Tngnt Ski Bike Update 2024 | Shark Tank Season 14
Scott Carr and Bill Pierce pitched in Shark Tank to get investment for Tngnt Ski Bike company. The founders were mountain bikers, and they wanted to enjoy the sport year-round, even when snow covered the mountain tracks.
That’s why they invented this unique product that combines biking and skiing together. But is this business sustainable in the long term? Find out what happened to Tngnt ski bike after Shark Tank and what the company’s net worth is!
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Tngnt after Shark Tank.
Tngnt Bike appeared in Shark Tank (S14E17) with an ask of $200,000 for 20% equity and got a deal of $200,000 for 40% equity from Robert Herjavec. As of February 2024, the Tngnt Ski Bike website is live and taking orders for Crave 2.0 and Drift. The company’s net worth is approximately $1.7 million, and its annual revenue is $5 million.
| Company Name | Tngnt Ski Bike |
|---|---|
| Founders | Scott Carr, Bill Pierce |
| Founded | 2015 |
| Products | Ski Bikes |
| Ask | $200,000 for 20% equity |
| Deal | $200,000 for 40% equity |
| Sharks | Robert Herjavec |
Tngnt Ski Bike Shark Tank Pitch and Updates
Scott and Bill appeared in Shark Tank Season 14, and they started their pitch with an ask of $200,000 for 20% equity in their company.
Scott informed the sharks that both are avid mounted bikers, and they wanted to enjoy biking in winter when snowfall covers the mountain tracks.
So, they combined both adventures and invented the Tngnt Ski Bike that gives a great experience of skiing on the snow.
Robert was impressed with the invention, and other judges were excited to see the product design. Scott told the sharks that their bikes are easy to learn and fun to ride!
Lori Greiner asked, “When did you create this product?”
The founder said, “We actually started about seven years ago in product development and started shipping products about six years ago.”
Barbara asked for their annual revenue, and Bill said that our lifetime sales are around $500,000. Last year, we did $175,000 in sales, and this year we’re projecting $250,000.
Mark Cuban asked, “How many units to that?” and Bill replied, “We sold 200 units last year”.
Kevin O’Leary, aka Mr. Wonderful, wanted to know more about the products. He asked, “How do I stop that bike?”
Scott said, “It’s very similar to riding a snowboard or skis! You simply lean to the side, and the skis have metal edges, so you’ll be able to stop”.
Kevin was concerned about product safety because many snowboard and ski products were getting banned by authorities due to a lack of safety features.
The founders said that we’re making continuous progress in terms of safety features, and there is a group called the American SkiBiking Association that advocates the sport of ski biking.
After a few more minutes of discussion on market competitors, the sharks wanted to know the production cost and selling price.
Bill explained that $458 is our cost landed in our warehouse on the entry-level model that retails for $999 and $594 for the higher-end model that retails for $1549.
Mark Cuban first decided not to invest in this business because there was limited demand and no scope of scalability.
Lori Greiner, Barbara Corcoran, and Kevin O’Leary also dropped out from this deal for similar reasons.
However, Robert Herjavec was excited about this product, and he offered $200,000 for 40% equity in the company and said, “I’ll give half of my equity to bring Olympic Gold Medalist friend Shawn White to promote it.”
The founders discussed privately and gave a counteroffer for 30% of equity. But Robert refused to negotiate.
Then, the founders accepted Robert’s original offer and secured $200,000 for 40% equity in Tngnt Ski Bike company.
More company updates from previous seasons of Shark Tank:
Conclusion
Tngnt Ski Bike secured a deal in Shark Tank Season 14 from Robert Herjavec. After its appearance in Tank, Tngnt has seen a boost in its sales, and the company is whopping approximately $5 million in annual sales. As of February 2024, Tngnt Ski Bike is operational and selling through their website. We’re hoping that Robert will convince Shawn White to promote it.
