Sproing Fitness Net Worth 2021 – What Happened After Shark Tank?

  

Sproing Fitness is billed as the Anti-Treadmill running workout that aims to spare the backs and bodies of it’s users.

Sproing Fitness appeared on the 1008th show of Shark Tank. The idea was pitched by Paul Toback and Steve Lenz who were hoping to revolutionize the way that people worked out by providing better foot and back support.

Their pitch was essentially a treadmill with a built-in back harness that supported the user while running and doing other cardio workouts.

Although Sproing Fitness left the tank without a deal, they are still in business today and worth an estimated $30 million today.

 

Sproing Fitness Quick Facts

Company Name

Sproing Fitness

Company Net Worth

$30 Million

Pitch

A line of workout equipment that protected the user’s body from high-impact workouts

Entrepreneurs

Paul Toback and Steve Lenz

Asked For

$500k for 8% equity

Final Deal

No Deal

Sharks

No Sharks

 

What Is Sproing Fitness?

Today, Sproing Fitness is not only a line of specialty treadmills; they have 5 studios that feature their equipment and workout programs.

The goal of Sproing Fitness products was to address the common problems that people had when running on treadmills – mainly the harsh impact on the ankles and knees. Basically, the company makes treadmills with special air cushions under the surface to minimize impact.

Also, there is a built-in harness that essentially bears some of the weight of the user to further minimize impact and support a healthy running posture.

 

Who Are The Entrepreneurs

 The brains behind Sproing Fitness are no strangers to the fitness industry.

Paul Toback was actually the president and CEO of the popular chain of gyms, Bally Total Fitness. He left the company to pursue his own ideas and teamed up with a mechanical engineer, Steve Lenz. The two created Sproing Fitness and the rest as they say, is history.

 

How Did The Pitch Go?

 The sharks loved the passion and enthusiasm of the creators of Sproing Fitness but were ultimately turned off by what they perceived would be a narrow market.

After demonstrating the product to the sharks, Sproing Fitness was critiqued for its seemingly difficult operation. The Sharks critiqued the product saying that users would have to be thoroughly educated on how to work the treadmills. They also didn’t like how expensive each unit was.

 

The Investment

Ultimately, no one wanted to invest in Sproing Fitness.

As it goes sometimes, Stenve Lenz and Paul Toback left the tank without a deal. However, that is not the end of Sproing Fitness.

Today Sproing Fitness has five studios that feature their equipment and workout programs.

Their sales to other gyms has also picked up a bit. In 2020, it was reported that Sproing Fitness made $12 million in revenue.

 

Conclusion

 Sproing Fitness is proof that you don’t always need the backing of a shark.

The fact that Sproing Fitness is still in business today is a testament to the passion and persistence of Steve Lenz and Paul Toback.

Even though none of the sharks were in on Sproing Fitness, the company is still making its way.