Shark Tank Gives African-American Businessmen The Biggest Funding In Show History
Nexercise, a D.C.-based technology fitness company, scored the largest tech startup funding in the history of the ABC television show Shark Tank.
Co-founders, CEO Ben Young (Black Enterprise’s 2015 Techpreneur of the Year) and COO Gregory Coleman negotiated a deal with ‘shark’ Mark Cuban at 1.5 million for 10% stake in their company.
The winning pitch was with Nexercise’s latest product; an interactive fitness app called Sworkit. The app offers customizable and randomized workouts.
Says Gregory Coleman:
“When you first get into the process you don’t get your hopes up high. Then we made it to the next round.” He said the experience was also “surreal” since both he and Young have been fans of the show since it first aired.
“We knew we were going in with an aggressive pitch but believed that we had the business to back it up,” Coleman said. “We are looking forward to working with [Cuban] and learning from him while together helping Sworkit become the leading platform people turn to fitness.”
His partner, Ben Young echoed those sentiments and added:
“Our mission is to become the leading global standard for all instructional exercise,” said Sworkit CEO Ben Young. “The exposure from Shark Tank will allow us to reach even more users.”
Congrats guys! Be on the lookout for Sworkit, coming soon to a smartphone near you!
Image via Shark Tank/ABC