All33 is an innovative dynamic ergonomic office chair that helps you to move your spine while sitting in the seat. Canadian pop singer Justin Bieber also likes this ALL33 chair and he found this chair quite comfortable too.
The ALL33 chair appeared in Shark Tank Season 12 Episode 9 and asked the Sharks for a $20 million valuation of $500,000 for 2.5% equity.
This chair is made using sit-in-motion technology, The seat in it will continue to move, and the way the person sitting in the chair will make it in the same way as yours.
After the whole work becomes digital, people work sitting in one place and due to this, a lot of problems are being seen in the body.
Most people face a common problem, back pain, this is a very big problem because when we work at one place, then our back becomes bent.
When sitting in one position it starts hurting and it lasts for a long time. According to a report, 65 million Americans are suffering from this back pain problem.
To get relief from back pain, you can do exercises, etc. But to solve this problem in a simple way, Dr. Dennis Colonello created an innovative product All33 Chair.
Dr. Dennis Colonello is a world-renowned chiropractor with 35 years of experience solving this major problem with his team.
All33 Chair, which is Subbranded Simtec, Inc, the company’s CEO Bing Howenstein designed the chair in collaboration with Co-Founder Jim Grove. The Back strong Chair ALL33 is designed in such a way that it will protect the body from high pressure.
What Is All33?
All33 is a brand Simtec, Inc company was started in January 2020, after that it came to Shark Tank for funding for its product.
This chair is designed to Improve Posture, REDUCE Pain, and Enhance Well-being. It provides freedom of movement The seat of this chair starts moving with the body of the user in different positions.
In this, the facility has been given to adjust the part supporting the hand. There is a very comfortable and pain-free feeling when sitting in this chair.
The special thing about this chair is that it has been made using “sit in motion technology”.
Watch this video to know how All33 Chair works.
All33 Shark Tank Update
|Product||an innovative dynamic ergonomic office chair that keeps your vertebrae moving while you sit|
|Asked For||$500,000 for 2.5% equity|
|Final Deal||No Offer|
|Episode (Shark Tank USA)||Season 12 Episode 9|
|Air Date||January 8, 2021|
|Business Status||In Business|
|Net Worth||$20 Million *estimated|
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All33 Contact Details
|Place||Boulder, Colorado, United States|
Who Is The Founder Of All33? – Bing Howenstein Shark Tank
The CEO of the All33 brand is Bing Howenstein and its inventor is Dr. Dennis Colonello, and its co-founder is Jim Grove.
Howenstein became president of George Street Pictures after he received his bachelor’s degree from Lehigh University.
During his career of 20 years, he run companies named BackJoy Orthotics, LLC, and Bonfire Enterprises, LLC which got closed in 2016 and 2019.
In 2020, he became a founding partner of Direct Consumer Acquisitions, LLC.
Jim founded the firm Designworks USA, It provides design, engineering, modeling, and analysis to many companies, including BMW. Jim is the founder of Heartland USA, a supplier of custom motorcycle accessories. This chair was designed by his company LA Product Design.
All33 Before Shark Tank
This back strong chair is not just a simple chair, it provides natural movement, Through this, you get improving flexibility and increased oxygenation and respiration.
The company raised funding through an Indiegogo campaign and a Kickstarter campaign, raising a total of $1,307,184 at the end of 2017 and the start of 2018.
Many popular actors and public figures are using this chair, including Justin Bieber, John Cleese, Chuck Liddell, Chelsea Handler, Tom Hanks, Cindy Crawford, etc.
Did All33 Get a Deal on Shark Tank?
Bing Howenstein, the founder of ALL33, appeared on Shark Tank and demanded $500,000 from the Sharks in exchange for 2.5% equity.
Howenstein showed a video of Justin in Shark Tank giving information about this ALL33 chair, and Justin had a very positive review.
When Kevin used this chair, he liked this chair but he is not able to like its valuation. When this product was invented, he run a kickstart campaign for funding, in which he raised $800,000 in funds.
As we know the price of a premium chair is $2,000 but this ALL33 chair was selling for $799 in 2021 now $900 on sale in July 2022.
The owner has a margin of 67% in this chair and the total cost from manufacturing to delivery of the product is $260.
Kevin asked the founder, you are telling a $20 million valuation but how much has the sale done so far.
The founder says he has sold $3.2 million by 2021 but expects to make $5 million before the year ends.
Mark Cuban said that he does not like the chair business, so he is out of this deal because of this reason.
Barbara Corcoran says that this is not a new category product, it is a simple chair with some extra elements added. for that reason, she is out of these deals.
Daymond John says that he is working with another chair company, this reason he is out.
Lori Greiner says that if the valuation of this business seems a bit strange, then it is because of this that it is out.
Kevin O’Leary has already said that he does not like the valuation of this chair company, because of this reason he cannot invest in it.
None of the sharks invested in this ALL33 chair company.
What Happened To ALL33 After Shark Tank?
Due to the high valuation of the ALL33 chair, it has not received funding in Shark Tank, most sharks are unable to justify its valuation.
Its price is not affordable to other premium chairs but even then it did not get funding in Shark Tank.
More than 37,000 happy customers have used this product so far. Many big news magazines featured this chair, including Daily Main, New York, Forbes, Rollingstone, etc.
According to a report, by July 2021, this company had made $ 4 million in annual revenue.
What Is ALL33 Net Worth?
Current its ALL33 net worth is $20 million, last year in the middle of 2021, this company generated $4 million in revenue.
Is ALL33 Still In Business?
Yes, ALL33 Backstrong Ergonomic Desk Chair is still Sold quite well There are a lot of people who are buying this product.
Many celebrities have used this chair, including Ted Danson, Danny Glover, George Hamilton, Justin Bieber, Dr. Travis Stork, Elon Musk, and Shaquille O’Neal.
Shark did not justify the valuation of this company The founder very well pitched his product to Shark.
This is a category full of competition, many popular brands are already surviving in this, It is very difficult for a new startup to compete in this category.
Content Photo Credit: Amazon.com & all33.com