Terra Core Fitness is a wellness and fitness services company that appeared in Shark Tank Season 11 Episode 8. The product of this brand is Terra-Core Balance Board Fitness which is like a dynamic airfield surface and a lot of workout exercises can be done from it.
This company was founded in January 2016 by Greg Nigro running a Kickstarter campaign. He raised $95,000 from the Kickstarter campaign and delivered the product a few months later.
Greg has been working in the fitness industry for the last 20 years and has a lot of knowledge about the fitness industry. He decided to make his own fitness product with his expertise.
Greg thought he needed funding to grow his business, so he decided to go to Shark Tank. After appearing on Shark Tank, he asked the sharks for $300,000 for 15% equity at a $2 Million Valuation.
What Is Terra Core Fitness?
Terra Core Fitness is a home workout equipment company and their product is the Terra-Core Balance Board Fitness Trainer. The product features a dynamic airfield surface that adds to the comfort and makes working out a lot easier.
Multiple exercises can be done at home for this one product like steps, crunches, push-ups, balance, and many more. Life will become much easier with this product and a lot of time will also be saved.
The cost of the product is $279 and is available on both the platform Amazon and the company website.
|Company Name||Terra Core Fitness|
|Product||Air-filled workout surface equipment|
|Asked For||$300k for 15% equity|
|Final Deal||$300k for 22.5% equity|
|Episode (Shark Tank USA)||S11 E8|
|Air Date||Nov 17, 2019|
|Business Status||In Business|
|Headquarters||Salt Lake City, Utah, US|
|Lifetime Worth (Sales)||$6.4M *estimated|
|Buy and Watch||Buy Now||Amazon Prime|
Another Shark Tank Pitch
Who Is The Founder Of Terra Core Fitness?
Greg Nigro is the founder and CEO of Terra Core Fitness Company, he started this company in 2016 to provide a better solution for daily exercise.
After completing his studies in Physics at Creighton University, He worked for 7 years as Manager of Major Accounts for IKON Office Solutions.
He had worked as a sales manager in many companies like Oce, Technogym, TOTO USA, Precor, and many more. Meanwhile, he was the Regional Vice President of Franchising at Gold’s Gym International for 1 year.
How Was The Shark Tank Pitch Of Terra Core Fitness?
Greg Nigro enters Shark Tank and asks the sharks for $300k for 15% equity. He began official sales in 2017 and had $2.1 million in lifetime sales by the time the Shark Tank episode was shot.
All the sharks used the product and liked the product very much. 38% of the product’s sales come from the commercial market, another 38% from direct consumers, and the rest from international and domestic sales.
The cost of the product ranges from $199-$279 and landed at $73 which is an incredible margin. The projection for next year is $1.4 million in sales. The product has a design patent and utility patent pending.
Daymond John decides he will make an offer and his offer is $300k for 40% equity. Daymond John went up to 35% equity. Lori Greiner offered $300k for 22.5% equity. Daymond John reduced his equity by 30%.
Anne Wojcicki offered $300k for 17% equity + $7 in royalty for each unit sold. In the last, Greg accepted Lori’s offer because Lori had given a better offer than all the sharks.
What Happened To Terra Core Fitness After Shark Tank?
This episode of Shark Tank happened during the 19 pandemic and during that time many people preferred the products of Terra Core Fitness. Most of the imports from China were closed due to supply chain issues due to which many people could not get this product delivered.
In 2021, the annual revenue of this company was $500k and by 2022, the annual revenue went up to $1.4 million.
What’s new on Terra Core Fitness
Last Update: August 3, 2023
As of August 2023, the company’s official Instagram handle has 84k+ followers, though most are not active. They are offering free workout courses on the purchase of every product.
By August 2023, the company is doing $2 million in annual revenue. After looking at Greg Nigro’s Linkedin profile, it is known that he may have left the company. Presently he is working as Gym Consulting in Gym Sherpa, Nitro Fitness Consulting, and The Gym Sherpa.
As of September 2021, he is working as the Vice President of Sales at gym80 International GmbH.
Terra Core Fitness Shark Tank Update
After this episode of Shark Tank aired, we have a feeling a lot of people might have bought this product for exercising at home. At the present time, we do not have much information available about the company.
What Is the Net Worth of Terra Core Fitness?
The current net worth of Terra Core Fitness is estimated at $2 million. A lot of development is happening in the fitness equipment industry, slowly many new things are being invented. In the coming few years, we may get to see such things which we may have never thought of.
Is Terra Core Fitness Still In Business?
Terra Core Fitness Company was started at the end of 2016 but product sales started in 2017. After the Pandemic, Lori helped a lot in growing the business so that it could make good revenue.
The company is headquartered in Salt Lake City, Utah, United States, and employs 2-10 people, according to its LinkedIn profile.
Yes, Terra Core Fitness is still in business as of August 2023.