Chirp Update | Season 12
Chirp appeared on
Chirp Update After
- 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.
- INNOVATIVE & FUNCTIONAL DESIGN: Chirp Wheel+ is designed with trigger...
- BUILT-TO-LAST QUALITY: Our back stretcher wheel provides your back with a...
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
For updates on other products that appeared on Season 12 Episode 3, check out the links below: