D.C. firm captures largest tech startup funding in the history of Shark Tank
WASHINGTON—Two 40-something entrepreneurs 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”), which provides customizable and personalized video workouts.
Not the techie types
Sworkit co-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 greater levels.
Discover more about the Sworkit app at www.sworkit.com
But it’s at the center of a battle pitting technology companies and the government against the TV industry. The Federal Communications Commission wants to let you buy your own cable box in hopes of saving you money and getting you new features. The cable industry worries about losing the power to frame how you get your video — and with it, billions of dollars in revenue. Some in Hollywood also worry about losing advertising dollars.
