Snapclips Update | Shark Tank Season 9

Martin Dimitrov came into the Shark Tank to represent his company known as Snapclips. His unique workout accessory is designed to make it easier than ever to replace the old unreliable weight collars for dumbell bars that you might have lying around. Martin is seeking $150,000 for 15% equity, but the sharks are going to need to have a better understanding of just exactly why this product is the right investment before they risk their money. Let’s see how the negotiations go for Martin before we jump ahead to cover the Shark Tank Snapclips update.

Shark Tank Snapclips Update

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

The company launched a Kickstarter while Martin was still attending high school and managed to generate more than $23,000 through the Kickstarter campaign. The sharks wanted to learn about the company’s product margins. A single unit costs about $8.50 to manufacture and is currently sold at a price point of $29.99.

The company’s lifetime sales were very low and were less than $32,000 in total gross revenue sales. The sharks immediately had major concerns about the valuation that Martin was placing on his own company, especially since sales numbers were very low.

Robert Herjavec was not interested in making an investment after hearing all of the information, so he decided to drop out. Barbara Corcoran also decided to drop out without making an offer. 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. Alex, Mark, and Lori 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. A partnership was eventually structured between Snapclips and Crossfit back during the 2018 calendar year. The company continues to remain in operation.

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

Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from Shark Tank Season 9.