Sworkit lands huge deal on 'Shark Tank' - Technical.ly DC

Business

Feb. 23, 2016 10:22 am

Sworkit lands huge deal on ‘Shark Tank’

The largest tech deal in the show's history, in fact.

Ben Young and Gregory Coleman on "Shark Tank."

(Photo via Twitter)

Ben Young and Gregory Coleman, CEO and COO of Nexercise, respectively, walked into an episode of ABC’s Shark Tank last week with their popular workout app, Sworkit (“Simply Work It”). They walked away with the show’s largest ever deal for a tech product — $1.5 million from investor Mark Cuban.

Young and Coleman’s initial pitch was $1.5 million in return for 8 percent equity in their Rockville-based company. Cuban upped the equity to 10 percent, but they still got very close to the mark.

“Our mission is to become the leading global standard for all instructional exercise,” Young said in a statement. “The exposure from the Shark Tank with allow us to reach even more users.” Indeed, as of writing, Sworkit was at No. 3 in the most popular free health and fitness apps in the App Store.

The influx of investment will make it possible to “take Sworkit’s vision to the next level,” Coleman said, a vision that includes a web version of the app as well as versions for Apple TV, Google TV and Roku.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

The Happied app is looking to provide everything you need to know about DC happy hours

FELA to LifeCents: A lot more than a name change

CIT Gap Funds invests in medtech startup Tympanogen

SPONSORED

DC

This fast-growing SaaS company aims to be a force for change in the energy industry

Philadelphia, PA

Orthly

Full-Stack Javascript Engineer

Apply Now
Washington DC

The Washington Post

Back End Developer/ Engineer – Arc Engineering

Apply Now
Washington, DC

The Washington Post

Sr. Full Stack Developer

Apply Now

Northern Virginia’s Ladybug Tools named to Wells Fargo Innovation Incubator

SEED SPOT is looking for entrepreneurs to join its spring accelerator program

Comcast Business to expand fiber-optic network in DC

SPONSORED

DC

Hear from the privacy pros at Security by the Schuylkill

Washington, D.C.

The Washington Post

Audio Engineer

Apply Now
Washington, D.C.

The Washington Post

Senior Software Engineer (iOS)

Apply Now
Washington, DC

Nava

Infrastructure Engineer (DC, SF, NYC)

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!