Sproing Fitness is designed to replace the harmful elements that a traditional treadmill can cause to professional runners. With an innovative product designed to create a safe alternative for cardio fitness, Paul Toback and Steve Lenz believe their company is worthy of a $500,000 investment from the sharks. They are offering up 8% equity in exchange for their asking price, but let’s see if they were able to secure a deal before we take a look at our Sproing Fitness update.
Shark Tank Sproing Fitness Update
- Entrepreneurs: Paul Toback and Steve Lenz
- Business: Fitness gym offering HITT workouts
- Ask: $500,000 for 8% equity
- Result: No deal
- Sharks: None
Kevin O’Leary watched the demonstration and really seemed confused at why the product was even necessary. He asked the entrepreneurs about the cost of selling one unit to a local gym. Kevin wasn’t pleased with the answer that came from Paul and Steve. They claimed that selling a unit to a gym features a price point of $6,400.
Mark Cuban believed there were too many challenges to help develop this company and most importantly, he didn’t feel like it was a company that deserved a $500,000 investment. He was the first shark that dropped out of negotiations. The four remaining sharks also dropped out for similar reasons.
While Paul and Steve were unable to earn a deal from any of the five sharks featured in Season 10 Episode 9 of
The good news is that Sproing Fitness is still in operation and has managed to generate more than $10 million per year in recent years. It has expanded into five designated studios for its business and operates its innovative treadmill products in those venues.
While the company didn’t receive a deal, it has done a nice job keeping the business growing in the years that followed its appearance on
You can find the other company updates from Season 10 here:
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