Wednesday, April 27, 2016
Black Techies Get $1.3 Million in Funding from "Shark Tank" for Their Fitness App
Two African American men in their 40's recently received the largest tech startup funding in the history of the ABC television show Shark Tank. They received $1.5 million in funding for their product, an interactive fitness app called Sworkit (which stands for "simply work it"), that provides customizable and personalized video workouts.
Not the techie type
The company founders are CEO Ben Young and COO Gregory Coleman. They readily admit they don't fit the pattern of the typical Silicon Valley techies, but what they do have is a unique product that received the Washington D.C. TechDay Techie Award for Best in Health Tech in 2014. A recent fitness research study by the University of Florida also gave Sworkit the highest ranking when compared to other fitness apps on the market.
A $1.5 million deal
The two owners received a deal from shark Mark Cuban of $1.5 million for 10 percent stake in their company. Both are big fans of the show and were thrilled to be invited to appear to pitch their business. Coleman stated, “We are looking forward to working with [Cuban] and learning from him while together helping Sworkit become the leading platform people turn to fitness.”
Their business goal is to be "the leading global standard for all instructional exercise.” Their Washington D.C.-based company was well on their way prior to the Shark Tank appearance. Their product earned over 10 million downloads. But they are hoping their exposure on Shark Tank will take them to the next level.
Learn more about the Sworkit app at www.sworkit.com
Watch the interview below: