Last into the tank is Simply Fit Board, a fun new way to work out. They are seeking $125,000 for 15 percent equity.

Key Takeaways:

  • Niche Fitness Product: Simply Fit Board is a balance board designed for core strength and cardio workouts, retailing at $45.
  • Shark Partnership: Lori Greiner invested $125,000 for 20% equity, leveraging her QVC experience to boost sales.
  • Sales Success: The product had already generated $575,000 in sales before the show, showing strong market demand.
  • Target Audience: The product appeals primarily to people over 40, a demographic Lori believed she could effectively reach through QVC.
  • Scalability Concerns: Some Sharks were concerned about the product’s ability to scale, but Lori saw potential in its simplicity and broad appeal.
  • Product Expansion: The product’s simple design and versatility make it suitable for various workout routines, which Lori planned to market extensively.

What is the Story Behind Simply Fit Board

The board combined cardio and core strength workouts that allows for hundreds of exercises with their balance and twisting capabilities. The board costs $45 and comes in five colors including Atomic Orange and Electric Blue.

They have made $575,000 over 18 months.

The other major balance board within the market is a wooden plank and it can be easily copied.

Kevin O’Leary is the first to make a deal for $250,000 for 30 percent and he sees it as a niche product for people over 40 years old.

Robert Herjavec sees the issue in making it proprietary and goes out, as does Barbara Corcoran for its “infomercial” quality. Mark Cuban goes out as well.

Lori Greiner cites her “Queen of QVC” title and offers $125,000 for 20 percent, with the option for funding purchase orders if needed.

They question if they would be willing to do the deal together but Greiner is not interested in that. They counter her 18 percent, which she does not accept.

They accept Greiner’s original deal.

Final deal: Lori Greiner for $125,000 for 20 percent.

Latest Update: The Simply Fit Board became a major success after its Shark Tank appearance, particularly on QVC, where Lori Greiner’s influence helped it become a best-seller. The company has since expanded its product line to include different colors and workout accessories.