Nexersys Fitness Platform Update | Shark Tank Season 5
Terry Jones believes that the future of exercise lies in his smart fitness platform. His interactive equipment delivers a fast, fun and effective workout. Will it earn him a deal on
Shark Tank Season 5 Nexersys Update
- Entrepreneurs: Terry Jones
- Business: Interactive, fitness gaming system
- Ask: $2 million, in exchange for a 10% stake
- Result: No deal
- Sharks: None
Terry told the sharks that his intelligent, fitness platform Nexersys, combined the discipline of a personal trainer with the fun of a video game. He demonstrated his product by bringing an Olympic medalist, Marlen Esparza, to spar with an avatar on the face-level screen. After the workout, the platform displayed a detailed analysis of Marlen’s performance.
N3 Elite delivers an interactive boxing experience through personalized, high intensity interval training with expert coaches and 3D mitts and sparring partners. Nexersys teaches, trains, and scores 50 progressive strikes and combos including defensive moves via motion detection software.
True to form, Kevin O’Leary jumped straight to the valuation of the company. Terry said he had sales of over $4 million in 18-months, and expected the company to become profitable later in the year. He offered a home platform and a commercial platform. The commercial unit cost about $2,000 to make, and retailed for $7,000, while the home unit retailed for $3,000.
The company spent $1 million in the year leading up to
Guest shark Steve Tisch called it a great product with too much debt, and he went out. Mark Cuban and Kevin painted a stark picture of what the future held for Terry and the company when the shareholders came back to collect. Kevin was out, and Mark followed. Daymond said the company had taken on a dangerous amount of debt, so he was out, too.
Lori Greiner thought the company would be able to pull through, but she was the last shark to exit the offer, and the company didn’t get a deal. What happened next for Terry and his company? Keep reading ur Nexersys update to find out!
Our Nexersys update finds the company is still in business in 2023. In a 2019 interview, Terry said that the company was able to avoid bankruptcy, buy out shareholders in 2017, and repay all his debt in 2019. The company has continued to grow in the years since, and now offer a more affordable platform in addition to their original models. The product line is sold through the Nexersys website, and on Amazon.
Would you like to learn about the other companies featured on Season 5 Episode 16? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 5 Products Page!
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