Chirp Update | Season 12

Chirp appeared on Shark Tank on October 30, 2020. Founder Tate Stock secured a deal with Lori Greiner at $900,000 for 2.5% equity with a contingency that the investment must be paid back in 18 months. Here’s a quick recap of everything that happened during the pitch as well as news on a Chirp update after Shark Tank.

Shark Tank Chirp Update

Chirp Update After Shark Tank

  • Entrepreneur: Tate Stock
  • Business: A wheel roller that relieves back pain
  • Ask: $900,000 for 2%
  • Result: $900,000 for 2.5% and must be paid back in 18 months
  • Shark: Lori Greiner

In Shark Tank Season 12 Episode 3, Tate Stock asked the sharks for a $900,000 investment in his company, Chirp, in exchange for a 2% equity. Chirp is a wheeled roller that aims to relieve back pain by putting pressure on the muscles around the spine. However, things got off to a hot start in the tank after Tate came in with a $45 million valuation and was accused of being on the show solely for promotion by Daymond John.

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However, things settled down a bit after Tate told the sharks that Chirp had made $12 million in sales so far in 2020 and would profit $4 million. Further, by the end of 2020 Chirp is expecting $40 million in sales and $12 million in profit. Tate explained that he was looking for an investor to help fund large purchase orders that he couldn’t fulfill alone.

Ultimately, Chrip received three separate offers from the sharks:

Lori Greiner: $900,000 for 2.5% equity with the condition that her investment must be paid back in 18 months
Kevin O’Leary: $900,000 for 2.5% equity with a $3 royalty until he’s recouped $2.7 million
Robert Herjavec: $900,000 for 3% equity with a $1.50 royalty until he’s recouped $1.2 million

After he weighed his options, Tate Stock and his company Chirp made a deal with Lori Greiner for a $900,000 investment for 2.5% equity. However, there was a contingency that the money must be repaid within 18 months.

At the time of writing, it seems that after Shark Tank Chrip is doing just fine and even has a special offer for Shark Tank viewers. However, we haven’t received any news on a Chirp update after Shark Tank yet, but we will update this article accordingly when we do.

For updates on other products that appeared on Season 12 Episode 3, check out the links below:

For more Shark Tank product updates, be sure to check out our Season 12 products page!