The world of fitness is continuously evolving, with innovators ceaselessly striving to bring new products to market that can transform workouts and deliver superior results. One such innovation has emerged from the entrepreneurial minds of Millie Blumka and Taylor Borenstein, the founders of Stakt.
Their unique yoga mat has made waves in the fitness industry, particularly after their memorable pitch on Shark Tank. This blog post will delve into the Stakt Shark Tank update, exploring the product’s unique features, the impact of the Shark Tank experience on the company, and the founders’ plans.
The Stakt Pitch and Deal at Shark Tank
Stakt, a fitness product that transcends the traditional boundaries of a yoga mat, was pitched by Blumka and Borenstein in the 14th season of Shark Tank. The entrepreneurs sought $100,000 for a 10% equity stake in their company.
The Stakt mat, distinguished by its patent-pending design, foldability, and enhanced thickness, impressed the Sharks, particularly Lori Greiner. Greiner offered $100,000 for 15% equity and a $1 royalty until recouping her investment. After negotiations, a deal was struck with a reduced royalty of $0.75, setting the stage for Stakt’s enhanced market presence.
Is Stakt Still in Business?
Yes, Stakt is still in business. Despite the deal with Greiner not closing immediately after the show, Stakt remains very much in business. The company has experienced a surge in sales and recognition, featuring the Stakt mat on TIME’s Best Inventions of 2023 list.
As of July 2024, Borenstein is fully committed to Stakt, while Blumka continues to balance her regular job with her entrepreneurial venture. Updated sales information is yet to be available, but the company’s initial success and the founders’ unwavering dedication are positive indicators of Stakt’s continued business operations.
What Was Stakt’s Net Worth?
Before appearing on Shark Tank, Stakt had already demonstrated its potential as a profitable venture. The company grossed over $100,000 in revenue in just six months of operation.
The founders priced their product at $86 while the landing cost for a single mat was approximately $21, ensuring a healthy profit margin. Based on their investment ask on Shark Tank, Stakt’s valuation was pegged at $1 million, a testament to the founders’ faith in their product and its market potential.
Impact of Shark Tank on Stakt
The Shark Tank platform not only provided Stakt with a potential investment but also catalyzed a significant boost in exposure and sales. Although the deal with Greiner was not immediately finalized, the exposure on national television spurred a short-term growth in sales numbers.
Moreover, the company expanded its product line to include a carrying case, a branded mat cleaner, and grippy socks. They also initiated an online yoga class library, further solidifying their position in the fitness industry.
Business Overview
Stakt’s business model revolves around direct-to-consumer sales conducted primarily through their official website. Their marketing strategy has been largely digital, leveraging the power of social media and video platforms to reach a wide audience.
The company’s product, differentiated by its foldability and superior thickness, seeks to fill a niche in the fitness market. It offers additional support during workouts and can even function as a step when fully folded, available in three attractive colors: rosewater, seafoam, and iron.
Future Plans and Innovations
Looking ahead, Stakt seems poised for continued growth and innovation. With one founder fully dedicated to the venture and the other maintaining a strong involvement, the company is expected to continue revolutionizing the fitness industry.
While detailed plans remain under wraps, Stakt’s innovative spirit and demonstrated ability to expand its product line suggest exciting developments lie ahead.
Conclusion
Stakt’s journey, from its initial conception to its Shark Tank pitch and subsequent business growth, is a testament to the power of innovation and entrepreneurial spirit. The Stakt Shark Tank update reveals the significant impact the show has had on the company, propelling it into the spotlight and stimulating growth.
As Stakt continues to evolve and expand its product line, fitness enthusiasts can look forward to more innovative products that transform their workout experiences. Stakt’s story serves as an inspiration for aspiring entrepreneurs, demonstrating that with a unique product and unwavering determination, success is within reach.
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