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

Growth

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.”

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.

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