Sworkit Update | Shark Tank Season 7
There are many reasons people stop going to the gym, but Ben Young and Greg Coleman are tired of the excuses. They created a free fitness app, Sworkit, to simplify the exercise process for those who can’t make it to the gym. This app allows you to work out anywhere on your own time. What will the sharks think of this app on
Shark Tank Sworkit Update
- Entrepreneurs: Ben Young and Greg Coleman
- Business: Free personal trainer app
- Ask: $1.5 million for 8% equity
- Result: $1.5 million for 10% equity
- Shark: Mark Cuban
Ben and Greg demonstrated the Sworkit app during the pitch, which they called “Spotify for workouts”. You could skip parts of workouts that are difficult or that you are unable to do, and you could integrate music to work out with. The app launched the year before filming and had $770,000 in revenue so far. The app has a subscription service that removes ads.
All of these factors endeared them to the sharks. Kevin O’Leary immediately offered $1.5 million in debt at 7.5% interest, with 2.75% equity. Mark Cuban jumped in too, offering $1.5 million for 10% equity. He had a unique circumstance for the deal, though – he wanted unsold ad inventory up to $1.5 million. This is an interesting deal.
Lori Greiner began to tell Ben and Greg that she was on the fence, and Mark continued to interrupt her. He was impatient to see if they would take his deal.
After Robert Herjavec calmed Mark down, Lori told them that she was out. In turn, Robert told them that he wanted to offer $1.5 million for 16%, but he went out because Mark’s deal was better.
Barbara Corcoran said she would download the app, but she didn’t want to invest. She went out. Finally, Ben and Greg accepted Mark’s deal and everyone was pleased. What will this bring for the company? Keep reading our Sworkit update to find out.
While the deal with Mark seemed great for Sworkit, it ultimately fell through. Even so, the company is doing well. Research for our Sworkit update revealed that in 2020, they paired with Blink Fitness to switch up their exercise content. Later, they partnered with Solera Health to provide workout planning for chronic conditions and recovery after injuries and surgeries.
In 2021, the app had over ten million registered users, with a 4.8-star rating in the Android store. Estimates suggest that the company earns about $60 million in annual revenue. You can try Sworkit on the app or from the official website.
You can find our company updates for the other companies and products from Season 7 Episode 18 below.
For more on companies and products, be sure to stop by our Season 7 Products Page.
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!