training, cardio, yoga, and stretching. It was designed to let people do four types of exercises simultaneously.
You can develop any workout you want that will work any body part if you have a smartphone or tablet.
You can choose how much time you want to spend working out in the app’s free version. You just have to follow the instructions it gives you.
You see the workout on the app before you know it.
A paid version of the app allows users to save their workouts, change the exercise or resting times, and even ask the trainer.
SworkIt’s paid version does not have ads, which may be good for some users.
There are hundreds of workout apps available in the app store on your smartphone or tablet, so you can pick one that’s right for you.
Is there anything that makes SworkIt so different from other apps?
According to the American College of Sports Medicine, good workouts should include cardio, strength, resistance, and flexibility.
The best workout apps on the market all follow these rules. SworkIt is one of them.
Additionally, the app does not require you to join a gym to use it, nor do you have to pay a lot of money to attend classes.
It doesn’t matter where you live, as long as you have the app. All you need is a little extra motivation from the person using it.
There have been over 10 million users of SworkIt since it was first released. Therefore, it now ranks in the top five fitness apps on the market.
Ben and Greg’s app was a huge success, but they decided they needed more help and expertise to take it to the next level.
Whether or not the sharks will invest in SworkIt is unknown.
How Was The Shark Tank Pitch Of SworkIt?
Ben and Greg entered the Shark Tank seeking an investment of $1.5 million in exchange for an 8.5% stake in Sworkit.
Ben and Greg left the Shark Tank stage with an investment from Mark Cuban in Sworkit.
Final Deal: Mark Cuban agrees to invest $1.5 million for 10% equity in Sworkit.
What Happened To SworkIt After Shark Tank?
The popularity of SworKit rose high after its appearance on Shark Tank. Sworkit downloads on Android and IOS platforms were unimaginable because of the Shark Tank effect.
However, the deal between Mark Cuban and Sworkit could not be finalized after the show due to a different vision for the product.
Sworkit generates about $60 million in sales each year! Sworkit has been downloaded over 27,000 times and has received a rating of 4.77 out of 5.
SworkIt Shark Tank Update
After the Shark Tank episode aired, SworkIt gained much attention, as many other products do on the show. After the episode aired, SworkIt gained even more attention.
Ben and Greg were pleased to have struck a deal with shark Mark Cuban after leaving the shark tank. Their meeting with Mark was to discuss the finer points of the deal and close it.
Therefore, the deal did not work out for everyone. Ben and Greg had different ideas about what the product ought to be. Mark wanted one thing, while Ben and Greg had another idea.
The deal didn’t work out for Ben and Greg, but they have been regrouping and enjoying the app’s publicity from their appearance.
The media has also been paying attention to SworkIt, which has attracted other investors who want to invest in it.
Ben and Greg’s trip to the shark tank wasn’t a waste of time, even if the deal didn’t work out.
They’re sure to find another investor soon to help them get SworkIt where they want it to be. We hope they both do well.
Is SworkIt Still In Business?
Yes, Sworkit is still in business as of 2022.
Young and Coleman reached an agreement with billionaire Mark Cuban through Shark Tank.
He offered them $1.5 million for a 10% stake and advertising space on the Sworkit app that was not sold.
The deal collapsed afterward. Young said there were just a few last things to be done on both sides. “It kind of fell apart.”
If you’re on iOS, you can still use Sworkit. It has a 4.7 out of 5 stars rating. The app also works with watches that you wear.
The company aims to cut childhood obesity by 50% by 2026. In 2019, they had more than 30 million workouts done by people of all ages. They started to reach out to the corporate wellness market the next year.
What Is the Net Worth of Sworkit?
The valuation of SworKit was $18.75 million when it appeared on Shark Tank. The net worth of SworKit is around $60 million as of 2022.