Martin Dimitrov came onto
Shark Tank SnapClips Update
- Entrepreneurs: Martin Dimitrov
- Business: Workout Accessories
- Ask: $150,000 for 15% equity
- Result: $150,000 for 30% equity
- Sharks: Mark Cuban, Lori Greiner, and Alex Rodriguez
SnapClips launched a Kickstarter while Martin was still attending high school and managed to generate more than $23,000 through the campaign. A single unit costs about $8.50 to manufacture and is currently sold for $29.99.
If you struggle with securing and swapping weights, then our weight clamps are for you. Unlike regular barbell collars, they are simple and hassle-free. Just snap them on, lock them down, and you're ready to lift.
SnapClips’ lifetime sales were very low at less than $32,000 in total gross revenue sales. The low sales caused the sharks to have major concerns about the valuation that Martin placed on his company.
Robert Herjavec and Barbara Corcoran were not interested in making an investment after hearing all of the information, so they decided to drop out.
Lori Greiner wanted to make an offer and decided to tell Martin that she would need 50% equity in exchange for a $150,000 investment.
After some talking, guest shark Alex Rodriguez, Mark Cuban, and Lori Greiner ultimately teamed up to offer $150,000 in exchange for 30% equity. Martin accepted their offer after taking a few moments to consider his options.
Let’s take a look at the SnapClips update to see how Martin Dimitrov and his company are doing today. The deal between Martin and the sharks was finalized, but they eventually departed the business in the months that followed.
In 2018, SnapClips licensed the product to Crossfit. The company continues to remain in business and is doing an estimated $5 million in annual sales.
We will let you know if we get more news on a SnapClips update. In the meantime, be sure to check out the official website to learn more.
You can find the other company updates from Season 9 Episode 20 here:
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!