Sproing Fitness Update | Shark Tank Season 10
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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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!