Metric Mate, a fitness analytics company with a net worth of $2 million, showcased its innovative product on “Shark Tank.” The three-member team of MT Strickland, Braxton Davis and Acclaim Ricks presented their workout device, the Metric Mate, in a bid to gain funding to expand their business.
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What is Metric Mate?
The Metric Mate is a unique workout analytical tool. It uses a TAP sensor, which stands for Training Accountability Partner, that is attached to gym equipment. This sensor tracks reps, calories burned, and potential injury risks. The data is sent to an accompanying app, giving users a comprehensive view of their workout progress.
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The app also allows users to share their results with coaches or on social media. The feature aims to increase accountability and motivation. Launched in 2021 during the COVID-19 pandemic, Metric Mate gained attention as people sought solutions to workout at home.
How did Metric Mate fare on “Shark Tank”?
The team entered “Shark Tank” seeking $100,000 for a 5% equity stake. They demonstrated the device’s capabilities, impressing the sharks with its ability to measure workout output and biometrics. The app also offers guided workouts through headphones, which enhances the user experience.
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Despite the impressive presentation, the sharks were skeptical. Mark Cuban was uncomfortable with how the device analyzed data. Lori Greiner suggested simplifying the product for direct consumer sales. Kevin O’Leary offered $100,000 for 25% equity, but the team declined, and responded with $100,000 for 12.5% and a $150,000 line of credit. O’Leary stood firm, and the team ultimately walked away without a deal.
What happened after “Shark Tank”?
Despite not securing the deal, Metric Mate gained valuable recognition. CEO MT Strickland remains optimistic about the future. In an interview with SRVMORE, he stressed the importance of delivering on their promises and turning their story into a tale of triumph.
The “Shark Tank” effect brought new cash flow, pre-orders and investors. Strickland praised the show’s impact on HypePotamus, highlighting how it opened the door to new opportunities. The team decided to focus on a business-to-consumer model, following Lori Greiner’s advice. This strategy attracted interest from universities, government agencies, sports clubs and entertainment organizations.
How is Metric Mate expanding?
Currently, Metric Mate’s TAP sensors are sold out and only available through back order. The company hosts fitness sessions at various locations in Atlanta to promote their products and build a strong community. Their app, available on Google Play and the App Store, has received positive reviews.
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Metric Mate is actively looking for funding. On August 1, they launched an Indiegogo campaign with the aim of raising $100,000. At the time of writing, they have raised $1,161 from 10 backers, with about a month left to go. Strickland aims to ship the products during Black Friday and the holiday shopping season, targeting New Year’s resolution planners.
What are Metric Mate’s future goals?
Metric Mate’s journey was not limited to “Shark Tank”. In April, he collaborated with Apple at the Apple Entrepreneur Camp to improve his app. He also participated in the 2023 National Black MBA Association Scale Up Pitch Challenge and the 85 South Show’s “Black Market.”
Strickland’s vision extends far beyond fitness tracking. He sees Metric Mate as a tool for remote physical therapy. By allowing doctors to evaluate data through its technology, the company aims to help people receive world-class treatment anywhere in the world. They have already begun case studies with physical therapists, with promising results.
What’s the way forward for Metric Mate?
Metric Mate’s passion and innovative spirit are evident. Although there are challenges along the way, the team’s commitment to their mission keeps them moving forward. Strickland and his team continue to dream big, focusing on improving the physical fitness and healthcare experiences.
The company’s progress since “Shark Tank” is a testament to their resilience and vision. With its innovative technology and strategic pivot, Metric Mate is poised to make a significant impact in the fitness and healthcare industries. The future looks promising for this determined team.
Source: https://hmiendongsaigon.edu.vn
Category: Net worth