Sworkit Update | Shark Tank Season 7

Ben Young and Greg Coleman knew people struggled to exercise because they didn’t have time, equipment, or a plan to follow. They met Ryan Hanna, who had created an early version of SworkIt while teaching himself to code. Seeing how useful it was, they turned it into a full fitness app that gives guided workouts in strength, cardio, yoga, and stretching, no equipment needed. It helps people stay active anywhere with simple, effective workouts. Will the sharks get on board? Let’s find out in our SworkIt update and pitch recap.

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

Ben and Greg entered Shark Tank Season 7, seeking $1.5 million for 8% equity in their free personal trainer app. After their pitch, they made a deal with Mark Cuban for $1.5 million for 10% equity and he gets $1.5 million worth of unsold ad inventory.

In terms of a Sworkit update, the company successfully expanded its platform through strategic partnerships with Blink Fitness and Solera Health. Further, in December 2021, the company had grown to over 30 million downloads and $60 million in annual sales.

Shark	Result
Mark Cuban	Accepted offer of $1.5 million for 10% equity, and he gets $1.5 million worth of unsold ad inventory
Kevin O’Leary	$1.5 million as a loan at 7.5% interest for two years with a 2.75% equity
Lori Greiner	No offer
Robert Herjavec	No offer
Barbara Corcoran	No offer

Shark Tank Sworkit Pitch

• 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 introduced SworkIt, a fitness app designed to make workouts simple and accessible.

They asked for an investment, explaining that the app allows users to exercise anytime, eliminating the need for a gym membership.

SworkIt customizes workout routines and demonstrates each move step by step. If a user can’t complete an exercise, the app provides an alternative, ensuring a seamless workout experience.

Greg compared SworkIt to Spotify, stating that instead of songs, users have on-demand workouts tailored to their needs.

Barbara Corcoran asked if users could integrate music into their workouts. Ben confirmed that SworkIt features Spotify integration.

Ben explained that SworkIt launched a year ago, but they had been in the fitness industry for five years, gaining valuable expertise along the way.

He also added that before SworkIt, they developed Nexercise, a fitness tracker.

This led Robert Herjavec to ask if they had generated revenue from their first product. Greg responded that since launching, their company had earned just under $2 million.

The entrepreneurs explained that the app is free, generating revenue through ads on the free version and premium upgrades for $3.99.

Kevin O’Leary wanted to know if they had a subscription model in place. Ben revealed that they were about to introduce a $9.99 monthly subscription, allowing users access to more workouts and equipment-based routines.

He also emphasized that they were leaders in the fitness app market, making their model highly scalable.

At this point, Lori Greiner wanted clarity on how they planned to use the investment. Ben explained that their priority was to double their engineering team to accelerate app development.

Moreover, they were preparing to launch SworkIt Kids, a version designed to encourage children to stay active.

Kevin, instead of offering equity, proposed $1.5 million as a loan at 7.5% interest for two years with a 2.75% equity, believing they could handle the debt while retaining more control.

However, before they could respond, Mark Cuban countered with $1.5 million for 10% equity, adding $1.5 million in ad inventory to promote his brands through SworkIt’s free version.

As the negotiations continued, Lori debated making an offer. However, after assessing the valuation, she ultimately decided it was too high and backed out.

Barbara saw SworkIt as a valuable tool but, rather than investing, she chose to purchase the $3.99 premium version and also backed out.

That left Mark and Kevin’s offers on the table. Mark, eager to secure the deal, pressed them for a decision.

After a brief discussion, Ben and Greg accepted Mark’s offer.

What will this bring for the company? Keep reading our Sworkit update to find out.

Shark Tank Sworkit Update

Our Sworkit update found that the deal fell apart during due diligence due to differences in vision between Cuban and the founders.

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.

The app had over 30 million downloads and 10 million registered users In December 2021, generating approximately $60 million in annual sales.

Further, the company expanded its features to include fitness, mindfulness, prevention, and nutrition.

You can try Sworkit on the app or from the official website.

We’re calling this Sworkit update a success.

You can find our company updates for the other companies and products from Season 7 Episode 18 below.

• Clean Sleep Update
• TuTuBlue Update
• Nohbo Update

For more on companies and products, be sure to stop by our Season 7 Products Page.