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The Metric Mate team appears on “Shark Tank” seeking an investment of $100,000 for a 5% equity stake in their business. Given that the company is still in its fledgling stages, it’ll take a lot to convince a shark to work with them. After allowing Mark Cuban to give Metric Mate a try, they dive into the business. The device measures your workout machine’s output coupled with specific biometrics to create a full picture of your progress. Additionally, the app has the ability to provide a guided workout for those wearing headphones.
To sell direct-to-consumer requires that their product go through expensive government testing. Given their limited funding, they are teaming up with personal trainers to work with clients as their source of revenue for the time being. The sharks all like the product but believe that it would have greater success being sold to consumers as opposed to trainers.
Mark Cuban goes out, uncomfortable with how Metric Mate analyzes data. Lori Greiner thinks they should simplify the product to sell it straight to consumers. Barbara Corcoran and guest shark Tony Xu think it’s too early to judge its success. Kevin O’Leary makes an offer of $100,000 for 25% of the business, making him a fourth partner. The team counters, asking for $100,000 for 12.5% with a $150,000 line of credit, but O’Leary remains staunch on his offer. Even despite Cuban urging the team to take it, they ultimately decline. Turning away a shark is always a bitter blow, but that doesn’t necessarily mean it’s lights out for Metric Mate.
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