The wheel is over 5,000 years old, but it has many limitations. That’s why David Patrick decided to reinvent it. Will he and his business partner, Zack Fleishman earn a deal on
Shark Tank Shark Wheel Update
- Entrepreneurs: David Patrick and Zack Fleishman
- Business: Cube shaped wheels
- Ask: $100,000 for 5% equity
- Result: $225,000 for 7.5% equity + 10% Royalty until $500,000 paid back
- Sharks: Mark Cuban, Kevin O’Leary, and Nick Woodman
David and Zack told the sharks that they had ‘literally’ reinvented the wheel. Their unique cube shaped wheel complimented a variety of different industries, including the competitive skateboarding industry. Shark Wheel designs special wheels that have more grip and durability, while also providing the ability to travel on harsh terrains.
Skate on all Surfaces: These 72mm skateboarding wheels were designed to explore the world. Start cruising down the backroads, taking hard curves, or skating at the park.
The company’s flagship product at the time of appearing on
A single set of wheels costs just $12.00 to manufacture while the company has been selling them for $69.00. While the margins were certainly impressive, some of the sharks still had their own personal doubts about the Shark Wheel.
Kevin O’Leary decided to make an offer of $100,000 in exchange for 2.5% equity of the company. In addition to the equity portion, Kevin also wanted a 10% royalty payment on every single unit sold until he makes back $500,000. Lori Greiner decided to drop out because she was not impressed when she tested out their products.
Daymond John was also interested, and he offered $100,000 for 20% and he also pledged to help with future licensing deals. Guest shark Nick Woodman then offered $100,000 for 15% equity. At this point Zack shared that they already had 3 investors who had raised $600,000, to which Daymond became uneasy and took his offer off the table.
After some back and forth, Kevin proposed that Nick and Mark Cuban join in for an offer of $225,000 for 7.5% equity, plus 10% royalty until $500,000 is paid back. David and Zack happily accepted their deal. What happened next for their company? Keep reading our Shark Wheel update to find out!
We have great news to share in our Shark Wheel update! The company is still in business and continues to do very well in terms of overall sales. New products have been developed with their wheels, including skateboards, luggage bags, and more. Products are available on Amazon and the Shark Wheel website.
Would you like to learn about the other companies features on Season 6 Episode 29? 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 6 Products Page!
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!