|SEASON 7 EPISODE 18|
|Pitch||customizable video workout fitness app|
|Entrepreneur||Ben Young and Greg Coleman|
|Asked For||$1,500,000 for 8%|
|Deal||$1,500,000 for 10%|
What is Sworkit?
Sworkit, short for Simply Work It, is a fitness app available for iOS and Android. It has both a free and paid subscription service. It enables the user to choose from four standard exercise routines: Cardio, Strength, Stretching, and yoga and mix and match them within one workout.
However, using your smartphone, you customize the workout duration, reps, exercises and follow the prompts—you being the personal trainer. Or follow one of the suggested workout programs.
Another advantage is that the activities cater to home workouts, as well as gym workout routines. The paid version is free of ads, with additional inclusions like professional tips and access to greater customizations.
Who Owns Sworkit?
Friends Ben Young, Ryan Hanna, and Greg Coleman (CEO) cofounded Sworkit in 2012. Ryan is a graduate of The University of North Carolina and a former captain in the U.S Army. Greg is a retired Air Force colonel with over 20 years of service.
Both Greg and Ryan remain on the board of directors for Sworkit. Ben is a University of Virginia graduate in Computer Science with a background in business development. He stepped down as CEO in 2019 and still works for the company as a development and strategy consultant.
Around 2012, Ben and Greg saw a gap in the market for customizable workout apps. So they developed their first product, a fitness tracker called Nexercise. In 2014, they acquired Sworkit from Ryan (who’d created the app to track his military workout routines) and a year later developed a child-friendly version for children focused workouts.
A year or so post-launch, they had over 10 million users, ranking their app into the top five ratings for fitness-related apps and earning around $2 million in revenue from selling ad space on the free version.
Then, seeing a need to increase their engineering team, improve the app’s effectiveness, and increase their market, they started looking for investors.
What Happened After Shark Tank Update
Is Sworkit Still in Business?
Sworkit remains in business and presently has a 4.7 out of 5 stars rating review on iOS. The app also sync’s with wearable watches.
The company has launched many initiatives, one of which is to reduce childhood obesity by 2026 to 50%. In 2019, they recorded over 30 million completed workouts across all age groups. And the following year, started tapping into the corporate wellness market.