Chirp Wheel Shark Tank Update (Season 12)

The Chirp Wheel is designed to help people alleviate back pain by providing a full back stretch. It comes in five sizes: Gentle, Firm, Deep Tissue, Focus, and Cloud, allowing users to tailor their stretching experience to their specific needs and target areas of their back.

This Utah-based brand specializes in wellness and fitness services, established in 2015 with a focus on health, fitness, pain relief, wellness, and back pain management.

Perfect for targeting the shoulder blades, the Chirp Wheel features compression-sensitive padding to relieve pressure on the spine and stretch the surrounding muscles in four directions for maximum effectiveness.

The Chirp Wheel Gentle, measuring 12 inches, provides a comprehensive stretch for both the upper and lower back.

The portable Chirp Wheel Deep Tissue, measuring 6 inches, is ideal for travel and provides relief for back pain on the go, targeting neck and shoulder muscles.

The compact Chirp Wheel Focus, at 4 inches, is versatile and can be used anywhere, providing instant pain relief, whether in the office, during travel, or at home.

The Chirp Cloud, resembling a bowl, is suitable for individuals recovering from back surgery, dealing with injuries, accidents, or old age. It gently stretches and supports the spine with added stability and reduced pressure.

Constructed from molded plastic, the Chirp Wheel can withstand up to 500 lbs of weight. It features a spinal canal with a soft EVA foam layer, allowing the wheel to move in four directions to target back muscles effectively.

You can watch a demonstration of the Chirp Wheel in action on YouTube.

Company NameThe Chirp Wheel
FounderTate Stock
Productexercise wheel for back pain relief
Asked For$900,000 for 2% Equity
Final Deal$900,000 for 2.5% to be repaid in 2 installments within 18 months
SharkLori Greiner
Episode (Shark Tank USA)Season 12 Episode 3
Air DateOctober 30, 2020
Business StatusIn Business
Lifetime Sales$56 Million *estimated

Who Is The Founder Of Chirp Wheel?

Tate Stock is the founder and CEO of Chirp Wheels Company. He established the company after studying economics at Brigham Young University.

The inspiration for the Chirp Wheel came when he visited his aunt’s house and saw one of her yoga wheels. Developing the product presented numerous challenges, but through perseverance, they ultimately succeeded.

To create the Chirp Wheel, Tate conducted extensive research and analyzed various similar products in the market.

Tate Stock has also been featured in Forbes’ 30 Under 30 list.

How Was The Shark Tank Pitch Of Chirp Wheel?

He asked the Sharks to invest $900,000 in exchange for a 2% equity stake in his company. This implies a valuation of $45 million for his company, which raised eyebrows among the Sharks, considering the substantial valuation.

When questioned about the high valuation, the founder revealed that the company generated $12 million in sales in 2020, with a $4 million profit. He projected a $40 million sale with $12 million in profit by 2021.

The company operates on a B2C model, with most sales conducted through the website and marketing done primarily through social channels like Instagram and Facebook.

Despite investing $3 million in marketing in 2019 and 2020, the founder faced challenges when COVID hit in March 2020, depleting three months’ worth of inventory in just three weeks. However, sales surged to $4 million in that month alone.

The Chirp Wheels 3-Pack, initially priced at $99, was reduced to $89 by June 2022. The manufacturing cost for a 3-pack is $21.96, with individual prices ranging from $6 to $10.

Originally manufactured in China and Taiwan, production has now shifted to the United States.

Lori made an offer of $900k for a 2% stake, to be repaid by the end of the next year. Kevin also proposed an offer of $900k for a 2.5% stake, along with a royalty of $3 per unit until $2.7 million is repaid.

Daymond John declined to invest due to personal reasons. Robert said, he believed in the company’s sales figures and offered $900k for a 3% stake, along with a royalty of $1.50 per unit until $1.2 million is repaid.

Lori countered with an offer of $900k for a 2.5% stake, with $1 million to be repaid in two installments of $500k each. Tate Stock proposed repaying $400,000 in the current year and $500,000 in the following year at a 2% stake, but Lori declined the counteroffer.

Ultimately, Tate Stock accepted Lori’s offer of $900k for a 2.5% stake, with $1 million to be repaid in two installments of $500k each.

Chirp Wheel Shark Tank Update

By November 2021, the company had generated revenue of $4 million. In January 2022, the company announced the launch of a new product, the Chirp Wheel Pro.

Chirp Wheel

What Is Chirp Wheel’s Net Worth?

Based on the company’s lifetime sales and valuation, the estimated net worth of Chirp Wheel is $99 million.

The product is now being manufactured in the United States, and production in China has ceased. Currently, the company employs 10 to 50 workers for manufacturing, and the founder has also hired an employee for sales and product management.

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