'Shark Tank' Season 14: Metric Mate turns down hungry shark Kevin O'Leary's offer to join as 4th partner
LOS ANGELES, CALIFORNIA: Metric Mate is a data analytics firm that assists fitness enthusiasts in tracking their workouts. By connecting a gadget to gym equipment, the company's unique sensors claim to maximize your workout. M-T Strickland, Braxton Davis, and Ecleamus Ricks, the company's founders, recently went on 'Shark Tank' but were unable to get a deal. However, Shark Kevin O'Leary made an offer that Metric Mate found difficult to accept.
The company was named one of Georgia's 'Top 40 Innovative Companies', and it has no intentions to slow down. Metric Mate received investment from Techstars in 2022, as well as support from the Atlanta Accelerator program. Despite this, the entrepreneurs are eager to acquire further funds to support expansion and bring on a Shark as a strategic partner. They appeared in Season 14 Episode 11, and came off as really lovely folks. Of course, they had Shark Mark Cuban demonstrate the product. Unfortunately, only Kevin made a bid, but it was much too low. They attempted a counteroffer, but Kevin refused, and they returned home empty-handed.
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Metric Mate came into the Tank looking for $100,000 for a 5% stake in their firm. The gadget they created is used for data collection, which they say no other equipment possesses. Mark inquires whether the user can see the data on the phone, emphasizing the importance of being able to view it. According to Metric Mate, the digital assistant offers information as you exercise, even through your earbuds. When asked about the product's accuracy, Metric Mate claims that the majority of the data they supply is unique. Everything else is up in the air; consumers receive the biometrics, but not what they're doing on the machine.
Metric Mate takes data and uses it in conjunction with biometrics to create a comprehensive picture. Metric Mate develops the technology that enables the program to be utilized on i-watches and other devices to which consumers want to connect. Right now, their primary focus is on collaborating with personal trainers to give an unrivaled service. Kevin inquires about the trainer's participation. Metric Mate says they are here in the Tank since their money is restricted and persona trainers deal with several clients. Once they get the funding, they will be able to proliferate the hardware so that it is available to everyone.
The cost to create around 1,000 pieces is $99, thus they can sell them for $199. They are now intending to provide the gadget to the trainers. Before appearing on 'Shark Tank,' they had barely sold five units. Pre-orders are currently available for purchase by any customer. Their biggest challenge in entering the direct-to-consumer sector is obtaining government certification. They have roughly five regulatory licenses that cost between $150 and $200,000, which prevents them from distributing it straight to consumers, thus the B2B model with the gyms makes sense for their company.
The Sharks, on the other hand, feel they have a large business with customers and a small business with trainers. Mark believes it's a terrific consumer product, but he's terrified of all the analytics, so he declines to enter into a deal. Lori Greiner understands that Metric Mate is targeting trainers to start their company, but she believes it would be better if they simplified it and only made it for customers. Lori declines to make an offer when Metric Mate urges her to join in their offer since she is not a workout enthusiast. Barbara Corcoran is skeptical that customers would like the product because no direct-to-consumer product has been marketed. She also pulls back because the company is still in its early stages. Tony Xu retracts for the same reason as Barbara.
Kevin, who has previously negotiated a deal with PRX Performance, a Fargo-based producer of cross-training equipment, offers $100,000 for a 25% ownership. He claims that he wants to take use of his PRX Performance plants, which he intends to employ to manufacture Metric Mate items as well. He wishes to be the fourth partner, therefore he requests a quarter of the firm. Metric Mate says it is too much to give up because they have the patent and intellectual property, as well as a software team. They counter Kevin's offer by requesting a $150k line of credit in addition to the earlier $100k and come down to 12.5%. Kevin ensures that if the firm, like all of his previous companies, requires capital, he would work it out, but if Metric Mate wants to expand their business, it must sell 100,000 units in a year. Metric Mate claims that for just $100,000, they can increase to 7.5%. Metric Mate's final bid was $200,000 for a 20% interest. Kevin refused to budge from his first offer, so Metric Mate must leave empty-handed.
In their solo interview, they state that they have no regrets about leaving without a deal because they want to be able to claim that they stayed by their ideals and for what they went to 'Shark Tank'.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.