SnapClips Update | Shark Tank Season 9

Regular weight collars on the market can be cumbersome and difficult to use. Seeking a faster and more convenient solution, high school student Martin Dimitrov founded SnapClips, a lightweight and easy-to-use weight collar designed to streamline workouts. In our SnapClips update and pitch recap, let’s see how the negotiations go for Martin.

If you’re short on time, here’s a quick overview of what happened to SnapsClips after Shark Tank. 

Martin Dimitrov entered Shark Tank Season 9, seeking $150,000 for 15% equity in his workout accessories business. After delivering his presentation, he made a deal with  Mark Cuban, Alex Rodriguez, and Lori Greiner for $150,000 for 30% equity.

In terms of a SnapClips update, the company has expanded its product line and started selling internationally. Further, it’s since signed a major partnership deal with CrossFit, and now has an estimated annual revenue of $5 million.

Shark	Result
Kevin O’Leary, Lori Greiner and Alex Rodriguez	Accepted offer of $150,000 for 30% equity
Robert Herjavec	No offer
Barbara Corcoran	No offer

Shark Tank SnapClips Pitch

• Entrepreneur: 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

Martin confidently began his pitch to the sharks by sharing the inspiration behind his innovative weightlifting accessory, SnapClips. 

He emphasized the need for an investment to scale up production and expand market reach, seeking the sharks’ support to achieve this. 

His product, designed to enhance gym safety and efficiency, impressed the sharks with its simplicity and practicality.

SnapClips addresses the shortcomings of traditional barbell collars, which can be cumbersome and time-consuming to adjust. 

Conversely, SnapClips prioritizes speed and ease of use, with a simple snapping mechanism and a Velcro strap for further tightening. 

This design allows weightlifters to quickly switch between weight plates without wasting time. 

Made from military-grade Kevlar and a high-strength rubber blend, SnapClips ensure durability and secure fastening during even the most strenuous workouts. 

Their lightweight and portable design makes them ideal for both gym and home use.

Martin launched SnapClips on Kickstarter while still in high school, raising over $23,000.

Now in college, he is prepared to leave if the business takes off, joking that his school will always be ready to take his money. 

Each unit costs $8.50 to make and sells for $29.99. Post-Kickstarter, he made $6,500 in sales in one month.

Lori Greiner saw potential industrial applications for storing hoses and wires but admitted she knew little about weights.

The sharks were concerned about the low sales and Martin’s company valuation. 

Robert Herjavec said he wasn’t interested in the business due to its lack of industrial market presence, so he exited the deal. 

Barbara Corcoran also passed, not relating to the product.

Lori offered $150,000 for 50%, and guest shark Alex Rodriguez offered to join her at 25% each. 

Mark Cuban advised Martin against this offer and proposed a deal with Lori and Alex at $150,000 for 30% equity (10% each), promising NBA team involvement and gym integration.

After some deliberation, Martin accepted their offer.

Was this a good deal? Let’s find out in our SnapClips update.

Shark Tank SnapClips Update

Our research on our SnapClips update revealed that the deal with Mark Cuban, Lori Greiner, and Alex Rodriguez closed successfully.

Since airing, SnapClips has grown significantly, selling in 30 countries, opening its own storefront, and negotiating a private label deal with CrossFit.

In 2018, SnapClips successfully licensed its innovative weightlifting accessory to CrossFit, significantly boosting its business. 

Our SnapClips update found that by 2021, the company had grown to over  $4 million in lifetime sales. 

By April 2024, this figure had grown to over $6 million in lifetime sales, with an estimated $5 million in annual revenue. SnapClips now offers more than 30 varieties of its product.

SnapClips is still in business and frequently updates its Instagram handle with impressive PR materials.

We look forward to bringing you the next SnapClips update.

You can find the other company updates from Season 9, Episode 20 here:

• The Dough Bar Update
• Shower Pill Update
• ChangEd Update

Before you go, check out our Shark Tank Season 9 page for more updates.